Shares in ConvaTec Group PLC (LSE:CTEC) led the FTSE 100 fallers on Thursday, dropping almost 5% despite saying it had made a "good start" to the year and was on track to hit 2026 guidance.
The maker of medical products for managing chronic conditions reported organic revenue growth of 4.8% in the first four months of 2026, excluding its InnovaMatrix wound-care product.
Full-year organic revenue guidance (excluding InnovaMatrix) was maintained at 5.0-7.0%.
If including InnovaMatrix, organic revenue growth was 1.6%, while reported revenue growth was 5.5% in the first four months.
All divisions performed in line with expectations, with slightly slower Infusion Care growth at mid-to-high-single digit percetnage growth, versus the high-single digit guidance, as expected due to a tough comparison from last year and customer order phasing.
Convatec signed its first insulin patch pump supply agreement in Infusion Care, the fastest growing market segment.
Broker Panmure Liberum said: "Given the share price weakness, the market needed a reassuring statement, and that is what ConvaTec delivered. Revenue growth looks to be in line with expectations, and the full-year guidance is unchanged."
Analysts at Stifel said: "A positive start to 2026 and with FY26 margin guidance maintained despite concerns around potential for [cost of goods sold] inflationary headwinds, we expect a relief rally after recent share weakness, which has presented an attractive entry point."