Coloplast A/S - Interim Financial Report, 9M 2023/24
August 20 2024 - 1:33AM
UK Regulatory
Coloplast A/S - Interim Financial Report, 9M 2023/24
9M 2023/24
Interim financial results, 9M 2023/24
1 October 2023 - 30 June 2024
Coloplast delivered 8% organic growth and an EBIT
margin1) of 27% in Q3, with 11% growth in absolute
EBIT1). Reported revenue in DKK grew
13% which includes 4%-points contribution from Kerecis (underlying
growth of around 35%).
- Organic growth rates by business area: Ostomy Care 8%,
Continence Care 8%, Voice and Respiratory Care 11%, Advanced Wound
Care 13% (Advanced Wound Dressings 13%) and Interventional Urology
2%.
- Growth in Chronic Care was broad-based across regions and
includes an improvement in growth in the US Ostomy Care business.
Continence Care growth was driven by intermittent catheters,
including significant contribution from the male LujaTM
catheter. Launch of the female Luja catheter* is ongoing and has
received positive customer feedback.
- Voice and Respiratory Care growth was driven by continued good
momentum in both Laryngectomy and Tracheostomy.
- Strong quarter in Advanced Wound Dressings, reflecting
continued good momentum and benefit from a lower baseline in Q3
last year.
- Continued momentum and market share gains for Kerecis.
Underlying growth in Q3 was around 35% and the EBIT margin excl.
PPA amortisation was around 10%, both in line with plan.
- Growth in Interventional Urology was driven by Men’s Health,
partly offset by Women’s Health and Bladder Health and Surgery,
both of which detracted from growth. Bladder Health and Surgery was
negatively impacted by backorders due to supply shortages
experienced by an external supplier.
- EBIT1 was DKK 1,870 million, an 11% increase from
last year. The EBIT margin1,2 was 27% against 28% last
year, and includes around 100 basis points negative impact from
Kerecis, as expected, an increased level of commercial spend,
including costs related to product launches, and negative impact
from currencies.
9M 2023/24 organic growth of 8% and 27% EBIT
margin1. Reported revenue in DKK grew
10% to DKK 20,077 million.
- Organic growth rates by business area: Ostomy Care 7%,
Continence Care 8%, Voice and Respiratory Care 10%, Advanced Wound
Care 10% (Advanced Wound Dressings 10%) and Interventional Urology
4%. Kerecis contributed 4%-points to reported growth, with an
underlying growth of around 35%, in line with expectations.
- EBIT1 was DKK 5,483 million, a 7% increase from last
year. The EBIT margin1,2 was 27% against 28% last year,
and includes around 100 basis points negative impact from Kerecis,
in line with expectations, and negative impact from currencies.
- ROIC after tax before special items was 15% against 19% last
year, negatively impacted by the acquisition of Kerecis.
- Free cash flow was an outflow of DKK 186 million, impacted by
income tax paid due to the extraordinary tax payment related to
Atos Medical’s IP transfer in Q2. Adjusted for the tax payment,
free cash flow was an inflow of DKK 2.3 billion.
FY 2023/24 guidance unchanged.
- The organic revenue growth is expected to be around 8%.
Reported growth in DKK is expected to be 10-11% with negative
impact of 1-2%-points from currencies and around 4%-points
contribution from the acquisition of Kerecis (11 months).
- The reported EBIT margin before special items1 is
expected to be 27-28%. The EBIT margin includes around 100 basis
points dilution from Kerecis (incl. around DKK 100 million in PPA
amortisation) and negative impact from currencies.
- Capital expenditures expectations adjusted to around DKK 1.3
billion. The effective tax rate is still expected around 22%.
"We deliver a solid Q3 with 8% organic growth and an EBIT margin
of 27%, which is in line with our financial guidance. I want to
highlight our continued good momentum in Chronic Care with
broad-based growth across our regions as well as a strong
performance in Q3 from our Advanced Wound Care business. I am also
pleased that our newest members of the Coloplast family, Atos
Medical and Kerecis, delivered another solid quarter with
double-digit growth. Finally, we are making good progress with our
new product launches, expanding our innovation to more and more
markets. I would like to highlight our new intermittent catheter,
Luja™, which is contributing well to growth in Continence Care and
significantly raising the standard of care for people who need help
emptying their bladder,” says Kristian Villumsen, President &
CEO of Coloplast.
Conference call
Coloplast will host a conference call on Tuesday 20 August 2024
at 11.00 CET. The call is expected to last about one hour.
To actively participate in the Q&A session please sign up ahead
of the conference call on the link here to receive an e-mail with
dial-in details: Register here
Access the conference call webcast directly here: Coloplast
- 9M 2023/24 conference call
1.before special items of DKK 36 million in Q3 2023/24 and DKK
70 million in 9M 2023/24. Total FY 2023/24 special items are
expected to be around DKK 80 million related to Atos Medical
integration cost. 2. before special items income of DKK 28
million in Q3 2022/23 and special items expenses of DKK 5 million
in 9M 2022/23.
*Medical Device for which CE-mark has been affixed. Product
availability is subject to the regulatory process of individual
countries and is not guaranteed. Currently not available in the
US.
For further information, please contact
Investors and analysts
Anders
Lonning-Skovgaard
Executive Vice President, CFO
Tel. +45 4911 1111
Aleksandra Dimovska
Vice President, Investor Relations
Tel. +45 4911 1800 / +45 4911 2458
Email: dkadim@coloplast.com
Kristine Husted Munk
Senior Manager, Investor Relations
Tel. +45 4911 1800 / +45 4911 3266
Email: dkkhu@coloplast.com
Press and media
Peter Mønster
Sr. Media Relations Manager
Tel. +45 4911 2623
Email: dkpete@coloplast.com
Address
Coloplast A/S
Holtedam 1
DK-3050 Humlebaek
Denmark
Company reg. (CVR) no. 69749917
Website
www.coloplast.com
This announcement is available in a Danish and an
English-language version. In the event of discrepancies, the
English version shall prevail.
Coloplast was founded on passion, ambition, and commitment. We
were born from a nurse’s wish to help her sister and the skills of
an engineer. Guided by empathy, our mission is to make life easier
for people with intimate healthcare needs. Over decades, we have
helped millions of people to live a more independent life and we
continue to do so through innovative products and services.
Globally, our business areas include Ostomy Care, Continence Care,
Advanced Wound Care, Interventional Urology and Voice and
Respiratory Care.
The Coloplast logo is a registered trademark of Coloplast A/S. ©
2024-08.
All rights reserved Coloplast A/S, 3050 Humlebaek, Denmark.
- 03_2024_9M_2023_24_Earnings_release
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