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2023 Q4 & Full Year Report: Continued Growth & Margin Expansion

On February 2, 2024, Vitrolife AB (publ) released its financial results for the fourth quarter and full year of 2023.

In the fourth quarter, Vitrolife achieved sales of SEK 904 million, which represented a 6% increase from the previous year. In local currencies, the growth was 5%. Sales in the APAC region increased by 16%, while sales in EMEA increased by 6%. However, sales in the Americas decreased by 5%. In terms of sales by category, consumables increased by 1% and technologies increased by 31%, while genetic services decreased by 2%. The gross margin increased to 56.9%, and operating income before depreciation and amortization (EBITDA) was SEK 294 million, resulting in an EBITDA margin of 32.5%. Operating cash flow also increased to SEK 171 million. However, an impairment charge of SEK 4,300 million resulted in a reported net income of SEK -4,179 million, with earnings per share of SEK -30.86. Excluding the impairment charge, net income increased to SEK 121 million, with earnings per share of SEK 0.89.

For the full year of 2023, Vitrolife achieved sales of SEK 3,512 million, representing a 9% increase from the previous year. In local currencies, the growth was 4%. Excluding discontinued business, sales increased by 10% in local currencies. Sales in APAC and EMEA increased by 16% and 6%, respectively, while sales in the Americas decreased by 3%. In terms of sales by category, consumables increased by 9% and technologies increased by 11%, while genetic services decreased by 1%. The gross margin increased to 56.3%, and operating income before depreciation and amortization (EBITDA) was SEK 1,136 million, resulting in an EBITDA margin of 32.3%. Operating cash flow increased to SEK 757 million. However, a reported impairment charge of SEK 4,300 million resulted in a net income of SEK -3,851 million with earnings per share of SEK -28.44. Excluding the impairment charge, net income was SEK 449 million, with earnings per share of SEK 3.31.

The proposed dividend for the year is SEK 135 million, corresponding to SEK 1.00 per share, based on the exclusion of the non-cash impairment charge.

These financial results were submitted for publication pursuant to the Swedish Securities Markets Act on February 2, 2024. For more information, contact Patrick Tolf, CFO, at phone +46 (0) 31 766 90 21. Note that this is a translation of the Swedish version of the press release, and the Swedish wording prevails in case of any discrepancies.

For more information, you can access the full report from Vitrolife AB (publ) using the source link provided.

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