ConvaTec sacrifices profits for turnaround plan
Profits crashed 91% but revenue and dividend were flat
Company
ConvaTec Group PLC
LON:CTEC
ConvaTec is a global medical products and technologies company, with leading market positions in ostomy care, wound therapeutics, continence and critical care, and infusion devices. Our products provide a range of clinical and economic benefits, including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. Our brands include AQUACEL® advanced wound dressings, which form a gel on contact with wound fluid, creating an optimal environment for wound healing. ConvaTec has over 8,000 employees, with 11 manufacturing sites in 8 countries, and we do business in more than 100 countries. We are owned by Nordic Capital and Avista Capital Partners.
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ConvaTec downgraded to ‘underweight’ by JP Morgan to reflect turnaround risk
The price target was trimmed to 168p from 171p, a 20% discount to the sector, while analysts say the product pipeline is “at an all-time low”
ConvaTec stumbles on RBC downgrade as “bumpy ride” ahead
The FTSE 250-listed company will see a tough last quarter while full-revenues will come in at the bottom of consensus range
ConvaTec Group keeps full-year guidance unchanged
The FTSE 250-listed firm expects revenue to grow between 1% and 2.5%, with adjusted underlying margin up between 18% to 20%
ConvaTec appoints seasoned transformation guru as chairman
The interim chairman highlighted his replacement's “wealth of experience” in senior roles in “companies undertaking transformation”
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On 1 August, other half-year updates include British American Tobacco, Barclays, Standard Chartered and Capita
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Week ahead preview: Lloyds, Barclays, RBS, BT Group, BoE and US Fed
It will be a busy week for markets with a barrage of corporate earnings and interest rates decisions from the Bank of England and the US Federal Reserve.
ConvaTec shares drop as first-quarter revenues fall across the board
The only region or division to show any growth in the first quarter was Asia Pacific, which makes up less than a tenth of total revenue
Investments and investor services
FTSE 100 closes higher after strong US jobs report boosts markets
Footsie closed up over 29 points on the day to close at 7,380, while the FTSE 250 added over 18 at 19,795
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HSBC to post weaker first quarter earnings as it tackles China slowdown
The day ahead includes first quarter earnings from HSBC and the all-important US non-farm payrolls report
Citi initiates coverage on ConvaTec with a ‘neutral’ rating, thinks it is too early to buy the stock
Citi's analysts pointed out that ConvaTec is the cheapest MedTech stock in its universe although it operates in “structurally attractive markets and has a solid turnaround plan”
ConvaTec hits the skids as full-year numbers and 2019 guidance disappoint
ConvaTec shares dropped more than 20% early on Thursday morning as its results, but more importantly its guidance, disappointed investors
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FTSE 100 closes a tad higher but sentiment dented by US data
FTSE 100 closed up just over six points at 7,197, while FTSE 250 shed over 74 at 18,898
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Drug firms AstraZeneca and Indivior to be in spotlight on Thursday
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Blue-chip corporate update mill to continue to grind, with RBS and AstraZenca to the fore
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Investments and investor services
FTSE 100 closes firmly ahead as it puts dismal October to rest
The FTSE 100 closed up around 92 points at 7,182. FTSE 250 also gained..
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Glaxo getting the tingles from its shingles jab
Trading updates from Glaxo, Standard Chartered and Next are likely to be the highlights
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UK Budget, BoE, US jobs data to sandwich flood of corporate updates from likes of BP and Shell
Aside from the oil majors, the slew of blue-chip updates due in the coming week will include global banks HSBC and Standard Chartered, and drugs firms GlaxoSmithKlne and Shire
ConvaTec downgraded by UBS due to "further earnings risk"
UBS analysts are concerned about ConvaTec's prospects without a CEO and after high senior staff turnover since IPO
ConvaTec announces resignation of chief executive as it issues profit warning
Former Johnson & Johnson chairman Rick Anderson has been appointed interim chief executive of ConvaTec