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ConvaTec's $150m transformation

The medical products group has been hit by another markdown following October's profit warning
February 14, 2019

We thought the shares' markdown following ConvaTec’s (CTEC) October profit warning might have been overdone, but another sell-off ensued on release of full-year figures that met with the medical product group’s previously revised expectations. Revenues were flat on the previous year excluding M&A and currency effects, accompanied by a 250-basis point reduction in the adjusted operating margin, largely the consequence of reduced orders for its infusion devices in the fourth quarter.

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