Q4 to be hurt by VHP production stop and poor Medical mix
We expect Nolato to report Q4 sales of SEK 2,517m, down 20% y-o-y (-30% org, +10% FX). The significant organic sales decline is driven mainly by lower vaporiser heating product (VHP) sales within Integrated Solutions, where Nolato was not able to produce any products during Oct-Nov due to a permit issue at its Chinese production site, which has now been resolved. The lower VHP volumes in turn hurt margins, and we expect an EBITA of SEK 191m, for a margin of 7.6% (10.7%). Apart from lower VHP sales, which should be the main reason for margin pressure in Q4, we expect Nolato will continue to see issues with a poor sales mix in Medical Solutions from lower IVD sales as well as irregular capacity utilisation, which especially affects Industrial Solutions.
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