Össur
Össur - FY’21 guidance lower than expected (ABG Sundal Collier)

2021-10-26 08:48
Unimpressive Q3’21, halted by COVID
FY’21 guidance downgraded
We expect a negative share reaction today
Q3’21 sales of USD 180 vs. cons 191m
Weaker than expected Q3’21, as the company was negatively impacted by COVID in especially the USA, due to the delta variant. It was however positively helped by strong sales in EMEA and APAC (excluding Australia). Sales grew by 4% organically (cons. 9%) to USD 180m (cons. 191m). The sales growth was driven by prosthetics, which was up 7% organic (vs. cons of 9%) due to strong bionic sales in EMEA and helped by the limited launch of the new power knee. The B&S segment was flat (vs. cons. of 10%), primarily due to soft sales in the US. In terms of profitability, we saw EBITDA margin of 21% (cons. 23%) as it was negatively impacted by soft sales in the US and further supply chain related cost issues.

FY’21 organic growth guidance at ~10% vs. cons. at 12.8%
FY’21 guidance has been downgraded more than we initially expected, with the company now expecting FY’21 organic growth ~10%, down from 10-15% (cons. 12.8%) and an EBITDA margin of ~21%, down from 21-23% (cons. 21.9%). Based on the larger than expected downgrade of FY’21 guidance, we expect to see a negative share reaction today.

Conference call at 09:00 CET
Company is hosting a conference call today at 09:00 CET. To participate please dial DK +45 35445577, UK +44 (0) 3333000804, US +1 6319131422 and use pin code: 99592402#


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ABG Sundal Collier - Introduce.se

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