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Arseus ditches Corilus and narrows medtech focus

This article was originally published in Clinica

Executive Summary

Arseus has used its first-half results to announce that it plans to divest its Corilus health IT solutions business, a move that will further narrow its focus. The firm’s surviving franchises will be its Fagron pharmaceutical compounding unit, and its HL technology offering, which develops precision components and orthopedic tools for dental and medical professionals. The outgoing Corilus segment provides IT solutions for various medical and paramedical professions, such as pharmacists, dentists, GPs and hospitals. Jefferies analyst James Vane-Tempest views the news “positively.” He wrote: “Corilus's business has grown over the past few years as it has successfully outlicensed its software outside of Belgium, and its premium maintenance and cloud-based services have helped diversify away from low-margin hardware sales. [This] will allow Arseus to reinvest the proceeds in Fagron at more attractive multiples.” Arseus reported H1 group sales of €209m ($280m), above analyst consensus of €201m, with the Fagron franchise jumping 29% year-on-year. Arseus has been restructuring lately, selling its dental business to Henry Schein in January, following an “analysis of strategic options” that began around a year ago.

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