UPDATE 1-Emerging markets boost surgical equipment maker Getinge

Wed Oct 17, 2012 9:26am EDT

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* Emerging markets demand offsets sluggish N.America, Europe (Adds further details, background, analyst's comment, shares)

By Anna Ringstrom and Rebecka Roos

STOCKHOLM, Oct 17 (Reuters) - Swedish medical technology group Getinge posted a slightly lower than expected rise in third-quarter pre-tax profit on Wednesday but forecast strong growth this year, sending its shares up.

Slow growth in demand for its surgical theatre equipment in North America and western Europe was being more than compensated for by emerging markets. The three areas each account for roughly one third of sales. Getinge is trying to increase its presence in markets such as India, Russia, China and Brazil.

Pretax profit grew to 704 million crowns ($106 million) in the quarter, from 690 million last year, below a Reuters consensus forecast of 721 million.

Shares in Getinge, whose products include surgical tables, anaesthesia systems and heart-lung support equipment, were up 2 percent at 1118 GMT, outperforming the market in Stockholm, recovering some of the 4 percent they lost in the last two weeks. Shares have risen 44 percent this year.

"Mature markets remain fairly slow, and demand remains strong in emerging markets. Medical Systems came in strong," said Swedbank analyst Johan Unnerus said, adding that Wednesday's share rise reflected cautious trade ahead of the report.

New orders were up 3.6 percent in the third quarter year-on-year across the company, excluding acquisitions. At Getinge's biggest business, Medical Systems, organic orders were up 8.5 percent.

Getinge, which in July forecast significant earnings growth improvement in the second half of the year, said recent strengthening of the Swedish crown would have a slightly negative effect on full-year results but, besides that, its outlook was unchanged.

($1 = 6.6408 Swedish crowns) (Reporting by Anna Ringstrom; Editing by Patrick Lannin and Robin Pomeroy)

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