Coloplast share price rises sharply after strong earnings
The Danish medical devices company reported a 7% increase in organic revenue growth for the first half of 2023.
Coloplast's share price rose by more than 5% on Thursday after the Danish medical devices company reported strong earnings for the first half of 2023.
The company reported a 7% increase in organic revenue growth, driven by strong demand for its ostomy care, continence care, and wound care products.
Key financial highlights for the first half of 2023:
- Organic revenue growth of 7%
- Reported revenue growth of 6%
- EBIT margin of 26.3%
- Net profit of DKK 2.4 billion
Coloplast's CEO, Kristian Villumsen, said that the company was "pleased with the strong performance in the first half of the year".
"We have seen continued strong demand for our products, and we have been able to increase our market share in a number of key markets," he said.
Coloplast expects to continue to deliver strong growth in the second half of the year. The company is targeting organic revenue growth of 6-8% for the full year.
Analysts said that Coloplast's strong earnings were a sign that the company was well-positioned to benefit from the growing demand for medical devices.
"Coloplast is a leading player in the global medical devices market, and the company's strong earnings show that it is well-positioned to benefit from the growing demand for medical devices," said one analyst.
Coloplast's share price has risen by more than 20% over the past year.
