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Synthes repeats goal of double-digit sales growth
September 26, 2007 / 8:53 AM / 10 years ago

Synthes repeats goal of double-digit sales growth

ZURICH, Sept 26 (Reuters) - Swiss medical device maker Synthes SYST.VX repeated on Wednesday it expects sales to grow by a low double-digit percentage figure this year.

The company expects to achieve this through its strategy of product innovation, expanding its sales force and improving education, a spokesman said following Synthes’ investor day in the United States.

The maker of nails, screws and plates to fix broken bones reported sales growth of 14 percent in the first half of 2007.

Analysts at Credit Suisse, who have an “outperform” rating on the stock, said in a note to clients the investor day confirmed the view that Synthes’ stock offered “good value for investors that can afford to be patient”.

But Landsbanki Kepler analyst Florian Gaiser said in a note: “The conservative key message has not changed.”

“We struggle to locate potentially positive news beyond the ProDisc-C introduction into H1 2008,” wrote Gaiser, who has a “buy” rating on the stock.

Synthes shares traded 0.15 percent higher at 135.20 Swiss francs at 0807 GMT.

The company, which also makes artificial spine discs, said it planned to give an update on its ProDisc-C spine disc, seen by many analyst as a future growth driver, on October 25.

In the trauma segment, where Synthes is the world’s number one provider, the company planned a number of new products over the coming years.

“We will also increase investment in training and education of new groups of medical doctors -- for example assistant surgeons,” the spokesman said.

((Reporting by Oliver Hirt, writing by Sven Egenter; editing by Sue Thomas;


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