Q2’20 vs. ABGSCe details
MedicaNatumin reported Q2 net sales of SEK 54.2m, which was 5.7% below our estimate and corresponds to 39% y-o-y growth. Growth was primarily driven by strength from Norway (now ~50% of group sales vs. 12% in 2019), following the transformative acquisition of Vitalkost and its sales of eco-products. With Norwegian sales primarily consisting of eco-foods, the gross margin of 46.7% declined 22pp y-o-y (-7pp vs. ABGSCe of 53.6%). Combined with a slightly higher opex base than we expected, adj. EBIT of SEK -0.4m was further below our estimate of SEK 3.4m. MedicaNatumin felt the effects from COVID-19 in Q2. For example, brand sales in Sweden declined 43% y-o-y due to its exposure to tourist intensive natural health stores. B2B and exports also felt the negative impact of shutdowns, with some launch delays and delivery challenges.
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