Conmed's New Acquisition Is 'Door-Opener' For Orthopedic Surgery Business, This Analyst Says
Conmed's New Acquisition Is 'Door-Opener' For Orthopedic Surgery Business, This Analyst Says
這位分析師説，ConMed的新收購為整形外科業務打開了大門
- Earlier today, CONMED Corporation (NYSE:CNMD) agreed to acquire privately held Biorez Inc for $85 million and up to $165 million in commercial-based milestones.
- Biorez commercializes its BioBrace implant, a bioinductive scaffold used to reinforce soft tissue where weakness exists and promote soft tissue healing.
- Needham says that in the near term, Biorez is expected to be accretive to revenue growth and gross margins (Biorez's gross margin is >80% vs. CNMD's 2022E gross margin of ~55%).
- "In addition to becoming a significant growth driver over time, we expect BioBrace to function as a "door-opener" or "halo product" in CNMD's Orthopedic Surgery business, similar to AirSeal and Buffalo Filter in its General Surgery business," Needham writes.
- The analyst has lowered the price target of CONMED from $127 to $123, with an unchanged Buy rating.
- Management estimates its leverage post-acquisition will be in the low-5x range.
- Assuming ~$15 million in 2024 revenue, the company is paying a ~5.7x (with no milestones) to 16.7x (with the full milestones)
- EV/sales vs. Nedham's small/mid-cap growth comp group trading at a 2022 EV/sales multiple of 6.0x.
- CONMED expects the acquisition to add approximately $1 million in revenue to its recently provided FY22 revenue guidance.
- The company expects FY22 adjusted EPS of $3.25 - $3.45 as the deal will be ~$0.10-0.15 dilutive to both 2022 and 2023 EPS.
- Price Action: CNMD shares are up 0.74% at $98.29 during the market session on the last check Tuesday.
- 今天早些時候，康美德公司(紐約證券交易所股票代碼：CNMD)同意收購私人持股Biorez Inc.8500萬美元，以及高達1.65億美元的基於商業的里程碑。
- Biorez將其BioBrace植入物商業化，這是一種生物誘導支架，用於加固存在弱點的軟組織，促進軟組織癒合。
- 李約瑟表示，短期內，Biorez預計將促進收入增長和毛利率(Biorez的毛利率>80%，而CNMD的2022年E毛利率約為55%)。
- 李約瑟寫道：“除了隨着時間的推移成為重要的增長動力外，我們預計BioBrace還將在CNMD的整形外科業務中發揮‘開門’或‘光環產品’的作用，類似於其普通外科業務中的AirSeal和Buffalo Filter。”
- 這位分析師已將CONMED的目標價從127美元下調至123美元，買入評級保持不變。
- 管理層估計，收購後的槓桿率將在低至5倍的範圍內。
- 假設2024年收入約為1500萬美元，該公司將支付約5.7倍(無里程碑)至16.7倍(含全部里程碑)
- EV/Sales與Nedham的中小型成長型公司集團的交易價格為2022 EV/銷售倍數為6.0倍。
- ConMed預計，此次收購將在其最近提供的22財年收入指引基礎上增加約100萬美元的收入。
- 該公司預計22財年調整後每股收益為3.25-3.45美元，因為這筆交易將稀釋2022年和2023年的每股收益約0.10-0.15美元。
- 價格行動：在週二尾盤交易時段，CNMD股價上漲0.74%，至98.29美元。