BIOMÉRIEUX : Invest Securities remains positive, reduces its target
March 15, 2024 at 04:57 am EDT
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While lowering its target price from €127 to €120, Invest Securities reiterates its 'buy' opinion on bioMérieux, 'an unfairly discounted stock in the IVD (in vitro diagnostics) industry, given its remarkable ability to navigate the post-Covid environment'.
In 2023, the Group continues to outperform its peers, with another excellent organic performance", believes the analyst, for whom the market's neutral reaction to the annual results can be explained by mixed 2024 targets.
"Despite the disappointment over the margin target, we find this publication satisfactory overall, as it shows remarkable resilience in growth, with numerous growth levers clearly identified and outperforming", he continues.
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bioMérieux designs, develops, produces, and sells systems used in clinical practice to diagnose infectious diseases (including HIV, tuberculosis, and respiratory infections), cancers, and cardiovascular pathologies based on a biological sample (blood, saliva, urine, etc.). Net sales break down by sector of application as follows:
- medical applications (84.4%): in industry, microbiological testing of samples from finished products, materials during the manufacturing process, or the environment, primarily in the food-processing, pharmaceutical, and cosmetics sectors;
- industrial applications (15.6%).
The group's diagnostic systems consist of three elements with related services: reagents, instruments (or platforms or analyzers), software, and services.
Net sales are distributed geographically as follows: Europe/Middle East/Africa (32.4%), North America (44.1), Asia/Pacific (17.3%) and Latin America (6.2%).