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Systematix Report
Poly Medicure Ltd.'s Q3 FY24 Earnings were in line with consensus but 5% below our expectations. Revenue growth was 19.2% on a YoY basis, which was lower than their historical trend of 20% plus. For FY25, company expects the growth to remain 20% plus and also believes there is a reasonable chance for the business growth to outpace current expectations.
Three out of the four new manufacturing facilities have been operationalized and should help them service the growing market demand for their products. In the domestic market, the field force has been expanded to service their newly set up critical care and cardiology divisions which will focus on high value products.
In the renal segment growth was lackluster in FY24 and expect the same to accelerate meaningfully in FY25. With regard to dialysis machines, the company has increased the proportion of components domestically sourced to more than 50% and this should put them in a better position while bidding for Government tenders.
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