ConvaTec Group, a leading provider of medical products and technologies, has announced that its revenue for the first ten months of the year has surpassed expectations. The company reported a 6.7% increase in organic revenue during this period.
While reported revenue saw a growth of 2.5%, it was partially offset by the discontinuation of hospital care activities and related industrial sales in 2022.
As a result of this positive performance, ConvaTec Group has raised its organic revenue growth guidance for the year. The board now expects a growth rate between 6.75% and 7.5%, compared to the previous range of 6.0%-7.5%.
Furthermore, the company anticipates an expansion in the adjusted operating profit margin to at least 20.5%, on a constant currency basis.
In light of these developments, Chief Executive Karim Bitar expressed confidence in ConvaTec’s future prospects. He stated, “Convatec has successfully shifted towards achieving higher levels of organic sales growth in recent years. We remain on track to reach a mid-20s adjusted operating margin by 2026 or 2027, while also achieving double-digit compound growth in EPS and free cash flow from 2024 onwards.”
These positive projections showcase ConvaTec Group’s commitment to delivering sustainable growth and reinforcing its position as a leader in the industry.
