Vitrolife Ab · OMXSTO:VITR
Vitrolife Ab — Q1 2022 Earnings Presentation
14 slides from Vitrolife Ab's earnings presentation, Apr 22, 2022
Slide 1: Interim report January – March 2022
VITROLIFE AB (PUBL) Interim report January – March 2022 2022-04-22 Thomas Axelsson, CEO Patrik Tolf, CFO 1
Slide 2: Building on our strong growth momentum
BUILDING ON OUR STRONG GROWTH MOMENTUM Highlights First quarter • Strong organic sales growth • Sales of 752 MSEK (379) equals +98% in SEK • Impressive performance by Consumables & market region • Sales increased by 11% in local currencies Americas (pro forma excluding Covid-testing) • Genetic servi
Slide 3: Sales and growth per market region
SALES AND GROWTH PER MARKET REGION Total Q1 growth rate (local currencies) 255% 85% 19% 21% 85% Organic growth (pro forma excl Covid-testing) 16% 16% 2% -5% 11% Sales (MSEK) 246 304 111 91 752 Share of Vitrolife’s 33% 40% 15% 12% sales 3
Slide 4: Business area Consumables
BUSINESS AREA CONSUMABLES +26% 304 280 284 286 248 253 243 18% In local currencies 147 21% 9% Americas EMEA 32% 20% Asia Japan Pacific Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 Net Sales SEK 4
Slide 5: Business area Technologies
BUSINESS AREA TECHNOLOGIES +4% 137 140 125 126 121 -1% In local currencies 101 70 149% 44% 61 Americas EMEA -51% -36% Asia Japan Pacific Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 Net Sales SEK 5
Slide 6: Business area Genetic Services
BUSINESS AREA GENETIC SERVICES* +19% 296 293 278 274 257 246 10% In local currencies 218 16% 9% 128 Americas EMEA 39% 14% Asia Japan Pacific Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 Net Sales SEK *Genetic Services excluding discontinuing business related to Covid 6
Slide 7: Q1 financial highlights
Q1 FINANCIAL HIGHLIGHTS 684 • Net sales of SEK 752 million (379) • Increase of 98,4% including acquired 304 revenue of SEK 304 million • Growth on pro forma basis is 9,9% 390 752 137 • Gross income of SEK 419 million (253) 235 • margin of 55,7% (pro forma 57,0%) 419 72 379 253 228 • EBITDA of SEK 22
Slide 8: EBITDA
EBITDA 71 + Net sales 242 + Consumables sales 181 30.4% + Product mix 43.0% 75 - Services business 228 - Supply chain 163 - Opex 21Q1 Net Sales Gross OPEX D&A 22Q1 Income% 2021, Q1 2022, Q1 EBITDA per share, SEK 1.50 1.69 8
Slide 9: OPEX
OPEX +17% 245 • Increased activity level • Run-out of Covid testing 140 • Investments in growth opportunities 286 105 21Q1 22Q1 Proforma Genetic Services Vitrolife Group 9
Slide 10: Key financials and pro forma
KEY FINANCIALS AND PRO FORMA 2022 2021 2021 Q1 Delta Pro Q1 Q1 Pro forma forma % • Sales growth Sales, MSEK 752 379 684 68 • 98% in SEK Gross Margin % 56% 65% 57% -1ppt • 10% in SEK pro forma Adj. Gross Margin %* 58% 67% 61% -3ppt • 11% in local currencies and excluding Covid testing Adjusted EBITDA
Slide 11: Long-term outlook
LONG-TERM OUTLOOK Broadening the product and service offering Long-term market growth 5-10% in monetary terms Expansion of sales 11
Slide 12: Vitrolife is present in the IVF market, showing strong underlying growth with solid drivers
VITROLIFE IS PRESENT IN THE IVF MARKET, THAT SHOWS A STRONG UNDERLAYING GROWTH WITH SOLID DRIVERS • Delay in motherhood Demographic & social • Social acceptances and awareness of IVF • Lifestyle and social changes trends • Improvement in IVF lab procedures (i.e. incubation system) Technical improvem
Slide 13: Contact
Contact: Thomas Axelsson, CEO, taxelsson@vitrolife.com, +46 31 721 80 01 Patrik Tolf, CFO, ptolf@vitrolife.com, +46 31 766 90 21
Slide 14: Disclaimer
DISCLAIMER This presentation contains 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, there i