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Coloplast A/S - Full-Year Financial Results 2022/23


Announcement of Full-year Financial Results 2022/23
(1 October 2022 - 30 September 2023)

Coloplast delivered Q4 organic growth of 8% and 28% EBIT margin1). Reported revenue in DKK grew 3% to 6,226 million, impacted by unfavourable development in currencies

  • Organic growth rates by business area: Ostomy Care 9%, Continence Care 6%, Voice and Respiratory Care 13%, Advanced Wound Care 8% (Advanced Wound Dressings 12%), and Interventional Urology 5%.
  • Continued good momentum across regions in Chronic Care. The Ostomy Care business in China posted double-digit growth, as expected. Continence Care growth was driven by continued strong momentum in the intermittent catheters portfolio, partly offset by a decline in sales in Collecting Devices, which was impacted by order phasing.
  • Solid quarter in Voice and Respiratory Care, with continued good momentum in both laryngectomy and tracheostomy, as well as some benefit from a lower baseline last year.
  • Growth in Advanced Wound Dressings was driven by strong contribution from Europe, which includes benefit from the resolution of the backorders situation, and continued good growth in China, as expected.
  • Interventional Urology was up against a high baseline last year, with growth in the quarter mainly driven by Men’s Health in the US, while order phasing in Emerging Markets detracted from growth.
  • EBIT1) was DKK 1,714 million, a 6% decrease from last year. The EBIT margin1,2) was 28% against 30% last year, reflecting mostly inflationary headwind on input costs and significant negative impact from currencies.

FY 2022/23 organic growth of 8% and 28% EBIT margin1). Reported revenue in DKK grew 9% to DKK 24,500 million

  • Organic growth rates by business area: Ostomy Care 8%, Continence Care 7%, Voice and Respiratory Care 10% (8 months), Advanced Wound Care 7% (Advanced Wound Dressings 6%), and Interventional Urology 10%.
  • EBIT1) was DKK 6,845 million, down 1% from last year. The EBIT margin1,2) was 28% against 31% last year, reflecting inflationary headwind on input costs and an increase in operating expenses which includes DKK 219 million from acquisition-related amortisation cost.
  • ROIC after tax and before special items was 17% against 27% last year, negatively impacted by the Atos Medical and Kerecis acquisitions. Diluted earnings per share (EPS) before special items decreased by 6% to DKK 22.46, due to a 4% decrease in net profit, mostly impacted by an increase in net financial expenses as a result of the Atos Medical financing. 
  • The Board of Directors recommends a year-end dividend of DKK 16.00 per share, which brings the total dividend for the year to DKK 21.00 per share, compared to DKK 20.00 per share last year.

Acquisition of Kerecis finalised on 31 August 20233)

  • The equity capital raise related to the financing of the acquisition was completed on 30 August 2023. Coloplast issued 12.2 million new B shares, raising gross proceeds of approximately DKK 9.2 billion. 
  • For FY 2022/23, Kerecis delivered pro-rata revenues of DKK 772 million with revenue growth of around 50% and an EBIT margin of around 6% (excluding PPA amortisation), in line with expectations.

FY 2023/24 financial guidance – organic revenue growth of around 8% and an EBIT margin of 27-28%

  • The organic revenue growth assumes continued momentum across business areas and regions. Reported growth in DKK is expected to be around 12% and includes around 4%-points impact from the acquisition of Kerecis (11 months) and limited negative impact from currencies.
  • The reported EBIT margin before special items is expected to be 27-28%. The EBIT margin includes around 100 basis points dilution from Kerecis (incl. around DKK 100 million in PPA amortisation) and negative impact from currencies.
  • Capital expenditures are expected around DKK 1.4 billion. The effective tax rate is expected to be around 22%.

“We deliver a solid set of numbers in 2022/23 with 8% organic growth and an EBIT margin of 28%, in line with our financial guidance. We continue to take market share across all our business areas and maintain an industry-leading profitability level. I would like to highlight our strong performance in Chronic Care, where we continue to deliver high-single digit growth despite the negative impact on our ostomy business in China from Covid-19. This year, we also made good progress on innovation and launched our new intermittent catheter Luja™. Finally, in Q4 we completed the acquisition of Kerecis, an emerging category leader in the biologics wound care segment. With our strong core of businesses and the assets added to our portfolio through acquisitions in recent years, I look forward to accelerating our long-term growth to 8-10%, while maintaining a long-term EBIT margin of above 30%,” says Kristian Villumsen, President and CEO of Coloplast.

Conference call

Coloplast will host a conference call on Thursday, 9 November 2023 at 11.00 CET. The call is expected to last about one hour.
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: Register here
Access the conference call webcast directly here: FY 22/23 conference call

1) Before special items of DKK 69 million in Q4 2022/23 and before special items of DKK 74 million in FY 2022/23.
2) Before special items of DKK 36 million in Q4 2021/22 and DKK 471 million in FY 2021/22.
3) 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 and can be found here: Acquisition of Kerecis

For further information, please contact

Investors and analysts
Anders Lonning-Skovgaard
Executive Vice President, CFO
Tel. +45 4911 1111

Aleksandra Dimovska
Senior Director, Investor Relations
Tel. +45 4911 1800 / +45 4911 2458

Kristine Husted Munk
Senior Manager, Investor Relations
Tel. +45 4911 1800 / +45 4911 3266

Press and media
Peter Mønster
Sr. Media Relations Manager
Tel. +45 4911 2623

Coloplast A/S
Holtedam 1
DK-3050 Humlebaek
Company reg. (CVR) no. 69749917


This announcement is available in a Danish and an English-language version. In the event of discrepancies, the English version shall prevail.

Coloplast was founded on passion, ambition, and commitment. We were born from a nurse’s wish to help her sister and the skills of an engineer. Guided by empathy, our mission is to make life easier for people with intimate healthcare needs. Over decades, we have helped millions of people to live a more independent life and we continue to do so through innovative products and services. Globally, our business areas include Ostomy Care, Continence Care, Advanced Wound and Skin Care, Interventional Urology and Voice and Respiratory Care.

The Coloplast logo is a registered trademark of Coloplast A/S. © 2023-11.

All rights reserved Coloplast A/S, 3050 Humlebaek, Denmark.


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