Strong growth in sales and profits - increased investments in R&D and markets
• Sales increased by 24 percent during the second quarter and amounted to SEK 70.2 (56.6) million. Calculated in local sales currencies growth was 6 percent. Sales during the first half year amounted to SEK 142.0 (115.2) million.
• Gross income for the second quarter increased by 27 percent to SEK 50.0 (39.3) million and the gross margin was 71 (70) percent. Gross income for the first half year amounted to SEK 99.2 (79.9) million.
• In the second quarter operating income (EBIT) amounted to SEK 7.8 (6.0) million, an increase of 30 percent, corresponding to an operating margin of 11.1 (10.6) percent. Adjusted for one-time expenses (expenses related to the bid and the move) during the first quarter the operating margin was 14 (14) percent for the first half year. At the same time Vitrolife is pursuing the strategy of increasing its investments in marketing and development of the product portfolio, as well as expanding the support organization.
• Operating income before research and development costs for the second quarter increased by 38 percent to 18.8 (13.6) million, corresponding to a margin of 27 percent (24).
• The Group’s net income for the second quarter amounted to SEK 7.4 (6.0) million, an increase of 22 percent, and earnings per share were SEK 0.38 (0.31). The Group’s net income for the first half year amounted to SEK 15.9 (14.3) million. Net income includes one-time expenses attributable to the bid for MediCult a/s and to moving expenses, which together amounted to SEK 3.9 million.
• The cash flow from operating activities was strengthened during the second quarter and amounted to SEK 12.2 (14.6) million.
• The equity/assets ratio amounted to 87 percent (83).
• A new market organization established in Japan.
• Very good results so far from the clinical transplantation study in Canada using the STEEN solution™.
July 15, 2009
Queries should be addressed to:
Magnus Nilsson, CEO, phone +46 31 721 80 61
Eva Nilsagård, CFO, phone +46 31 721 80 13