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LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
Copyright © 2015 - 2022 Lifecarenews.in
LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
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– – GN Store Nord
– – GN Hearing
– – GN Audio
Quotes from executive management
Gitte Aabo, CEO of GN Hearing, comments: “I’m very encouraged by the positive market reception and the strong customer demand for our new flagship product, ReSound OMNIA, and the corresponding Beltone Achieve. The product has received excellent early feedback highlighting significant hearing improvements in noisy environments. Launched only this August, we already now see this product platform drive strong double-digit growth in October for the core business. With our fully updated portfolio across all customer segments, including the newly opened over-the-counter channel in the U.S., GN Hearing is strongly positioned to take market shares.”
René Svendsen-Tune, CEO of GN Audio, comments: “Today, GN Audio is double the size of the business it was in 2019, and we continue to see more organizations move towards flexible and hybrid working environments. In a macroeconomic instability it is crucial for decision-makers to continue investing in the types of cost-effective productivity enhancing devices that GN Audio offers. We are acknowledging the current sentiment in the market, so we will take proactive and strong actions to adapt to a changing and unpredictable world.”
Financial overview Q3 2022
GN Store Nord* | GN Hearing | GN Audio | |||||
DKK million | Core business | Emerging business | GN Hearing | GN Audio Organic | SteelSeries | GN Audio | |
Revenue | 4,701 | 1,495 | 59 | 1,554 | 2,551 | 596 | 3,147 |
Organic growth | -1% | 0% | 64% | 0% | -2% | -13% | -2% |
Adj. EBITA** | 548 | 159 | -40 | 119 | 461 | ||
Adj. EBITA margin** | 11.7% | 10.6% | 7.7% | 14.6% |
* Including “Other”, ** Excluding non-recurring items (DKK -21 million in OPEX in GN Audio, DKK -26 million in COGS in GN Hearing and DKK -12 million in OPEX in GN Hearing),
Financial guidance 2022
The financial guidance, which was revised on November 2, 2022, is confirmed.
Organic revenue growth | Adjusted EBITA margin3) | Non-recurring items (DKK million) 4) | Growth in adjusted EPS5) |
|
GN Hearing | ||||
– Core business organic | 5-8% | ~14% | ~ -150 | |
– Emerging Business1) (DKK million) | ~ -200 | |||
GN Audio2) 6) | 14-15% | ~ -500 | ||
– GN Audio organic | -7% to -5% | |||
– SteelSeries | Better than -25% | |||
Other (DKK million) | ~ -190 | |||
GN Store Nord | ~ -30% |
Note 1) Emerging Business mainly includes the Lively acquisition
Note 2) The SteelSeries organic revenue growth will be reported as M&A growth for GN Audio
Note 3) Excluding non-recurring items
Note 4) Non-recurring items in GN Hearing primarily related to supply chain investments (DKK ~ -150m) and in GN Audio related to transaction and integration costs (DKK ~ -200m) as well as non-cash PPAs (DKK ~ -200m), associated with SteelSeries and cost reduction measures (DKK ~ -100m)
Note 5) Compared to 2021 adjusted EPS (excluding non-recurring items and amortization and impairment of acquired intangible assets) of DKK 15.29
Note 6) Reflecting updated FX assumptions for 2022 following the significant appreciation of the USD since August 2022
Financial guidance based on foreign exchange rates as of November 11, 2022
Teleconference
GN Store Nord will host a teleconference at 11.00 a.m. CET on November 11. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference.
For further information, please contact:
Investors and analysts
Anne Sofie Staunsbæk Veyhe
Vice President – Investor Relations, Treasury and M&A
Tel: +45 45 75 85 06
or
Rune Sandager
Senior Director – Investor Relations
Tel: +45 45 75 92 57
Press and the media
Steen Frentz Laursen
Vice President, Corporate Communications
Tel: +45 20 65 34 20
About GN
GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliver unique user experiences that bring people closer through the power of sound and vision.
GN was founded more than 150 years ago with a vision to connect the world. Today, we proudly honor that legacy with our world-leading expertise in the human ear, audio, video and speech, wireless technologies, software, miniaturization, and collaboration with leading technology partners. GN’s solutions are marketed by the brands ReSound, SteelSeries, Jabra, Beltone, Interton, BlueParrott, Danavox and FalCom in 100 countries. Founded in 1869, the GN Group employs more than 7,000 people and is listed on Nasdaq Copenhagen (GN.CO).
Visit our homepage GN.com – and connect with us on LinkedIn, Facebook and Twitter.
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