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ConvaTec lifts guidance following stronger Q3 performance
StockMarketWire.com
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Medical products and technologies group ConvaTec upgraded its outlook after reporting a rise in third-quarter revenue, driven by 'significant' growth in its infusion care business.
'We now expect to be towards the higher end of our constant currency revenue growth range of 2-3.5%, ... and constant currency adjusted EBIT margin to be between 18.5-19%,' the company said.
'We now expect to deliver revenue growth at the higher end of our guidance range and to exceed our previous margin guidance for 2020,' said Karim Bitar, chief executive officer.
For the three months ended 30 September 2020, revenue rose 6.5% to $493 million year-on-year.
Revenue was also supported by continued strong growth in continence & critical care, improved performance in advanced wound care and a flat performance in ostomy care, the company said.
At 8:23am: (LON:CTEC) Convatec Group PLC share price was +9.15p at 194.05p
Story provided by StockMarketWire.com
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