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Third party research

Vitrolife: Analyst - ABG

Vitrolife

This is a third party research report and does not necessarily reflect our views or values

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Q4'23 results due 2 February
23e EBITDA cut 1.4% and down 11.5% & 12.8% for '24e & '25e
38-45% below historical multiples, but above sector peers


Q4'23 expectations

We expect Vitrolife to report organic sales growth of 2.8%, broadly in line with what it reported in Q2'23 and Q3'23. We expect the Genetic service business in Americas to hold back total sales growth again in Q4, primarily due to the issues with the ERA test in the US. However, we expect positive growth for the other product categories and regions in Q4. We forecast Q4 EBITDA of SEK 289.5m, for a margin of 32.8%, up from 32.0% in Q4 '22 because of good cost control and a higher reported gross margin, 55.5% vs. 54.1% in Q4'22.
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