Vitrolife: APAC strenght and gross margin improvement - ABG
Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar
Sales +2% vs. cons, adj. EBIT -2%
Expect relatively unchanged estimates
Conference call at 10:00 CET
Q1 results
Sales came in at SEK 854m (+3% vs. ABGSCe at 827m and +2% vs. cons. of 833m). Organic growth was 6% (9% when adjusting for discontinued businesses), we expected 3%. The adj. EBITDA was 282m (+3% vs. ABGSCe at 275m and +1% vs. cons. of 280m). Adj. EBIT was 179m (+1% vs. ABGSCe at 177m and -2% vs. cons. of 182m). There was an NRI of SEK 20m relating to agreement of retirement with old CEO. Net profit was 99m (-17% vs. ABGSCe at 119m and -20% vs. cons. of 123m) but would have been in line when adding back the NRI. APAC stood out by growing 19% organically y-o-y, largely through the re-opening of China and reimbursement programme in Japan, beating ABGSCe by 6%. The region saw organic consumables growth of 15%, and organic Technologies growth of 55%.
Outlook and estimate changes
No outlook provided but mentions that strength in APAC is expected to continue. We expect cons to leave estimates relatively unchanged.
Expect relatively unchanged estimates
Conference call at 10:00 CET
Q1 results
Sales came in at SEK 854m (+3% vs. ABGSCe at 827m and +2% vs. cons. of 833m). Organic growth was 6% (9% when adjusting for discontinued businesses), we expected 3%. The adj. EBITDA was 282m (+3% vs. ABGSCe at 275m and +1% vs. cons. of 280m). Adj. EBIT was 179m (+1% vs. ABGSCe at 177m and -2% vs. cons. of 182m). There was an NRI of SEK 20m relating to agreement of retirement with old CEO. Net profit was 99m (-17% vs. ABGSCe at 119m and -20% vs. cons. of 123m) but would have been in line when adding back the NRI. APAC stood out by growing 19% organically y-o-y, largely through the re-opening of China and reimbursement programme in Japan, beating ABGSCe by 6%. The region saw organic consumables growth of 15%, and organic Technologies growth of 55%.
Outlook and estimate changes
No outlook provided but mentions that strength in APAC is expected to continue. We expect cons to leave estimates relatively unchanged.