Vitrolife AB Fourth quarter and full year report 2022: Strong profitable growth

Rhea-AI Summary

Vitrolife AB reported strong financial results for Q4 and the full year 2022. Sales surged to SEK 855 million, a 66% increase driven by organic growth of 11%, acquired growth of 37%, and a currency effect of 18%. EBITDA reached SEK 273 million with a margin of 31.9%. For the full year, sales totaled SEK 3,234 million, up 92%, with EBITDA improving to SEK 1,050 million. The company announced the appointment of Bronwyn Brophy as new CEO starting August 2023, with an interim CEO from April 2023. Additionally, a proposed dividend of SEK 0.85 per share was announced.

Positive

• Sales increased by 66% in Q4, totaling SEK 855 million.
• Full-year sales rose by 92% to SEK 3,234 million.
• EBITDA margin improved to 31.9% in Q4, up from 16.5%.
• Net income for full year 2022 reached SEK 394 million.

Negative

• Earnings per share for the full year 2022 decreased to SEK 2.91, down from SEK 2.97.

GOTHENBURG, Sweden, Feb. 2, 2023 /PRNewswire/ --

Fourth quarter

• Sales of SEK 855 (514) million, corresponding to an increase of 66% in SEK, whereof organic growth 11%, acquired growth 37% and currency effect 18%. Sales pro forma increased 9% in local currencies (adjusted for business related to Covid-19 tests and divested business).
• Consumables increased sales by 23% in SEK, Technologies increased by 36% in SEK, and Genetic Services contributed acquired sales of SEK 192 million.
• Including the acquisition we have strong growth in all market regions, Americas 81%, EMEA 31%, Japan Pacific 56% and Asia 32% in local currencies.
• Organic growth in local currency (pro forma, adjusted for business related to Covid-19 tests) was in Japan Pacific 24%, Asia 15%, EMEA 6%, and Americas 1%.
• Operating income before depreciation and amortisation (EBITDA) was SEK 273 (85) million, corresponding to a margin of 31.9% (16.5%) (pro forma 27.8%). EBITDA per share increased by 196% to SEK 2.02.
• Net income was SEK 73 (34) million, resulting in earnings per share of SEK 0.55 (0.26).

Full Year 2022

• Sales of SEK 3,234 (1,681) million, corresponding to an increase of 92% in SEK, whereof organic growth 10%, acquired growth 65% and currency effect 18%. Sales pro forma increased 10% in local currencies (adjusted for business related to Covid-19 tests and divested business).
• Consumables increased sales by 23% in SEK, Technologies by 16% in SEK, and Genetic Services contributed acquired sales of SEK 1,085 million.
• Including the acquisition we have strong growth in all market regions. Americas 177%, EMEA 48%, Japan Pacific 59% and Asia 38% in local currencies. 
• Organic growth in local currency (pro forma, adjusted for business related to Covid-19 tests) was in Japan Pacific 19%, Asia 16%, EMEA 3%, and Americas 8%.
• Operating income before depreciation and amortisation (EBITDA) was SEK 1,050 (544) million, corresponding to a margin of 32.5% (32.4%) (pro forma 32.2%). EBITDA per share increased 63% to SEK 7.75.
• Net income was SEK 394 (344) million, resulting in earnings per share of SEK 2.91 (2.97)
• Net debt/EBITDA 1.5 (3.2) rolling 12 months.

After the end of the period

• Bronwyn Brophy is appointed as new CEO of Vitrolife AB (publ). She will join the company at the latest of 1 August 2023.
• The Chairman of the Board, Jón Sigurdsson will assume the position as interim CEO from 1 April 2023.
• Board member, Henrik Blomquist, will be the Chairman of the board from 1 April 2023 until the annual general meeting on 27 April 2023.
• Current CEO, Thomas Axelsson, will leave his position as CEO, from 31 March 2023.
• The Board proposes a dividend of SEK 0.85 (0.80) per share, corresponding to SEK 115 (108) million.

CONTACT:

Thomas Axelsson, CEO, phone: +46 31 721 80 01
Patrik Tolf, CFO, phone: +46 31 766 90 21

This information is information that Vitrolife AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8.00 am CET on February 2, 2023.

This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.

 

The following files are available for download:

https://mb.cision.com/Main/1031/3707568/1821606.pdf

Fourth quarter and full year report 2022

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SOURCE Vitrolife AB (publ)

FAQ

What were Vitrolife AB's Q4 results for 2022?

Vitrolife AB reported Q4 sales of SEK 855 million, a 66% increase, with an EBITDA of SEK 273 million.

What is the full-year sales figure for Vitrolife AB in 2022?

Full-year sales for Vitrolife AB in 2022 reached SEK 3,234 million, representing a 92% increase.

Who is the new CEO of Vitrolife AB?

Bronwyn Brophy has been appointed as the new CEO of Vitrolife AB, effective August 2023.

What dividend has Vitrolife AB proposed for shareholders?

Vitrolife AB has proposed a dividend of SEK 0.85 per share.

What is the earnings per share for Vitrolife AB for 2022?

The earnings per share for Vitrolife AB for 2022 was SEK 2.91, down from SEK 2.97.