Q4: Vitrolife ends record-strong 2008 with the best sales and cash flow ever
• Sales increased by 19 percent to SEK 225.1 (188.9) million. Calculated in local sales currencies growth was 17 percent. During the fourth quarter sales amounted to SEK 59.0 (47.5) million, corresponding to an increase of 24 percent. Calculated in local sales currencies growth was 12 percent.
• The gross margin was 69 percent (69). Gross income increased by 21 percent to SEK 156.3 (129.7) million. Gross income for the fourth quarter increased by 28 percent to SEK 41.2 (32.1) million and the gross margin was 70 (68) percent.
• Operating income amounted to SEK 29.1 (21.0) million corresponding to an operating margin of 13 percent, excluding the one-time expense for moving to a new production facility. This means a rate of increase of 38 percent. Operating income including the one-time expense amounted to SEK 27.1 (21.0) million. For the fourth quarter operating income increased by 135 percent to SEK 7.5 (3.2) million corresponding to an operating margin of 13 percent, excluding the one-time expense for the move. Operating income including the one-time expense amounted to SEK 5.5 (3.2) million.
• Operating income before research and development costs of SEK 30.7 million increased by 21 percent to SEK 57.8 (47.9) million. This corresponds to a margin of 26 (25) percent. For the fourth quarter the increase was 27 percent, to SEK 13.3 (10.4) million.
• Consolidated net income increased by 32 percent adjusted for capitalization of the deferred tax asset in loss carry-forward for tax purposes to the tune of SEK 4.1 (16.4) million. Net income was SEK 30.2 (36.1) million, which gives earnings per share of SEK 1.52 (1.82). For the fourth quarter net income was SEK 9.8 (7.9) million and earnings per share were SEK 0.51 (0.40).
• The equity/assets ratio amounted to 85 percent (85).
• The cash flow from operating activities increased by 101 percent and amounted to SEK 42.8 (21.3) million. The cash flow for the fourth quarter was SEK 15.7 (3.3) million.
• The occupancy and taking into use of a more efficient production facility in Gothenburg was successfully carried out during the fourth quarter.
• Continued buying back of the company’s own shares during the period. A total of 247,300 shares were bought back during the year.
• The first four transplantations using STEEN Solution™ were successfully performed in Canada and two transplantations using STEEN Solution™ were performed in Manchester, England. One further transplantation has been performed in Canada after the end of the period.
• Acquisition according to plan of a further 10 percent of the Italian subsidiary A.T.S. after the end of the period.
• Bid for MediCult a/s submitted after the end of the period.
February 12, 2009
Queries should be addressed to:
Magnus Nilsson, CEO, phone +46 31 721 80 61