January 29, 2018 / 7:51 AM / in 2 months

Getinge core profit lags forecast, sees slight growth in 2018

STOCKHOLM, Jan 29 (Reuters) - Swedish medical technology group Getinge on Monday reported a fourth-quarter core profit far below market forecasts and said it expected slight growth in organic sales this year.

The company, which sells products for areas such as surgery, intensive-care, infection control and sterilization, reported for the first time since spinning off its Patient & Post-Acute Care business Arjo in December.

Getinge posted a quarterly adjusted EBITA (earnings before interest, taxes and amortization) of 1.11 billion Swedish crowns ($140.96 million), down from 1.69 billion in the year-ago quarter, and far below a 1.62 billion forecast in a Reuters poll of analysts.

The company said that excluding non-recurring items, EBITA amounted to 1.38 billion.

Chief Executive Mattias Perjos called the result “not satisfactory”. “We are tackling this by gradually reducing our operating expenses in relation to sales”, Perjos said.

The order intake for the company, rose 7 percent organically to 6.62 billion, narrowly beating forecasts.

The company said it expected organic sales growth to be slightly positive in 2018.

$1 = 7.8746 Swedish crowns Reporting by Johannes Hellstrom; Editing by Simon Johnson

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