Vitrolife AB (publ): Fourth quarter and full year report, 2023; continued growth with margin expansions

Rhea-AI Summary

Vitrolife AB (publ) reported a 6% increase in fourth quarter sales to SEK 904 million, with sales in local currencies growing by 5%. Sales in APAC and EMEA increased by 16% and 6%, respectively, while sales in the Americas decreased by 5%. The company reported an impairment charge of SEK 4,300 million, resulting in a net income of SEK -4,179 million. Excluding the impairment charge, net income increased to SEK 121 million. Full-year sales increased by 9% to SEK 3,512 million, with a gross margin of 56.3%. The company proposed a dividend of SEK 135 million, excluding the non-cash impairment charge.

Positive

• None.

Negative

• Net income was SEK -4,179 million due to the impairment charge, and the Americas experienced a 5% decrease in sales.

GOTHENBURG, Sweden, Feb. 2, 2024 /PRNewswire/ -- 

Fourth quarter 

• Sales of SEK 904 (855) million, an increase of 6%. In local currencies the growth was 5%.
• Sales, in local currencies increased by 16% in APAC and 6% in EMEA, while sales in Americas decreased by 5%. 
• Sales in local currencies increased by 1% in Consumables and 31% in Technologies, while sales in Genetic Services decreased by 2%.
• Gross margin increased to 56.9% (54.2).
• Operating income before depreciation and amortisation (EBITDA) was SEK 294 (273) million, giving an EBITDA margin of 32.5% (31.9).
• Operating cash flow increased to SEK 171 million (166).
• An impairment charge of SEK 4,300 million is reported as other operating expenses.
• Net income was SEK -4,179 (73) million, resulting in earnings per share of SEK -30.86 (0.55). Excluding the impairment charge, net income increased to SEK 121 million (73), giving earnings per share of SEK 0.89 (0.55).

Full year

• Sales of SEK 3,512 (3,234) million, an increase of 9%, or 10% excluding discontinued business. In local currencies, growth was 4% and excluding discontinued business 5%.
• Sales, in local currencies and excluding discontinued business, increased by 16% in APAC and 6% in EMEA, while sales in Americas decreased by 3%.
• Sales, in local currencies and excluding discontinued business, increased by 9% in Consumables and 11% in Technologies, while sales in Genetic Services decreased by 1%.
• Gross margin increased to 56.3% (55.0).
• Operating income before depreciation and amortisation (EBITDA) was SEK 1,136 (1,050) million, giving an EBITDA margin of 32.3% (32.5).
• Operating cash flow increased to SEK 757 million (636).
• An impairment charge of SEK 4,300 million is reported as other operating expenses.
• Net income was SEK -3,851 (394) million, resulting in earnings per share of SEK -28.44 (2.91). Excluding the impairment charge, net income was SEK 449 million (394), giving earnings per share of SEK 3.31 (2.91).

Dividend

• The Board to propose to the Annual General Meeting a dividend of SEK 135 (115) million, corresponding to SEK 1.00 (0.85) per share. The proposed dividend is based on exclusion of the non-cash impairment charge.

Gothenburg, February 2, 2024
VITROLIFE AB (publ)
Bronwyn Brophy O´Connor, CEO

This disclosure contains information that Vitrolife AB (publ) is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 02-02-2024 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/1031/3921322/2579193.pdf

Fourth quarter and full year report 2023

 

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SOURCE Vitrolife AB (publ)

FAQ

What was the percentage increase in fourth quarter sales for Vitrolife AB (publ)?

Vitrolife AB (publ) reported a 6% increase in fourth quarter sales to SEK 904 million.

What was the net income for Vitrolife AB (publ) in the fourth quarter?

Net income was SEK -4,179 million, resulting in a loss.

What was the proposed dividend for Vitrolife AB (publ)?

The company proposed a dividend of SEK 135 million.

What was the gross margin for Vitrolife AB (publ) in the full year?

The full-year gross margin was 56.3%.