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STOCKHOLM Jan 11 Medical equipment company Getinge AB warned on Friday that its 2012 earnings had fallen short of expectations due to lower than expected demand in western and eastern Europe and its shares dropped 9 percent.
Getinge sells a wide range of goods for hospitals including beds, foetal monitoring equipment and disinfectors for infection control and has been hit by public spending cutbacks in Europe and, in some areas of its business, the United States.
It said in a statement that demand for its products weakened during the final quarter of 2012, which hurt orders received and invoicing volumes.
"The demand for capital goods was particularly weak in Western Europe and Eastern Europe," it said.
This meant that its full-year 2012 pretax profit had fallen short of expectations to total 3.6 billion Swedish crowns ($555 million), excluding acquisition and restructuring costs of 170 million crowns related to the acquisition of U.S.-based Therapeutic Support Systems, which it bought last year.
Analysts' mean forecast for Getinge's 2012 pretax profit was 3.77 billion crowns, according to Reuters Starmine data. In 2011, it made pretax earnings of 3.4 billion crowns.
It said orders received and invoicing rose organically by nearly 3 percent last year, which was lower than expected.
Getinge shares slid 9.4 percent to 195.70 crowns after the news.
As a provider to the public sector Getinge has been hit by cutbacks in parts of Europe and in the United States in some parts of its business. (Reporting by Patrick Lannin, editing by Alistair Scrutton)