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UK's ConvaTec cuts full-yr revenue growth forecast on supply woes
October 16, 2017 / 7:41 AM / a month ago

UK's ConvaTec cuts full-yr revenue growth forecast on supply woes

Oct 16 (Reuters) - British medical technology company ConvaTec Group Plc cut its full-year organic revenue growth forecast, after its third quarter was hurt by supply issues.

ConvaTec said the first-half profit fell short of its expectations and lowered the full-year organic revenue growth target to a range of 1 percent to 2 percent.

ConvaTec said in May it expected to deliver full-year organic revenue growth of more than 4 percent.

ConvaTec, whose products are used in acute wound care and critical care, said performance in the third quarter was “severely” impacted by supply issues at two of its divisions, and lower-than-anticipated revenue contribution from new products. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)

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