MedicaNatumin has emerged as a company with a broad mix of products and sales channels across growing end-markets. We are encouraged by the strong momentum in Norway and expect it to continue into H2’20, bolstered by the resolution of some launch delays and delivery challenges of some of the immune supporting products. We also note that the company expects to launch the high-margin skincare series Jabushe in October, through Amazon in Germany. Despite potential further turbulence in some of the physical sales channels in H2’20, due to COVID-19, MedicaNatumin keeps its growth agenda, continuously evaluating new potential markets, collaborations and acquisitions.
Est. revisions: lower net sales and EBIT for ‘20e-‘22e
We lower our ‘20e-‘22e sales estimates by 1-2% on the back of higher-than-expected COVID-19 disruptions. We also lower our EBIT estimates driven by the solid momentum in the lower margin Norwegian business. Nevertheless, MedicaNatumin seems well positioned to reach its goal of SEK 200m in sales by the end of 2020 (ABGSCe is SEK 240m in ‘20e).
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