Vitrolife Ab · OMXSTO:VITR
Vitrolife Ab — Q1 2024 Earnings Presentation
15 slides from Vitrolife Ab's earnings presentation, Apr 18, 2024
Slide 1: Interim Report Q1 / 2024
Interim Report Q1 / 2024 2024-04-18 Vitrolife AB (publ) Bronwyn Brophy O’Connor, CEO Patrik Tolf, CFO
Slide 2: Q1 Highlights
Q1 Highlights Stable Genetics Strong growth margins business area in APAC now includes product Gross margin 57.1% EBITDA margin 32.4% 19% area Genomics 2
Slide 3: Strong growth in APAC and solid margins
Strong growth in APAC and solid margins First quarter Sales Organic growth Gross margin 841 MSEK 0% 57.1% (854 MSEK) -2% in SEK In local currencies (56.8%) EBITDA Operating cash flow Earnings per share 272 MSEK 198 MSEK 0.85 SEK Margin 32.4% (30.6%) (160 MSEK) (0.74 SEK) 3
Slide 4: Sales and growth per geographical segment
Sales and growth per geographical segment Americas EMEA APAC Total Organic growth* -14% -2% +19% 0% Sales (MSEK) 248 310 283 841 Share of total sales 29% 37% 34% * Organic growth in local currencies 4
Slide 5: Consumables business area
Consumables business area Growth in all regions with share gains in media Net sales*, MSEK +11% 345 Organic growth in 329 local currencies Q1 2024 312 315 283 289 297 +12% 270 +5% +8% Americas EMEA +22% APAC Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 5 *Excluding Genomics, also in comparable numbers
Slide 6: Technologies business area
Technologies business area Positive momentum continues into Q1 Net sales, MSEK 6% 206 Organic growth in local currencies Q1 2024 +8% 166 156 157 140 138 139 0% -21% 116 Americas EMEA +37% APAC Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 6
Slide 7: Genetics business area
Genetics business area Strong comparable on PGT-A, ERA and genomic kits impacting growth rates Net sales*, MSEK - 14% 422 Organic growth in 412 410 406 401 397 local currencies Q1 2024 383 346 -12% -21% -3% Americas EMEA -5% APAC Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 7 *Including Genomics also in c
Slide 8: Geographical segments
Geographical segments Americas EMEA APAC Total Sales (MSEK) 248 310 283 841 Gross income (MSEK) 141 170 170 481 Gross margin % 56.8% 54.7% 60.0% 57.1% Selling expenses (MSEK) -58 -69 -42 -169 Market contribution (MSEK) 83 100 128 311 Contribution margin % 33.4% 32.4% 45.2% 37.0% Contribution margin
Slide 9: Q1 financial highlights
Q1 financial highlights MSEK 854 841 -2% Net sales of SEK 841 million (854), -2% in SEK • Organic growth in local currencies 0% • Currency impact SEK -13 million -2% Gross income of SEK 481 million (485) 485 481 • Margin of 57.1% (56.8%) • Positive product mix • Market mix has an impact on gross mar
Slide 10: Operating expenses
Operating expenses MSEK 0% 320 320 165 169 Operating expenses • Similar level as last year • Increased investment in innovation - expensed R&D - capitalised R&D • Minor negative currency effect 121 118 34 33 23Q1 24Q1 Selling expenses Research and development expenses Administrative expenses 10
Slide 11: Key financials
Key financials 2024 Q1 2023 Q1 Sales, MSEK 841 854 Gross Margin, % 57.1 56.8 EBITDA 272 262 EBITDA Margin, % 32.4 30.6 Net income 115 99 Earnings per share, SEK 0.85 0.74 Operating cash flow, MSEK 198 160 Net Debt / EBITDA rolling 12m 0.9 1.3 11
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 ”Enable people to fulfil the dream of having a healthy baby” Annual or
Slide 13: Focus for the rest of the year
Focus for the rest of the year Priority Progress Senior Vice President North America appointed April 1st Increase share and penetration in the US & China Increased direct commercial headcount in China Scaled up manufacturing capabilities to meet increased Increase market share in Consumables d
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