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ConvaTec cuts full-year revenue growth forecast on supply woes

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ConvaTec cuts full-year revenue growth forecast on supply woes

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(Reuters) – British medical technology company ConvaTec Group Plc <CTEC.L> 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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