Coloplast completes the acquisition of Kerecis
Coloplast has completed the acquisition of Kerecis,
announced on July 7, 2023, after receiving approval from all
relevant authorities and reaching a shareholder acceptance level of
100%
The terms of the transaction and the financial assumptions
stated in Coloplast's stock exchange announcement no. 03/2023
regarding the acquisition of Kerecis are unchanged. The equity
capital raise related to the financing of the acquisition was
completed on August 30, 2023.
Kerecis will be included in the financials for FY 2022/23 with 1
month of impact. Revenue contribution will be included as acquired
growth under the existing Wound and Skin Care business area, which
will be renamed to Advanced Wound Care. The financial guidance for
FY 2022/23 as described in the Interim Financial Report for 9M
2022/23 (announcement no. 04/2023) is unchanged.
Kerecis – an emerging category leader in the US-centric
biologics wound care segment
Kerecis is an innovative, fast-growing company in the biologics
wound care segment with a strong commercial presence in the US. The
company has developed and patented a clinically differentiated
technology based on intact fish skin. The fish-skin technology is
minimally processed, sustainable, and scalable. Backed by
compelling clinical evidence, the technology has already been used
to treat tens of thousands of patients.
With the acquisition of Kerecis, Coloplast obtains a long-term
growth business with strong profitability expansion potential,
well-positioned for long-term value creation.
“I am very excited to welcome the Kerecis team into the
Coloplast family. Both Coloplast and Kerecis are on a mission to
help many more patients in need of advanced wound treatment, and I
look forward to continuing the growth and profitability journey, as
we build a truly global wound care franchise together” says
Kristian Villumsen, President & CEO of Coloplast and continues:
“On September 4, we will host a conference call where investors and
analysts will get an opportunity to meet Fertram Sigurjonsson,
founder and CEO of Kerecis. Fertram is an outstanding leader, and I
am impressed by the strong results that he and his team have
created. The success of Kerecis is a testament to both the strength
of its unique fish-skin technology, as well as strong commercial
execution, enabled by a highly motivated and purpose-driven
organisation” says Kristian.
“We look forward to continuing our strong growth trajectory as
part of Coloplast. Kerecis can leverage Coloplast’s expertise,
capabilities, and industry-leading infrastructure to secure the
long-term success of our company and become a category leader in
the biologics segment. I would like to thank everyone at Kerecis
for a fantastic journey so far, and I look forward to entering the
next chapter together and reaching many more patients with our
patented technology based on intact fish skin” says Fertram
Sigurjonsson, founder and CEO of Kerecis, who will continue to lead
the Kerecis team.
As a result of the agreement to acquire Kerecis, Coloplast
raised its long-term organic growth guidance to 8-10%, from
previously 7-9%, on July 7, 2023. The long-term EBIT margin
guidance was maintained at above 30% beyond FY 2024/25. The EBIT
margin is expected to remain below 30% in the Strive25 strategic
period and includes around 100 basis points dilution p.a. from
Kerecis (incl. PPA amortisation). Kerecis has an attractive gross
margin level, accretive to Coloplast’s gross margin, and thus
strong potential to expand its profitability driven by continued
growth and scalability. The transaction is expected to be
increasingly EPS accretive from FY 2026/27.
For further details on the acquisition of Kerecis, please refer
to stock exchange announcement no. 03/2023 from July 7, 2023
(Coloplast announces agreement to acquire Kerecis). For more
information on the completion of the equity capital raise related
to the financing of the acquisition, please refer to stock exchange
announcement no. 07/2023 from August 30, 2023 (Equity Issue of B
Shares (coloplast.com)). For details on the financial guidance for
FY 2022/23, please refer to announcement no. 04/2023, Interim
Financial Report for 9M 2022/23 (9M 22/23 Earnings Release
(coloplast.com)).
Investor and analyst conference call
with Fertram Sigurjonsson, founder and CEO of
KerecisColoplast will host a conference call on September
4, 2023, at 14.00h CEST. On the call, Kristian Villumsen, CEO and
President, and Anders Lonning-Skovgaard, CFO and EVP, will be
joined by Fertram Sigurjonsson, founder and CEO of Kerecis.
Access the conference call webcast directly here: Coloplast
conference call (getvisualtv.net)To actively participate in the
Q&A session, please sign up ahead of the conference call on the
link here to receive an e-mail with dial-in details: Diamond Pass
Registration (choruscall.it)
For further information, please contact
Investors and analystsAnders
Lonning-SkovgaardExecutive Vice President, CFOTel. +45 4911
1111
Aleksandra DimovskaSenior Director, Investor RelationsTel. +45
4911 1800 / +45 4911 2458Email: dkadim@coloplast.com
Kristine Husted MunkSenior Manager, Investor RelationsTel. +45
4911 1800 / +45 4911 3266Email: dkkhu@coloplast.com
Press and mediaPeter MønsterSr. Media Relations
ManagerTel. +45 4911 2623Email: dkpete@coloplast.com
AddressColoplast A/SHoltedam 1DK-3050
HumlebaekDenmarkCompany reg. (CVR) no. 69749917
Websitewww.coloplast.com
This announcement is available in a Danish and an
English-language version. In the event of discrepancies, the
English version shall prevail.
This announcement includes forward-looking statements that
involve risks, uncertainties, and other factors, many of which are
outside of Coloplast's control, that could cause actual results to
differ materially from the results discussed in the forward-looking
statements. Forward-looking statements include statements
concerning Coloplast's plans, objectives, goals, future events,
performance, and/or other information that is not historical
information. All such forward-looking statements are expressly
qualified by these cautionary statements and any other cautionary
statements which may accompany the forward-looking statements.
Coloplast undertakes no obligation to publicly update or revise
forward-looking statements to reflect subsequent events or
circumstances after the date made, except as required by law.
Coloplast develops products and services that make life easier
for people with very personal and private medical conditions.
Working closely with the people who use our products, we create
solutions that are sensitive to their special needs. We call this
intimate health care. Our business includes Ostomy Care, Continence
Care, Wound and Skin Care, Interventional Urology and Voice and
Respiratory Care. We operate globally and employ more than 14,700
employees.
The Coloplast logo is a registered trademark of Coloplast A/S. ©
2023-08.
All rights reserved Coloplast A/S, 3050 Humlebaek,
Denmark.
- Coloplast completes the acquisition of Kerecis
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