Vitrolife Ab · OMXSTO:VITR
Vitrolife Ab — Q2 2024 Earnings Presentation
16 slides from Vitrolife Ab's earnings presentation, Jul 17, 2024
Slide 1: Interim report Q2 / 2024
Interim report Q2 / 2024 Vitrolife AB (publ) 17 July 2024 Bronwyn Brophy O´Connor, CEO Patrik Tolf, CFO
Slide 2: Q2/2024 Highlights
Q2/2024 Highlights Improved margins Technologies Acquisition of Gross margin 59.9% +40%* eFertility EBITDA margin 34.7% 2 * Organic growth in local currencies
Slide 3: Strong Technologies growth and improved margins
Strong Technologies growth and improved margins Second quarter 2024 Sales Organic growth Gross margin 941 MSEK +4% 59.9% (905 MSEK) +4% in SEK In local currencies (55.8%) EBITDA Operating cash flow Earnings per share 327 MSEK 236 MSEK 1.06 SEK Margin 34.7% (32.4%) (211 MSEK) (0.78 SEK) First half ye
Slide 4: Sales and growth per geographical segment
Sales and growth per geographical segment Americas EMEA APAC Total Organic growth* +5% +11% -5% +4% Sales (MSEK) 316 355 270 941 Share of total sales 33% 38% 29% 4 * Organic growth in local currencies
Slide 5: Consumables business area
Consumables business area Strong momentum in the US, challenging comparable numbers in APAC Net sales*, MSEK +3% 344 356 Organic growth** +3% 329 312 315 289 297 270 +14% +2% Americas EMEA 0% APAC Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 **in local currencies, Q2 2024 2022 2023 2024 5 *Excluding genomic kits in comp
Slide 6: Technologies business area
Technologies business area Strong growth with accelerated adoption in Americas Net sales, MSEK 43% 206 Organic growth* 197 166 +40% 156 157 138 139 116 +174% +50% Americas EMEA +2% APAC Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 *in local currencies, Q2 2024 2022 2023 2024 6
Slide 7: Genetics business area
Genetics business area Growth in genetic services, genomic kits decline Net sales*, MSEK - 8% 412 410 423 Organic growth** 401 -7% 397 388 383 346 -9% +4% Americas EMEA -20% APAC Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 **in local currencies, Q2 2024 2022 2023 2024 7 *Comparable numbers include genomic kits
Slide 8: Geographical segments
Geographical segments Americas EMEA APAC Total Sales (MSEK) 316 355 270 941 Gross income (MSEK) 181 215 169 564 Gross margin % 57.3% 60.5% 62.4% 59.9% Selling expenses (MSEK) -63 -90 -42 -196 Market contribution (MSEK) 117 125 126 369 Contribution margin % 37.2% 35.1% 46.7% 39.2% Contribution margin
Slide 9: Q2 financial highlights
Q2 financial highlights MSEK 941 905 +4% Net sales of SEK 941 million (905), +4% in SEK • Organic growth in local currencies +4% 564 • Minimal currency impact 505 Gross income of SEK 564 million (505) • Margin of 59.9% (55.8%) 327 293 • Positive product mix • Operational excellence improvements EBIT
Slide 10: Operating expenses
Operating expenses MSEK +8% 341 315 Operating expenses • Continue to invest in Sales and Marketing capabilities in key markets 196 • R&D expenses are slightly lower due 175 to project phasing and capitalisation • One-off costs for restructuring and acquisitions 107 118 Selling expenses Administrativ
Slide 11: Key financials
Key financials 2024 2023 2024 2023 Q2 Q2 YTD YTD Sales, MSEK 941 905 1,782 1,759 Gross Margin, % 59.9 55.8 58.6 56.3 EBITDA 327 293 599 554 EBITDA Margin, % 34.7 32.4 33.6 31.5 Net income 143 106 258 205 Earnings per share, SEK 1.06 0.78 1.91 1.52 Operating cash flow, MSEK 236 211 434 372 Net Debt /
Slide 12: Corporate Strategy Vitrolife Group
Corporate Strategy Vitrolife Group Labour Our values Market Growth in Consoli- Regionali- Patient and skills megatrends demand shortage dation sation Empowerment Integrity Vision with a purpose Long-term growth and profit-targets (5 years) ”Enable people to fulfil the dream of having a healthy baby”
Slide 13: Vitrolife Group acquired eFertility
Vitrolife Group acquired eFertility • eFertility, an innovative system and software company transforming IVF clinic management. • eFertility offers both a witnessing system and EMR platform • eWitness is an error prevention system that optimises lab workflow and enhance security with reliable insigh
Slide 14: Focus for the rest of the year
Focus for the rest of the year Investment in commercial capabilities ongoing Increase share and penetration in the US Strengthen relationship with clinic chains through & China strategic account management (SAM) Maintain positive momentum in media Increase market share in Consumables Increas
Slide 15: Q/A
Q/A Contact: Patrik Tolf, CFO, ptolf@vitrolife.com, +46 31 766 90 21
Slide 16: 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