Who Is Coloplast?
Lars Rasmussen is the CEO of Coloplast, and the CFO is Lene Skole.
Coloplast in Growth Mode
Q2 delivered 5% organic growth for the quarter and 6% year-to-date. Adjusted the growth for the quarter was 4%.
The Company reported a solid EBIT margin of 29% for the nine months of 2011/2012 and 32% for Q3 in isolation.
The Company expects around 6% organic growth for the full year and expects 8% reported growth based on current exchange rates.
Revenues were up by 6% organically and 8% in Danish krone.
Revenues for Q2, 2012 amounted to almost DKK 8.2 billion or roughly $15 million USD.
Sales Continue for Mesh for Pelvic Floor Repair
In Urology Care, organic growth was 5% for the first nine months of 2011/2012 and 4% for Q3 in isolation. Sales of female slings continued to decline while sales of mesh for pelvic floor repair remained satisfactory in Q3. Sales growth of penile implants continued its satisfying performance during the quarter. European Urology business saw a slightly weaker quarter with no particular or identifiable reason behind it.
CEO Discusses Product Liability Mesh Cases and the FDA
LARS RASMUSSEN: On the FDA safety update on mesh the CEO takes an indifferent stance and position with regard to the women being harmed by the Company’s product.
He noted in the conference call that in July 2011, the US Food and Drug Administration issued a safety update regarding the use of transvaginal mesh for pelvic organ prolapse and since then several mesh companies including Coloplast have become involved in a number of product liability actions on the use of this mesh for pelvic organ prolapse especially in incontinence.
Coloplast has Products Liability Insurance
Lars Rasmussen States: At this point in time, the number of actions potentially involving Coloplast represents a minor share of the total number of actions and currently we have a little more than 100 claims against Coloplast. With our current knowledge, we don’t expect this to have a negative financial impact on Coloplast and we do also have a product liability insurance in the US.
This is basically as much as we do know and that we can say at this point in time on the mesh situation.
Could it be with Johnson & Johnson withdrawing FOUR pelvic mesh products from the market in June of 2012 — Coloplast sees a business opportunity at the expense of American women? It would be naive not to believe so.