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Healthcare
Invalid DateInvalid DateUpdated a day ago

UPDATE 2-MEDICAL GEAR MAKER GETINGE'S PROFIT FALLS ON SUPPLY CHAIN TROUBLE

By Anna Ringstrom

2 Min Read

(Adds detail on business in Russia, background, shares)

STOCKHOLM, April 26 (Reuters) - Swedish medical equipment maker Getinge reported
on Tuesday a larger than expected drop in quarterly profit due to shortages of
materials and higher component costs, sending its shares down 14% in early
trade.

But the maker of products used in surgery, intensive care and sterilisation
predicted a strong margin recovery with volumes expected to rise in rest of
2022. It stood by a forecast for full-year organic sales growth at the higher
end of the 4%-6% range.

“We have well-functioning methods for ensuring access to components and
transportation, and I am confident ahead of the second half of the year in which
we expect to make major deliveries,” Chief Executive Mattias Perjos said in a
statement.

First-quarter operating earnings fell to 780 million crowns ($80.5 million) from
960 million crowns a year ago on an organic sales drop of 6%.

Five analysts polled by Refinitiv had on average forecast an 876 million crown
profit in the quarter.

Getinge said profit margins were squeezed by lower sales volumes and an
unfavourable product mix. Order intake slowed 4%.

The company said it had partly compensated for cost increases for components by
raising prices.

The group raised its financial targets late last year, citing hospitals taking
on surgeries postponed in the pandemic, infection control becoming more
important, the COVID-19 vaccination rollout and demand growth seen before the
pandemic.

Commenting on Russia’s invasion of Ukraine, the company said on Tuesday it was
still operating in Russia by fulfilling existing customer commitments and
bidding for new orders, although it said it was monitoring developments.

“It has successively become more difficult to conduct operations in Russia
despite the fact that the health sectors are not subject to current trade
sanctions,” it said.

Russia last year accounted for 1% of Getinge’s sales. The group has suppliers
but no own production in the country.

$1 = 9.6887 Swedish crowns Reporting by Anna Ringstrom; Editing by Niklas
Pollard and Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

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