(Reuters) - British medical devices maker ConvaTec (CTEC.L) on Wednesday posted a 13.7 rise in first-quarter revenue, as acquisitions and favourable foreign exchange movements helped offset the persisting impact of supply chain disruptions in its businesses.
ConvaTec, which makes catheters and colostomy bags, said revenue rose to $458.2 million in the quarter ended March 31, from $403.1 million a year ago.
Revenue from its advanced wound care business, which makes surgical and other dressings, rose 10 percent, while sales at its second biggest division, Ostomy Care, rose 5 percent to $121.8 million.
The company, which raised nearly $1.8 billion in the UK’s biggest IPO in 2016, said performance of its top two businesses reflects the ongoing impact of supply constraints which arose last year.
ConvaTec was hit last year by logistical problems that included hurricanes disrupting shipping lanes in the Caribbean and the shifting of its Ostomy Care manufacturing operation from the United States to the Dominican Republic.
The company had earlier said the impact of back orders and lost orders at Ostomy Care would persist in the first half of 2018.
However, ConvaTec reaffirmed its guidance for 2018, saying it expects organic revenue growth between 2.5 and 3 percent.
ConvaTec’s closest rival, Coloplast (COLOb.CO), posted organic revenue growth of 8 percent during the first quarter and forecast a 7 percent growth in 2018.
Reporting By Justin George Varghese in Bengaluru; Editing by Sunil Nair