October 15, 2018 / 6:16 AM / a month ago

ConvaTec slashes forecast on change in customer's inventory policy

Oct 15 (Reuters) - British medical devices maker ConvaTec on Monday lowered its expectations for organic revenue and adjusted operating earnings margin for the full year, citing a change in inventory policy by its largest customer in its Infusion Devices business.

The company said it now expects full-year organic revenue growth to be flat to up 1 percent, compared with its previous guidance for growth of 2.5 percent to 3 percent.

Convatec also said its Chief Executive Officer Paul Moraviec will retire immediately and that it has appointed Rick Anderson as the interim CEO. (Reporting by Shariq Khan in Bengaluru; Editing by Vyas Mohan)

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