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COPENHAGEN, Aug 13 (Reuters) - Shares in Danish healthcare products company Coloplast fell by as much as 5 percent on Wednesday after the company reported third-quarter results a touch below analysts' expectations.
Coloplast, Denmark's fourth-biggest company by market value, posted revenue growth in one of its two biggest divisions slightly below forecasts and maintained its full-year guidance, when some had been expecting an increase.
"In general they delivered on the weaker side of market expectations and that is due to the ostomy and continence divisions," Alm Brand markets analyst Michael Friis said.
Coloplast said that its its ostomy business achieved revenue of 1.27 billion Danish crowns ($228 million) while organic sales grew 6 percent, slightly less than an average forecast of 1.31 billion crowns in a Reuters poll of analysts..
Revenue at the continence care division was 1.13 billion crowns, in line with the concensus forecast.
By 1109 GMT shares in Coloplast were down 2.8 percent, against a 0.4 percent rise in Copenhagen's benchmark index .
"There are so many positive scenarios priced into the stock that there is no room left for the small disappointments that we see in ostomy," Sydbank analyst Soren Lontoft said.
The group reiterated its full-year forecast for organic revenue growth of 9 percent in local currencies and operating margin before special items of between 33 percent and 34 percent at constant exchange rates and 33 percent in Danish crowns.
"They maintained their guidance while I expected guidance in Danish crowns to be raised a little ... The share price is expensive compared with similar companies," Alm Brand's Friis said.
Coloplast is among the three most highly valued stocks in the Thomson Reuters Europe Medical Equipment Index , with a price to book ratio of 14.5. It has the highest return on equity in the index at 42.32 percent, the data show.
The group, selling products such as colostomy bags and wound dressings, reported earnings before interest and tax (EBIT) of 1.05 billion Danish crowns in April-June, compared with 943 million crowns a year earlier and roughly in line analysts' expectations of 1.01 billion crowns. (1 US dollar = 5.5822 Danish crown) (Reporting by Stine Jacobsen; Additional reporting by Ole Mikkelsen; Editing by Sabina Zawadzki and David Goodman)