Sorin: Solid quarter in a challenging environment

BUY, Fair Value EUR2.4 (+18%)

News published on October Tuesday 29, 2013
Share on

Sorin released a solid set of results of Q3 with sales at EUR180.3m (up 19% CER, +12.4% reported, guidance 18-20% CER). This was once again driven by a strong performance in Cardiac Surgery (66% of sales, 37.1% CER) with the former cardiopulmonary division (Heart Lung Machines, Oxygenators, Autotransfusion) growing double-digits with a very strong recovery in oxygenators and valves showing some signs of recovery. The Cardiac Rhythm Management division (34% of sales, -5.4%) continued to decline sharply but some signs of stabilisation were seen following the 7-8% decrease in H1. Regarding profitability, the EBITDA margin rose to 17.8% (up 120bp versus Q2) and net adjusted income was EUR15.7m demonstrating Sorin’s ability to expand margins. FY guidance is slightly adjusted down to 5% CER versus 5.5% previously, while net income should be in the high end of previous guidance. Reassuring publication, BUY maintained.

Full report available to subscribers
Please contact  

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities