Q1’22 reported numbers are slightly below company collected consensus, with an organic revenue growth of 6% vs. cons. of 8% and an EBITDA of 16% vs. cons. of 18%. Sales growth was driven fairly evenly by both the prosthetics (6%) and B&S (4%) segment, while the regional split saw EMEA reporting strong growth of 10%, Americas normalizing at 4% and APAC reporting negative growth of 6%, due to COVID in China and Australia.
Limited downside to FY’22 consensus estimates
FY'22 guidance is reiterated, providing some comfort to the current consensus, as the FY'22 expectations pre Q1’22, was already in the low-end of the current FY’22 guidance range. The range stands at an organic revenue growth of 6-9% (ABGSCe 7%, company collected cons. 7.3%) and an EBITDA margin of 20-21% (ABGSCe 20.1%, cons. 20.3%). The FY’22 EBITDA guidance also take into consideration, that the company now expects its supply-chain costs to increase by USD 13m (up from USD 9m) from pre-pandemic levels, mainly due to higher freight costs.
FY’22 likely to be back-end loaded
Overall, we expect a slightly negative share reaction today, to reflect the weaker than consensus Q1’22, which also indicate a more back-end loaded FY’22, than the market initially expected.
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