Bell Potter

The Result was weaker than anticipated due to the underperformance of the Industrial, Medical, and Single Use segment; only the Sexual Wellness division reported better than anticipated result. Divisional EBIT: Industrial GBU EBIT up 11.7% to US$40.9m vs our Forecast US$49.1m; Single Use GBU down 3.8% to US$30.0m vs our Forecast US$33.9m; Medical up 0.9% to US$22.3m vs our Forecast US$28.1m; Sexual Wellness up 39% to $19.7m vs our Forecast US$16.4m. | Net operating cash flow down 1.9% to US$83.9m. | Outlook: F’17 EPS Guidance Range Maintained (US$1.00 to US$1.12)1.” “The second half is expected to see continued progress against the company's strategic goals. Organic growth should benefit from continued momentum of new product sales in Industrial, while Medical should make further progress as it emerges from the capacity constraints of last year and improves operational productivity.” | Today’s share price reaction: Down 3.2% to $21.48 (11.59 am).


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