GN Store Nord revises its financial forecasts for 2021
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GN Hearing is currently experiencing delays in product development deliverables, resulting in the postponement of key product launches scheduled for the second half of 2021. These delays cannot be mitigated. GN Hearing has decided to initiate a transformation of R&D with the aim of increasing the quality, predictability of delivery times and the efficiency of R&D. The R&D direction was changed with the appointment of Dr Günther Pausch as head of R&D, an experienced industry leader.
The delays lead to a revision of the financial forecasts for 2021:
- GN Hearing’s 2021 organic revenue growth target revised from over 25% to around 16%
- Due to lower than expected revenue development, GN Hearing’s EBITA margin target for 2021 is revised from over 16% to over 12%.
- Following the review of the financial guidelines for GN Hearing, GN Store Nord revises the financial guidelines on EPS growth from over 60% to over 50%
The 2021 financial forecast for GN Audio is unchanged and confirmed.
GN Hearing’s preliminary sales for the third quarter of 2021 amounted to DKK 1,346 million, which corresponds to an organic revenue growth of 4% compared to the third quarter of 2020. The global hearing aid market is not growing. It is not fully standardized and COVID-19 continues to impact the hearing aid markets with significant variation from country to country. and channels.
GN Store Nord will release, as previously announced, its Q3 2021 Interim Report on October 29, 2021, with more details on Q3 2021 performance, and host a conference call for investors and analysts on the same day.
For more information, please contact:
Investors and analysts
Vice-President – Investor Relations and Treasury
Phone: +45 45 75 03 33
Director – Investor Relations & Treasury
Phone: +45 45 75 92 57
Press and media
Lars Otto Andersen Lange
Head of corporate media relations and public affairs
Phone: +45 45 75 02 55
About the GN Group
The GN Group empowers people to hear more, do more and be more through its intelligent auditory, audio and video collaboration solutions. Inspired by people and driven by our leadership in innovation, we leverage technological synergies to deliver unique and increasingly individualized user experiences in our products and solutions.
150 years ago, GN was founded with a truly innovative and global mindset. Today, we honor that legacy with cutting-edge expertise in the human ear, audio and video processing, wireless technology, miniaturization and collaborations with leading technology partners. . GN solutions are marketed by the brands ReSound, Beltone, Interton, Jabra, BlueParrott and FalCom in 100 countries. Founded in 1869, the GN group employs 6,500 people and is listed on the Nasdaq Copenhagen (GN.CO).
Visit our GN.com homepage – and connect with us on LinkedIn, Facebook and Twitter.
Announcement 50 – GN Store Nord adjusts its financial forecasts for 2021