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Medical products and technologies outfit Convatec (LON:CTEC) has downgraded its organic revenue growth forecasts for 2018 from 2.5-3% to 0-1% as the largest customer for the firm’s infusion devices shifted its policies. Management warned that this change would have a negative effect on revenues in the fourth quarter of $18-23 million and EBIT margins have been shifted downwards by c. 100 basis points.
The business also announced that chief executive Paul Moraviec would be retiring with immediate effect. Non-executive director Rick Anderson will act as interim CEO until an appropriate replacement is found.
Shares in Convatec fell by 33.61% to 148.85p (as of 12:05 BST).