Talenom - Slightly below expectations
Talenom’s first quarter results were slightly below our expectations. Net sales amounted to EUR 13.5m (EUR 14.2m Evli) while the operating profit amounted to EUR 2.4m (EUR 2.5m Evli). Talenom reiterated its guidance for 2019 and gave a financial outlook for 2020, expecting growth and relative profitability to be in line with 2019.
- Talenom’s net sales in Q3 amounted to EUR 13.5m (EUR 11.1m in Q3/18), slightly below our estimates (Evli EUR 14.2m). Revenue growth in Q3 was 21.1% y/y.
- The operating profit in Q3 was EUR 2.4m (EUR 1.9m in Q3/18), in line with our estimates (Evli EUR 2.5m), at a margin of 17.4%.
- Talenom’s guidance intact: the net sales growth rate is expected to be greater than in 2018 and the operating profit margin to improve compared to 2018
- Financial outlook 2020: Growth and profitability expected to be in line with 2019. Our estimates: 2020 revenue growth and EBIT-% 18.0% and 20.7% respectively (2019E: 22.5% and 19.6%)
- Net investments during 1-9/2019 EUR 12.0m compared with 7.1m during 1-9/2018.