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Investing.com -- Coloplast (CSE:COLOb) shares fell by 5% on Tuesday after the company reported weaker-than-expected second-quarter results and announced the resignation of its CEO.
The Danish medical device maker had already issued a profit warning on May 1, and its latest figures confirmed the shortfall.
Revenue for the quarter came in 1.4% below consensus estimates, the adjusted EBIT margin missed by 33 basis points, and earnings per share were 8% lower, driven by higher financial expenses.
The company has lowered its full-year outlook, cutting its guidance for underlying revenue growth to 7% from 8–9%, and EBIT margin to 27–28% from around 28%. It also raised its forecast for special items to DKK 400 million from DKK 130 million.
Coloplast cited slower-than-expected recovery in Bladder Health and Surgery, continued effects of a product recall, and a slowdown in China and other emerging markets.
CEO Kristian Villumsen stepped down with immediate effect, and Chair Lars Rasmussen has taken over as interim CEO. Coloplast said it expects to name a permanent successor within a year.