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Stevanato Group beats The Street in Q3, raises guidance

November 9, 2021 By Sean Whooley

Stevanato GroupStevanato Group (NYSE:STVN) shares hit a snag today despite third-quarter results that beat the consensus forecast.

The Piombino Dese, Italy-based drug delivery technology developer posted profits of $21.6 million, or 8¢ per share, on sales of $248.6 million for the three months ended Sept. 30, 2021, for a 12.5% bottom-line gain on sales growth of 36.5%.

Adjusted to exclude one-time items, earnings per share were 12¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $237.6 million.

“We maintained strong momentum in the third quarter, driven by robust sales, a solid order pipeline and continued progress on our investments, innovation, and capacity expansion plans,” Stevanato Group CEO Franco Moro said in a news release.

Stevanato Group said it now expects to log adjusted EPS of between 52¢ and 54¢ and updated its sales guidance for between $956.2 million and $967.8 million.

STVN shares were down -4.4% at $23.88 per share in midday trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.

Filed Under: Auto-injectors, Business/Financial News, Drug-Device Combinations, Featured, MassDevice Earnings Roundup, Pharmaceuticals, Wall Street Beat Tagged With: Stevanato Group

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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