Össur: Underlying Q1 growth intriguingly good - ABG
Solid 7% organic growth in Q1, underlying was even better
Another $3m in restructuring costs reveals margin pressure
We maintain our FV range of DKK 25-37 after smaller EPS changes
GM below expectations
7% Group organic growth (Prosthetics +10%, B&S +1%) drove Group sales to USD 200m. The GM came in at 150-170bp below expectations, but was inline when adjusting for an additional $3m in restructuring costs. EBITDA pre-items came in at $33m, -8% vs ABGSCe and +3% vs company collected consensus.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ossur/Equity-research/2024/4/ossur---underlying-q1-growth-intriguingly-good/