Coloplast reports 8% organic growth for Q3

MINNEAPOLIS - Coloplast says its integration of Comfort Medical continues to “progress to plan” and its U.S. chronic care business saw double-digit organic sales growth in the third quarter. The company, which has its U.S. headquarters here but is based in Denmark, announced last year that it was buying Coral Springs, Fla.-based Comfort Medical for $160 million in cash, combining a manufacturer of ostomy, urology, continence and wound care supplies with a provider of those supplies. Overall, Coloplast reported organic growth of 8% in the third quarter of the 2016-17 fiscal year. Growth by business was 7% for ostomy care, 10% for continence care, 10% for urology care, and 1% for wound and skin care. Coloplast reported EBIT was up 9% for the quarter at constant exchange rates and EBIT margin was at 33% at constant exchange rates. The company says revenues for the third quarter were adversely affected by a one-off adjustment made after the company identified “incorrect management of contractual obligations” related to an agreement with the Department of Veterans Affairs for 2009-17. Coloplast continues to expect organic revenue growth of 7% to 8% at constant exchange rates. EBIT margin guidance remains at 33% to 34% at constant exchange rates.