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Home » Coloplast sees revenue growth accelerating in 2021, acquires Nine Continents Medical

Coloplast sees revenue growth accelerating in 2021, acquires Nine Continents Medical

November 3, 2020 By Chris Newmarker

ColoplastColoplast (CPH:COLO-B) announced today that it was able to boost its annual earnings even as the COVID-19 pandemic held down sales growth — with the Danish medical device giant expecting a stronger 2021.

Also today, Coloplast announced that it has completed its acquisition of Nine Continents Medical, an early-stage company pioneering an implantable tibial nerve stimulation treatment for overactive bladder. Coloplast is paying $145 million upfront for Nine Continents Medical, with an additional contingent future milestone payment.

The Humlebæk, Denmark–based maker of ostomy care, continence care, interventional urology and wound care products reported profits of DKK 4.2 billion (nearly $230 million) on sales of DKK 18.5 billion ($2.9 billion) for the year ended Sept. 30, 2020, for a bottom-line gain of 8% and top-line growth of 3%.

Coloplast officials credited the earnings growth to strong cost control amid the coronavirus pandemic, even as the company continues investments in growth opportunities and innovation. The pandemic and resulting cancelation of elective procedures had a significant negative impact on Coloplast’s U.S. Interventional Urology business — as well as the Wound & Skin Care business, particularly in China and the U.K., according to the company.

Coloplast’s Chronic Care business in the U.S. and emerging markets meanwhile saw mostly stable underlying growth throughout the year.

For the 2020-21 fiscal year, Coloplast officials are predicting organic revenue growth of 7–8% at constant exchange rates, with reported growth in DKK at 4–5%.  The company is touting its new “Strive25 – Sustainable Growth Leadership” strategy with an emphasis on innovation and growth in the U.S. and China.

Investors reacted by sending COLO-B shares down -2.9% to DKK 914.40 apiece by the close of trading in Copenhagen today. MassDevice‘s MedTech 100 Index, which includes the stocks of the world’s largest medical device companies, is up 1.9% as of afternoon trading in the U.S.

Filed Under: Business/Financial News, Featured, Wall Street Beat Tagged With: Coloplast

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About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at [email protected].

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