Tecan shares rise after FY results beat consensus

Tecan AG

14/03/2023 09:43

** Shares in Tecan Group AG  TECN.S  rise around 5% after
the Swiss laboratory instruments maker published FY results,
beating analyst expectations thanks to higher
non-COVID-19-related sales
    ** Vontobel notes that group FY sales rose 21.3% (vs
expected 19.7%), while FY COVID-19 related sales dropped to CHF
60 mln from CHF 150-170 mln in 2021, which is also in line with
expectations
    ** Berenberg says H2 sales of CHF 560 mln and adjusted
EBITDA of CHF 111 mln came about 2.6% and 2.7% above consensus
expectations, respectively, adding that FY results "should come
as a relief to investors"
    ** Vontobel says, however, FY 2023 outlook in the low-to-mid
single-digit is "slightly lower than consensus and bears some
disappointment"
    ** Tecan shares top Swiss mid-cap index  .SMIM  and are
among top performers of Europe's STOXX 600 index  .STOXX 
    ** The stock was down 9.99% as of Monday's close
    

 (Reporting by Amir Orusov)
 ((Amir.orusov@thomsonreuters.com))