Business concept, goals and strategies

Business concept

  • Vitrolife’s business concept is to develop, produce and market advanced, effective and safe products and systems for assisted reproduction.


  • Vitrolife’s goal is to become the world-leading supplier of medical devices for assisted reproduction. 


Vitrolife has identified five strategic focus areas to reach this goal:

  • Establish a scalable global organisation focused on common values.
  • Expand sales through an improved customer offering and increased digital offer.
  • Broaden the product portfolio and ensure a profitable time-lapse offer.
  • Achieve economies of scale through increased internal efficiency.
  • Take advantage of external growth opportunities such as collaborations and acquisitions.



Financial objectives

Vitrolife's Board considers that Vitrolife should have a strong capital base in order to enable continued high growth, both organically and through acquisitions. The company's net debt in relation to EBITDA should normally not exceed 3 times. Vitrolife's Board targets a profitable growth. The objective for Vitrolife's growth over a three year period is an increase in sales by an average of 20%per year, with an operating margin before depreciation and amortization (EBITDA) of 30%.

Achievement of financial  objectives

Sales growth
Over the last six years, Vitrolife's sales in the fertility area have grown both organically and through acquisitions by an average of 21% per year. Organic growth has been driven by IVF market growth of 5-10% per year.

Vitrolife has also gained market shares by expanding the sales organisation and broadening the product portfolio. In 2015, sales growth in local currencies was 28%. The target of 20% annual growth is defined as organic and acquired growth measured in local currencies and averaged over a three-year period. Average growth over the 2013 to 2015 period was 26% and, accordingly, growth outperformed the target.

EBITDA margin
The EBITDA margin has increased over the last six-year period and was 39% in 2015. The increased margin was attained through a combination of growth, economies of scale and internal efficiency. Consequently, the company reported above-target earnings in 2015.

Net debt/EBITDA
In 2015, net debt in relation to EBITDA (operating income before amortisation and depreciation) amounted to a multiple of -0.5 (-0.1). Net debt declined in 2015 due to a strong cash flow from operations. In relation to the target, Vitrolife's debt provides scope for financing acquisitions over the coming years through increased debt.

Achievement of financial objectives

Financial objectives




Over the past 6-year period the average growth rate (CAGR) has been 21 percent per year measured in local currency*



The operating margin has increased during 2015*

 Operating income

Vitrolife’s debt enables loan-financed acquisitions

 Net debt