Tecan Shares Advance Following Revenue Forecast: Zurich Mover
Tecan Group AG (TECN) shares rose the most in nine months in Zurich trading after the Swiss maker of laboratory equipment said sales will jump 28 percent by 2015.
Tecan climbed as much as 4.8 percent to 88 Swiss francs, the biggest intraday jump since June 6. The stock was up 3 percent at 86.45 francs as of 1:02 p.m., bringing the advance to 13 percent this year and giving the Maennedorf-based company a market value of 989 million francs ($1.04 billion).
Tecan expects sales to increase to 500 million francs for 2015, from 391.1 million francs in 2012, helped by sales of commercial instruments to two significant customers and growth from China, it said in a statement today.
“The start of instrument deliveries to two OEM partners during the course of this year and the resulting expected substantial contribution to sales from 2014 mean that we already have significant growth drivers for the coming years,” Chief Executive Officer David Martyr said in the statement. OEMs are original equipment manufacturers.
Tecan’s customers include Agilent Technologies Inc. unit Dako, a developer of diagnostic equipment for cancer.
Revenue in China last year “increased at a clearly double- digit percentage rate, driven by the life sciences business” for a total of more than 20 million francs from the country, Tecan said today.
“I think it’s very encouraging that they guide for 2015 revenue of 500 million Swiss francs,” Scott Bardo, an analyst at Berenberg Bank in London, said in a telephone interview. “It’s a confident message that the company provides, and we think it’s realistic.”
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