Vitrolife: Beating expectations despite slower EMEA - ABG

Sales +3% and EBITDA +9% vs. cons, respectively
Expect cons to raise EBITDA estimates by 3-4%
Conference call at 10:00 CET


Q3 results

Sales was SEK 798m (-2% vs. ABGSCe at 812m and +3% vs. cons. of 774m). It was up 5% organically (ABGSCe at +9%). Pro forma, excluding COVID tests, sales were also up 5% organically. EMEA stands out as weak, having declined by 8% organically on a pro forma basis. The region was also 14% below ABGSCe, likely because of weaker end-market demand as EMEA customers have been hit by both high electricity bills and inflation pressures. EBITDA was 276m (+2% vs. ABGSCe at 271m and +9% vs. cons. of 253m). EBIT was 177m (+1% vs. ABGSCe at 175m and +8% vs. cons. of 165m). Net profit was 108m (-10% vs. ABGSCe at 119m and -5% vs. cons. of 113m).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Vitrolife/Equity-research/2022/10/vitrolife---beating-expectations-despite-slower-emea/