Trading update for the three months ended 31 March 2021

29 April 2021

Strong Q1 performance - guidance unchanged

Key Points:

Q1 Group reported revenue of $500 million was 8.7% higher year on year; up 6.7%¹ on an organic basis or 5.4%² in constant currency.
Strong organic growth in Advanced Wound Care and Infusion Care, modest growth in Ostomy Care and Continence Care and continued strength in Critical Care.
Good progress with our FISBE (Focus, Innovate, Simplify, Build, Execute) strategy as we pivot to sustainable and profitable growth:
Acquired Cure Medical LLC in March for an upfront consideration of $85m to strengthen Continence Care.
Continued to build our sales and marketing capabilities.
Execution is improving with particularly strong growth in the Global Emerging Markets.
2021 full year outlook is unchanged given continuing macro uncertainties:
Organic revenue growth between 3-4.5%
Constant currency² adjusted EBIT margin of 18-19.5%. Currency headwind is currently c.80bps.

Karim Bitar, Chief Executive Officer, commented:

“We have made a good start to the year, continuing to deliver for our customers and patients. In addition, we effectively executed on our strategy, notably with the acquisition of Cure Medical which strengthens our position as a leading developer and manufacturer of continence care products in the large and growing US market place.”

“We are making good progress and remain focused on executing on the significant number of strategic initiatives underway as we continue on our journey to pivot to sustainable and profitable growth. Despite the near term uncertainties, I remain confident in Convatec’s growth prospects.”

(...)

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