Demant shares fall after Q1 sales miss

Demant A/S

06/05/2024 08:30

** Demant A/S  DEMANT.CO  shares are down 4% after the Danish
hearing aid maker reported a 2.2% miss on sales in first quarter
vs consensus provided by J.P. Morgan
    ** The company reported group sales of DKK 5.42 billion 
($782.29 million) mainly driven by Hearing Aids, and organic
growth was 3% in Q1 vs estimated 4.7%
    ** Jefferies says that slow start to the year in Retail was
partly offset by ASP benefits and share gains with independents
in Wholesale
    ** Jefferies adds that after the stock rallied >50% in CY23,
share price momentum has drastically slowed down over the past
months, with the stock now up 3% and 19% over last 3 and 6m
    ** The co reiterated its FY24 guidance, JPM adds that it
expects the shares to be off low single digit-mid single digit
in the near term
    ** Including today's fall the stock has gained 5.07% YTD
    
    
    



($1 = 6.9284 Danish crowns)

 (Reporting by Anna Chaberska)
 ((Anna.chaberska@thomsonreuters.com))