Getinge, a medical device manufacturer based in Sweden, announced in a press release that fourth quarter sales would be down due to decreased demand. According to information from the company, 12-month sales contracts received during the fiscal year rose by only three percent. This estimate excludes fluctuations in currency and other acquisitions.
Getinge Group is a provider of products and systems that contribute to quality enhancement and cost efficiency within healthcare and life sciences. It operates under the three brands of ArjoHuntleigh, Getinge, and Maquet. ArjoHuntleigh focuses on patient mobility and wound management solutions. Getinge provides solutions for infection control within healthcare and contamination prevention within life sciences. Maquet specializes in solutions, therapies and products for surgical interventions, interventional cardiology, and intensive care.
Investors balked in response to the news. On January 11th, company stock dropped 9.4 percent during the day. This represents the sharpest intraday decline in the past three years. Over the past 12 months, the stock has dropped 10 percent.
In its press release, consolidated net profit before corporate taxes was SEK 3,600 million ($557 million). This total excludes restructuring costs associated with the acquisition of TSS, which will be balanced against the company’s 2012 profits. Total costs for the TSS acquisition were SEK 170 million ($2.6 million). According to the company, demand for capital goods was very weak in Eastern and Western Europe.
Getinge’s 2012 year-end report will be available on January 25th, 2013.
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