Ôssur delivered a decent Q4 on the topline (Sales of USD 188m, ABGSCe 190m, cons. 189m), but falling short on net profits at USD 18m (ABGSCe 21m,cons. 21m). This is largely due to the fact that the higher margin prosthetics segment grew less than expectations (USD 118m vs. ABGSCe 125m, cons. USD 124m), while the lower margin B&S accounted for more than expected (USD 69m. vs. ABGSCe 65m, cons. USD 65m). The quarter furthermore registered continued progress on M&A, acquiring operations of USD ~4m (or ~2% of sales).
FY’22 EBITDA margin guidance of 20-21% (cons. 22.1%)
FY’22 guidance stands at organic growth of 6-9% (ABGSCe 5.8%, cons. 7.1%) and EBITDA of 20-21% (ABGSCe 21.5%, cons. 22.1%), we therefor expect cons. will see slight net negative estimate changes.
Share buyback to be reinstated, dividends are discontinued
Overall a decent Q4, with the company seemingly being back to a new normal post Covid, expecting limited COVID headwinds in FY’22, while also reinstating its share buyback program (but discontinuing its dividend policy). However, FY’22 guidance is falling a bit short on market expectations for EBITDA margin, which leads us to believe that the share reaction today, will likely be neutral to slight negative.
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