Medical gear maker Getinge's Q1 core profit beats expectations (updated)

Getinge publ AB

22/04/2024 11:15

(Adds share reaction in paragraph 2, details on earnings and
background from paragraph 3)
       April 22 (Reuters) - Medical equipment maker Getinge
 GETIb.ST  reported a smaller-than-expected drop in
first-quarter core profit on Monday, as new orders offset the
costs of resolving prolonged problems with its product packaging
and heart products.
    Shares in Getinge were up 6% in midday trading.
    Its earnings before interest, tax and amortisation (EBITA),
adjusted for items affecting comparability, were 842 million
Swedish crowns ($77 million), down 13.4% from 972 million a year
earlier, but above a consensus of 770 million cited by
J.P.Morgan.
    Getinge has been scrambling to resolve quality problems with
sterile packaging of products for heart-lung support systems and
with its heart pumps, hurting its margins since the second
quarter last year. 
($1 = 10.9025 Swedish crowns)

 (Reporting by Greta Rosen Fondahn and Elsa Ohlen in Gdansk;
Editing by Milla Nissi)
 ((Greta.RosenFondahn@thomsonreuters.com;
elsa.ohlen@thomsonreuters.com))