Tecan poised for worst day in >30 years after surprise guidance cut

Tecan AG

13/08/2024 08:33

** Shares in Tecan  TECN.S  are down over 16% after the
Swiss life science equipment maker reported weaker-than-expected
half year figures and cut its full year outlook
    ** On the back of weak demand and a slower market recovery,
it now sees sales in local currencies to be on prior-year level
or decrease in the mid single-digit percentage range 
    ** Earlier it expected sales to increase in the low
single-digit percentage range
    ** "Investors will be notably disappointed given
management's continued confidence about FY24 targets in the
months leading up to the print," brokerage Berenberg writes
    ** The broker also points out that Tecan's half year sales
and adjusted earnings were "notably" below consensus
expectations
    ** The stock hits the bottom of Swiss midcap index SMIM
 .SMIM  and is on track for its worst day since 1992
    

 (Reporting by Chiara Holzhaeuser)
 ((Chiara.Holzhaeuser@thomsonreuters.com))