Vitrolife AB (publ) Interim report Q3, 2022: Actions done and synergies ahead

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GOTHENBURG, Sweden, Oct. 27, 2022 /PRNewswire/ -- Vitrolife AB reported Q3 sales of SEK 798 million, a 97% increase, primarily driven by acquisitions and currency effects. Consumables sales rose 18%, while Genetic Services generated SEK 348 million. EBITDA was SEK 276 million, with a margin of 34.5%, though down from 40%. Net income reached SEK 108 million, with earnings per share at SEK 0.80. Year-to-date sales totaled SEK 2,379 million, a 104% increase. Restructuring costs totaled SEK 31 million, impacting EBITDA and financial results.

Positive

• Sales increased by 97% to SEK 798 million in Q3.
• Net income rose to SEK 108 million, earnings per share at SEK 0.80.
• EBITDA increased by 70% to SEK 276 million, margin at 34.5%.
• Year-to-date sales up 104% to SEK 2,379 million.

Negative

• EBITDA margin decreased from 40% to 34.5%.
• Organic growth in EMEA region was negative at -8%.

GOTHENBURG, Sweden, Oct. 27, 2022 /PRNewswire/ --

Third quarter

• Sales of SEK 798 (406) million, corresponding to an increase of 97% in SEK, whereof acquired growth 75% and currency effect 20%. Sales pro forma, adjusted for business related to Covid-19 tests, increased by 5% in local currencies.
• Consumables increased sales by 18% in SEK, Technologies decreased by 5% in SEK, and Genetic Services contributed sales of SEK 348 million.
• Including the acquisition, we have strong growth in all market regions. Americas 222%, EMEA 33%, Japan Pacific 88% and Asia 33% in local currencies.
• Organic growth in local currency, pro forma, adjusted for business related to Covid-19 tests in Americas was 7%, EMEA -8%, Japan Pacific 32% and Asia 10% in local currencies.
• Restructuring costs for Genetic Services of SEK 29 million, whereof SEK 7 million impacted EBITDA and SEK 22 million impacted the financial net.
• Operating income before depreciation and amortisation (EBITDA) was SEK 276 (162) million, corresponding to a margin of 34.5% (40.0%) (pro forma 33.9). EBITDA per share increased by 47%.
• Net income was SEK 108 (105) million, resulting in earnings per share of SEK 0.80 (0.89).

First nine months

• Sales of SEK 2,379 (1,167) million, corresponding to an increase of 104% in SEK, whereof acquired growth 76% and currency effect 17%. Sales pro forma, adjusted for business related to Covid-19 tests, increased by 10% in local currencies.
• Consumables increased sales by 23% in SEK Technologies by 10% in SEK, and Genetic Services contributed sales of SEK 993 million.
• Including the acquisition, we have strong growth in all market regions. Americas 238%, EMEA 55%, Japan Pacific 60% and Asia 40% in local currencies.
• Organic growth in local currency, pro forma, adjusted for business related to Covid-19 tests in Americas was 12%, EMEA 3%, Japan Pacific 18% and Asia 16% in local currencies.
• Restructuring costs for Genetic Services of SEK 31 million, whereof SEK 9 million impacted EBITDA and SEK 22 million impacted the financial net.
• Operating income before depreciation and amortisation (EBITDA) was SEK 777 (460) million, corresponding to a margin of 32.6% (39.4%) (pro forma 33.7). EBITDA per share increased 39%.
• Net income was SEK 321 (310) million, resulting in earnings per share of SEK 2.36 (2.77).

Gothenburg, October 27, 2022
VITROLIFE AB (publ)
Thomas Axelsson, CEO

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 October 27, 2022.

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/1031/3655899/1644247.pdf

Interim report Q3, 2022

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SOURCE Vitrolife AB (publ)

FAQ

What were Vitrolife's Q3 2022 sales figures?

Vitrolife reported Q3 2022 sales of SEK 798 million, representing a 97% increase.

How much net income did Vitrolife generate in Q3 2022?

Net income for Q3 2022 was SEK 108 million, with earnings per share of SEK 0.80.

What is Vitrolife's EBITDA for Q3 2022?

Vitrolife's EBITDA for Q3 2022 was SEK 276 million, with a margin of 34.5%.

How did Vitrolife's sales perform in the first nine months of 2022?

In the first nine months of 2022, Vitrolife achieved sales of SEK 2,379 million, a 104% increase.

What were the restructuring costs for Vitrolife's Genetic Services?

Restructuring costs for Genetic Services were SEK 31 million, affecting both EBITDA and financial net.