Tecan drops after outlook cut
16/10/2024 07:40
** Tecan's TECN.S shares are seen dropping 11% in
pre-market trade after the Swiss life science equipment maker
cut its outlook for the year, citing ongoing weakness in China
** The company now forecasts an adjusted EBITDA margin for
2024 of 16-18% vs 18-20% previously anticipated
** It also sees 2024 local currency sales declining 12-14%
vs previously expected of a flat to mid-single digit percentage
fall
** "Tecan has had to issue a profit warning, which is not
unexpected but nevertheless disappointing," Vontobel writes
** Tecan's stock is down 22% YTD
(Reporting by Tristan Veyet)
((Tristan.chabba@thomsonreuters.com))