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Coloplast got scrapes from Greek and French pricing reforms, shares fall
16. August 2017 / 14:07 / vor 3 Monaten

Coloplast got scrapes from Greek and French pricing reforms, shares fall

Aug 16 (Reuters) - Coloplast’s third quarter results disappointed investors as pricing reforms in France and Greece hit the Danish healthcare product maker harder than expected.

* Sales in its Wound & Skin care unit grew by only 1 percent in the quarter to 510 million Danish crowns ($80.2 million) undershooting the 536 million expected by analysts in a Reuters poll.

* It was also below the company’s own expectations, chief financial officer Anders Lonning-Skovgaard told Reuters in a telephone interview.

* “It is due to external factors in especially France and Greece where the markets have been exposed to pricing reforms and that hit our growth significantly,” he said.

* He stressed that the unit on the other hand had a “reasonable growth level” in China, which has earlier been a challenging market for Coloplast.

* The company lowered its full-year financial guidance measured in Danish crowns but maintained it in local currencies.

* It still expects sales growth in local currencies of 7-8 percent, but only of 6 percent in Danish crowns due to one-offs and the weakening of dollar and pound sterling.

* Shares in Coloplast are traded 6.7 percent lower at 1352 GMT, the lowest level since March.

* “Investors are disappointed Coloplast isn’t being more clear about the rest of the year, as it seems impossible for the company to reach the high end of its local currency revenue guidance now,” trader at Jyske Bank Martin Munk said. ($1 = 6.3587 Danish crowns) (Reporting by Julie Astrid Thomsen, editing by Teis Jensen)

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