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Italy Based Stevanato Reports Mixed Q1 Earnings, Revises Annual Guidance On Temporary Destocking

On Thursday, Stevanato Group S.p.A. (NYSE:STVN) reported the first quarter of 236.0 million euros, down 1% Y/Y, compared to the consensus of 237.17 million euros. Adjusted diluted earnings per share were 0.08 euros compared to the consensus of 0.11 euros. Adjusted EBITDA margin for the first quarter was 21.4%. Sales fell due to lower revenue attributable to glass vials in the Biopharmaceutical and Diagnostic Solutions Segment resulting from the ongoing destocking of excess vial inventories that customers accumulated during the pandemic and lower revenue from the Engineering Segment.  Revenue from high-value solutions increased to 37% of total revenue in the first quarter of 2024, compared with 32% for the same period last year, driven by demand for syringes and cartridges.  Lower revenue from EZ-fill vials unfavorably impacted the mix within high-value solutions in the first quarter of 2024. The gross profit margin for the first quarter of 2024 decreased to ...