Vitrolife Ab · OMXSTO:VITR
Vitrolife Ab — Q3 2023 Earnings Presentation
15 slides from Vitrolife Ab's earnings presentation, Oct 27, 2023
Slide 1: Interim report Q3 / 2023
Interim report Q3 / 2023 2023-10-27 Vitrolife AB (publ) Bronwyn Brophy O’Connor, CEO Patrik Tolf, CFO
Slide 2: Introduction
Introduction • Medtech Executive with 26 years experience in the healthcare and life sciences industry • Almost 90 days since joining the Vitrolife Group Perspectives on the market: Conclusions on the Vitrolife Group: 1. Market is growing but access to care remains limited 1. Well positioned in a gr
Slide 3: Q3 Highlights
Q3 Highlights GX-MEDIA EMDR IMPROVED STRONG GROWTH APPROVED MARGIN IN EMEA strengthening our gross margin 14% in local position as global 55.7% currencies* leader * Organic growth in local currencies excluding discontinued business (Covid testing and GPDx China) 3
Slide 4: Profitable growth globally despite headwind in the U.S.
Profitable growth globally despite headwind in the U.S. Third quarter Sales Organic growth* Gross margin 848 MSEK +3% 55.7% (798 MSEK) +6% in SEK In local currencies (53.6%) EBITDA Earnings per share Operating cash flow 287 MSEK 0.90 SEK 214 MSEK Margin 33.9% (34.5%) (0.80 SEK) (200 MSEK) First nine
Slide 5: Sales and growth per geographical segment in local currencies
Sales and growth per geographical segment in local currencies Americas EMEA APAC Total Organic growth* -8% +14% +5% +3% Sales (MSEK) 285 311 252 848 Share of total 33% 37% 30% sales * Organic growth excluding discontinued business (Covid testing and GPDx China) 5
Slide 6: Consumables business area
Consumables business area Consistent growth across the globe +12% 430 Organic Growth in local currencies 375 +8% 365 348 349 334 307 284 +7% +7% Americas EMEA +9% APAC Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 Net sales, MSEK 6
Slide 7: Technologies business area
Technologies business area Very strong performance in EMEA 20% 156 157 Organic Growth in local currencies 141 140 138 139 14% 115 116 5% 44% Americas EMEA -8% APAC Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 Net sales, MSEK 7
Slide 8: Genetic Services business area
Genetic Services business area EMEA and APAC performing well, U.S. impacted by decline in ERA - 4% 341 348 349 Organic Growth in local currencies* 332 337 334 325 304 -5% -15% +9% Americas EMEA +9% APAC Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 (pro forma) Net sales, MSEK 8 * Organic growth excluding d
Slide 9: Geographical segments
Geographical segments Americas EMEA APAC Total Sales (MSEK) 285 311 252 848 Gross income (MSEK) 138 177 158 473 Gross margin % 48.4% 56.8% 62.7% 55.7% Selling expenses (MSEK) -65 -52 -45 -162 Market contribution (MSEK) 73 124 113 310 Contribution margin % 25.7% 40.0% 44.7% Contribution margin Q3 -22
Slide 10: Q3 financial highlights
Q3 financial highlights MSEK 848 798 +6% Net sales of SEK 848 million (798), + 6% in SEK • Positive impact from currencies of SEK 32 million (4%) • Organic growth in local currencies • 2% total sales • 3% excluding discontinued business* 473 428 Gross income of SEK 473 million (428) • Margin of 55.7
Slide 11: Operating expenses
Operating expenses MSEK +5% 289 Operating expenses increased 2% in local 274 currencies • Increased marketing activities in key markets • Increase of 6% in local currencies 145 162 • Administrative expenses on similar level • Decrease of 2% in local currencies • Slight decrease in R&D due to project
Slide 12: Key financials
Key financials 2023 2022 2023 2022 Q3 Q3 YTD YTD Sales, MSEK 848 798 2,607 2,379 Gross Margin, % 55.7% 53.6% 56.1% 55.3% Adjusted Gross Margin, %* 58.3% 56.0% 58.5% 57.8% EBITDA 287 276 842 777 EBITDA Margin, % 33.9 34.5 32.3 32.6 EBITDA ** 287 276 868 777 EBITDA Margin, % ** 33.9 34.5 33.3 32.6 Ear
Slide 13: Closing remarks
Closing remarks Continue to drive profitable growth by: Accelerating penetration of time-lapse globally Increasing share in consumables Driving revenue of newly launched products & tests Executing on ERA remediation plan Maintaining focus on operational excellence Capital Markets Day on 12th of Dece
Slide 14: Q/A Session
Q/A Session Contact: Patrik Tolf, CFO, ptolf@vitrolife.com, +46 31 766 90 21
Slide 15: Disclaimer
DISCLAIMER This presentation may contain estimates and forward-looking statements, which reflect the Management’s current views with respect to the market, certain future events and financial performance. Although the statements are based upon estimates the Management believes to be reasonable, ther