ConvaTec meets expectations in Q1 despite weakness in advanced wound care segment
Source - SMW
ConvaTec Group said performance in the first quarter had met management expectations despite a decline in revenues on weakness in its advanced wound care segment.
Group total revenue fell 1% to $430.6m on an organic basis and was broadly flat year on year, as its advanced wound care (AWC) segment declined by 3.2%.
Performance in AWC in the first quarter was impacted by weak performance from the skincare business and underperformance in the US and negative channel movements in the UK, the company said.
Still, the company maintained full-year guidance amid ongoing momentum in its other divisions.
'Within Continence and Critical Care, our Continence business continues to drive franchise growth, whilst Infusion Devices saw strong levels of orders in the first quarter,' the company said.
For 2019, the company aimed to deliver organic revenue growth of 1.0% to 2.5% and adjusted earnings (EBIT) margin of 18% to 20%.
At 8:41am: (LON:CTEC) ConvaTec Group Plc share price was -2.37p at 134.18p