Sartorius Q1 misses expectations, shares slump

Sartorius AG

18/04/2024 08:55

(Updates share move, adds milestone, French unit shares, more
analyst comment)
    ** Shares of Sartorius  SATG.DE  drop 9.5% after the
Franco-German lab supplies maker published Q1 numbers that
missed analysts' expectations for order intake and revenues
    ** The company Q1 order intake came in at 826.3 million
euros ($882.82 million) , while revenues reached 819.6 million
euros
    ** "Would sell high prints as order intake expectations were
high," a local trader says, adding the company did not fulfill
hopes
    ** Jefferies says Q1 shows y/y recovery in orders but
sequentially it sees flat book-to-bill of 1.01x vs. 1.02x in Q4
due to weaker equipment and impact from China constraining as a
strong recovery in consumables
    ** "We expect the shares to underperform by at least 5%
today," says J.P. Morgan, citing Q1 weak Bioprocess Solutions
(BPS) orders, which came in 10% below the expectations of the
brokerage
    ** The broker also mentions soft quarter on BPS revenues,
which declined by 5% CER and missed by 5%
    ** Shares of Sartorius are on track for the worst day since
mid-October 2023 if losses hold
        ** Stock sits at the bottom of the German blue-chips
index  .GDAXI 
    ** French unit Sartorius Stedim Biotech  STDM.PA  drops
15.5% to the bottom of France's SBF 120 index  .SBF120 
        ** Both are the two worst performers on pan-European
STOXX 600  .STOXX 
  


($1 = 0.9360 euros)

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))