Exosens falls, analyst flags 'mild' gross margin miss, lack of capacity update

By Reuters News

** Shares in Exosens EXENS.PA fall 4.4%, narrowing earlier losses of nearly 8%, despite the French high-tech manufacturer posting an in-line revenue in Q3

** The stock's decline today reflects "the mild margin disappointment and the absence of fresh capacity increase announcements," brokerage Bernstein says

** Bernstein notes the company's gross margin of 48.6% missed its consensus estimates due to a shift towards lower-margin products

** It adds the margin dilution appears temporary and stems from the growing contribution of complete night-vision systems and higher fixed costs from a capacity increase in the United States

** The company posted a 23.5% rise in its Q3 revenue, driven by stronger demand and capacity ramp-up

** Up to the previous session's close, shares were up 23.1%​ YTD

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