Initial signs of a market slowdown Despite the sales beat, consumables in Americas and EMEA grew by only 2% and 3% organically. Management highlighted that this could be an initial sign of a slowdown, due to the ongoing macroeconomic situation, and anecdotally highlighted that waiting lists in European IVF clinics are shrinking or disappearing. While it acknowledged that near-term growth could be lower, it did not seem concerned, as periods of lower growth in Cycles historically has only been temporary.
EBITDA up 5-8% for ’22-’24e – EV/EBITDA of 37-31x ’22-’23e We increase our sales estimates for ’22-’24 by 3%, mainly driven by Americas and Asia, while our EBITDA is up 5-8% on a higher margin assumption for Genetic Services. We remain cautious on the near-term market growth, reflected in our organic g ... Läs mer på ABG Sundal Collier
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