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United Kingdom-based Conva Tec Group Plc is a global healthcare equipment and technology company. Its areas of operation are categorised into segments like Advanced Wound Care, Ostomy Care, Continence & Critical Care and infusion Device and the group has a global presence with a dominant presence in the United States and Denmark. The group is a constituent of the FTSE250 Index and trades on the London Stock Exchange.
On May 03, 2019, the healthcare equipment company reported its trading update for the quarter ended March 31, 2019. During the first quarter of FY19, group's revenue reduced by 2.0% to $430.6 million on an organic basis and was completely in line with the management expectations. However, revenue declined by 1.9 per cent on a constant currency basis and by 6 per cent on a reported basis, primarily because of loss in foreign exchange.
At the segment standpoint, revenue from Advanced Wound Care business declined by 3.2 per cent (organic basis ex. rebate provision) to $129.7 mn against the corresponding quarter of the previous financial year. This was mainly driven by the relatively poor performance of skincare business and negative channel movement in Britain.
However, revenue from Ostomy Care segment reported a surge of 0.9% (organic basis ex. rebate provision) to £119.6 mn against the first-quarter of FY18. Revenue from Continence & Critical Care rose by 3.1 per cent to $108.4 mn on an organic ex. rebate basis and included $1.3 million in revenue from the newly acquired J&R Medical. Infusion Devices business revenue declined by 0.2% to $72.9 mn on an organic basis ex rebate provision.
Management unchanged the outlook for FY19 and forecasting a revenue growth between 1 to 2.5 per cent on an organic basis and adjusted EBIT margin between 18 to 20 per cent for FY19.
Share Performance
Daily price chart (as on May 08, 2019), before the market close. (Source: Thomson Reuters)
At the current market price (as on May 08, 2019), the shares of Conva Tec Group Plc were trading 0.45 points or 0.32% per cent higher at GBX 140.30. During the past one-year, shares have registered a 52w high of GBX 240.50 and a 52w low of GBX 113.25, and at the closing, shares were quoting 40.35 per cent below the 52w high price level.
On a yearly basis, the stock has delivered a negative price return of 38.65 per cent, but on a year-to-date basis, the stock has delivered a price return of 0.76%.
However, at the current market price, as quoted in the price chart, shares were quoting above the 30-day, 60-day simple moving average level but considerably below the 200-day simple moving average price.
Total outstanding market capitalisation was around GBP 2.76 billion with a dividend yield of 3.15 per cent. Stock carrying a beta of 1.30, which indicates higher volatility as compared to the benchmark index.Â
