BioSensors

BioSensors: Deutsche has results preview. House anticipate market share erosion for Nobori in Japan is likely to trigger reduction of royalty income for the group and stent tender delays could push pricing pressure back for at least two qtrs, which may partially offset royalty weakness. Accordingly house trim revenue/EPS estimates to US$87.6m/US¢1.7 and US$357.6m/US¢7.1 for 2Q13 and 2013, respectively, vs consensus of US$84.6m/US¢1.8 for 2Q13 and US$372.5m/US¢7.3 for 2013. Overall, reiterate Buy but lower TP to $1.40. Royalty remains the largest profit growth driver; Nobori losing market share The co reported US$80.8m royalties in FY12, which contributed 28% of the group’s revenue and represented 370% YoY growth. However, as there is unlikely any costs associated with royalty, it is likely to represent an overwhelming proportion of the US$101m reported non-GAAP profit.