Vitrolife Ab · OMXSTO:VITR
Vitrolife Ab — Q4 2023 Earnings Presentation
16 slides from Vitrolife Ab's earnings presentation, Feb 2, 2024
Slide 1: Fourth Quarter and Full Year Report 2023
Fourth Quarter and Full Year Report/ 2023 2024-02-02 Vitrolife AB (publ) Bronwyn Brophy O’Connor, CEO Patrik Tolf, CFO
Slide 2: Q4 Highlights
Q4 Highlights IMPROVED MARGINS NEW CORPORATE TECHNOLOGIES STRATEGY TO Gross margin 56.9% GREW BY DRIVE LONG TERM EBITDA margin 32.5% 31% PROFITABLE GROWTH 2
Slide 3: Continued growth with margin expansions
Continued growth with margin expansions Fourth quarter Sales Organic growth* Gross margin 904 MSEK +5% 56.9% (855 MSEK) +6% in SEK In local currencies (54.2%) Operating cash flow EBITDA 294 MSEK 171 MSEK (166 MSEK) Margin 32.5% (31.9%) Full year 2023 Sales Organic growth** EBITDA Operating cash flow
Slide 4: Sales and growth per geographical segment
Sales and growth per geographical segment in local currencies Americas EMEA APAC Total Organic growth* -5% +6% +16% +5% Sales (MSEK) 290 343 271 904 Share of total sales 32% 38% 30% * Organic growth in local currencies 4
Slide 5: Consumables business area
Consumables business area Growth of core consumables - Genomic kits declined second half of the year +2% 430 Organic growth in local currencies 375 +1% 365 358 348 349 334 307 -12% +3% Americas EMEA +6% APAC Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 Net sales, MSEK 5
Slide 6: Genetic Services business area
Genetic Services business area APAC and EMEA performing well, U.S. impacted by decline in ERA - 3% 341 348 349 337 334 340 Organic growth in local currencies 332 304 -2% -10% +6% Americas EMEA +16% APAC Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 Net sales, MSEK 6
Slide 7: Technologies business area
Technologies business area Biggest quarter ever – double digit growth across all regions 32% 206 Organic growth in local currencies +31% 156 157 141 140 138 139 +88% +13% 116 Americas EMEA +37% APAC Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 Net sales, MSEK 7
Slide 8: Geographical segments
Geographical segments Americas EMEA APAC Total Sales (MSEK) 290 343 271 904 Gross income (MSEK) 144 194 176 514 Gross margin % 49.8% 56.6% 64.8% 56.9% Selling expenses (MSEK) -76 -69 -37 -182 Market contribution (MSEK) 68 125 139 332 Contribution margin % 23.5% 36.4% 51.2% Contribution margin Q4 -22
Slide 9: Q4 financial highlights
Q4 financial highlights MSEK 904 855 +6% Net sales of SEK 904 million (855), + 6% in SEK • Organic growth in local currencies +5% • Currency impact SEK 6 million +1% Gross income of SEK 514 million (463) 514 • Margin of 56.9% (54.2%) 463 • Higher sales of core Consumables and Technologies driving ma
Slide 10: Operating expenses
Operating expenses MSEK +12% 328 Operating expenses increased by 12% 294 • Investment in commercial scale-up in high potential markets activities • Administrative expenses on similar level 182 162 • Increase investment in R&D to accelerate time-to- market of new products in pipeline • Increased trav
Slide 11: Income statement adjusted for impairment charge
Income statement adjusted for impairment charge Quarter 4 Full year 2023 Actual Adjusted Actual Adjusted Gross income 514 514 1,977 1,977 Operational expenses -320 -320 -1,245 -1,245 Other operating income 4 4 5 5 Other operating expenses -4,313 -13 -4,328 -28 Operating income -4,115 185 -3,590 710
Slide 12: Key financials
Key financials 2023 2022 2023 2022 Q4 Q4 Sales, MSEK 904 855 3,512 3,234 Gross Margin, % 56.9 54.2 56.3 55.0 EBITDA 294 273 1,136 1,050 EBITDA Margin, % 32.5 31.9 32.3 32.5 Earnings per share, SEK * 0.89 0.55 3.31 2.91 Operating cash flow, MSEK 171 166 757 636 Net Debt / EBITDA rolling 12m 1.0 1.5 P
Slide 13: Corporate Strategy Vitrolife Group
Corporate Strategy Vitrolife Group Our values Integrity Market Growth Labour and Patient megatrends in demand skills shortage Consolidation Regionalisation empowerment Quality Vision with a purpose Long-term growth and profit-targets ”Enable people to fulfil the dream of having a healthy baby” Annua
Slide 14: Going forward
Going forward Optimise our go-to-market model Scale up in the US Increase market share in core Consumables Accelerate penetration of time-lapse globally Capitalise on opportunities for Genetic Services outside of PGT-A 14
Slide 15: Q/A Session
Q/A Session 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