Tecan tops Stoxx after H1 beat, outlook hike
17/08/2022 10:04
(Updates share move, adds milestone, analyst comment)
** Shares of Swiss laboratory instruments maker Tecan Group
AG TECN.S rise 10.5% to the top of Europe's Stoxx 600 index
.STOXX after H1 beat and higher FY sales target urn:newsml:reuters.com:*:nASM000NP7
** Tecan's H1 sales grow by 28.6% to 584 million Swiss
francs ($614 million) and adj. EBITDA rises 3.5% to 119.1
million, which Credit Suisse says beat consensus of 543 million
and 106 million francs, respectively
** "H1 order entry solid, up 2% organic," CS adds
** "Tecan reported a good set of 1H22 results, much better
than expected with a good handling of the very high base in
1H21, thanks to higher sales of non-COVID-19-related sales" -
Vontobel
** The company now sees 2022 sales growth in a mid- to
high-teens percentage range in local currencies vs. mid-teens
previously
** The stock also tops the Swiss mid-cap index .SMIM and
is on track for the best day since June 2021
($1 = 0.9515 Swiss francs)
(Reporting by Anastasiia Kozlova)
((Anastasiia.Kozlova@thomsonreuters.com))