Vitrolife AB: Interim report Q1, 2023: Good start to the year

Rhea-AI Summary

Vitrolife AB reported strong financial performance for the first quarter of 2023. Sales reached SEK 854 million, marking a 14% increase, with local currency growth of 9% excluding discontinued operations. Consumables sales rose by 12%, Technologies by 7%, and Genetic Services by 7% as well. All regions showed growth: APAC 23%, Americas 6%, and EMEA 1%. The gross margin improved to 56.8%, while EBITDA was SEK 262 million, reflecting a margin of 33.0%. Net income increased to SEK 99 million, resulting in SEK 0.74 per share, up 23%. Following the reporting period, Jón Sigurdsson became interim CEO, with new CEO Bronwyn Brophy set to join on August 1, 2023.

Positive

• Sales increased by 14% to SEK 854 million.
• Consumables sales rose by 12%, Technologies by 7%, and Genetic Services by 7%.
• Growth in all regions: APAC 23%, Americas 6%, EMEA 1%.
• Gross margin improved to 56.8%.
• EBITDA rose to SEK 262 million with a margin of 33.0%.
• Net income climbed to SEK 99 million, EPS up 23% to SEK 0.74.

Negative

• Interim CEO appointment may raise concerns about leadership continuity until new CEO starts.

GOTHENBURG, Sweden, April 21, 2023 /PRNewswire/ -- 

First quarter

• Sales of SEK 854 (752) million, an increase of 14%, and 9% in local currencies excluding discontinued business.
• In local currencies Consumables sales increased by 12%, Technologies 7% and Genetic Services excluding discontinued business by 7%.
• Growth, in local currencies and excluding discontinued business, in all market regions APAC 23%, Americas 6% and EMEA 1%.
• Gross margin increased to 56.8% (55.7).
• Operating income before depreciation and amortisation (EBITDA) was SEK 262 (228) million. Adjusted for non-recurring cost of SEK 20 million, EBITDA was SEK 282 million, giving an EBITDA margin of 33.0% (30.4).
• Operating cash flow increased to SEK 160 million (90).
• Net income was SEK 99 (82) million including non-recurring cost, resulting in earnings per share of SEK 0.74 (0.60), an increase of 23%.

Events after the end of the period

• The Chairman of the Board, Jón Sigurdsson is interim CEO from 1 April 2023. Bronwyn Brophy has been appointed as new CEO and will join the company on 1 August 2023.
• Board member Henrik Blomquist is the Chairman of the Board from 1 April 2023 until the annual general meeting on 27 April 2023.

Gothenburg, April 21, 2023
VITROLIFE AB (publ)
Jón Sigurdsson, interim CEO

This disclosure contains information that Vitrolife AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 21-04-2023 08:00 CET.

Contact: 
Patrik Tolf
CFO
phone +46 (0) 31 766 90 21

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/1031/3755189/1999389.pdf

Interim report Q1, 2023

 

 

View original content:https://www.prnewswire.com/news-releases/vitrolife-ab-interim-report-q1-2023-good-start-to-the-year-301803848.html

SOURCE Vitrolife AB

FAQ

What was Vitrolife's sales growth in Q1 2023?

Vitrolife reported a sales growth of 14%, reaching SEK 854 million.

How did Vitrolife's EBITDA perform in the first quarter of 2023?

EBITDA increased to SEK 262 million, resulting in an EBITDA margin of 33.0%.

What were the net income and earnings per share for Vitrolife in Q1 2023?

Net income was SEK 99 million, with earnings per share of SEK 0.74, reflecting a 23% increase.

Who is the interim CEO of Vitrolife?

Jón Sigurdsson is serving as the interim CEO since April 1, 2023.

When will the new CEO of Vitrolife officially join the company?

Bronwyn Brophy will join Vitrolife as the new CEO on August 1, 2023.