Q4: A strong conclusion to a record year for Vitrolife
• Sales increased by 14 percent during the fourth quarter and amounted to SEK 67 (59) million. Calculated in local currency growth was 15 percent. Sales for the year amounted to SEK 275 (225) million, corresponding to an increase of 22 percent. Calculated in local currencies growth was 10 percent.
• Gross margin for the fourth quarter was 70 percent (70). Gross income increased by 15 percent and amounted to SEK 47 (41) million. Gross margin for the year was 70 percent (69) and gross income amounted to 193 SEK (156) million, corresponding to an increase of 23 percent.
• In the fourth quarter operating income (EBIT) increased by 21 percent and amounted to SEK 7 (5) million. Operating margin was 10 (9) percent. Operating income for the year was SEK 30 (27) million, corresponding to an operating margin of 11 (12) percent. The increase was 12 percent. Adjusted for one-time expenses relating to the move and to the bid for MediCult during the first half year the increase was 18 percent.
• Operating income before research and development costs increased during the fourth quarter by 23 percent and amounted to SEK 16 (13) million, corresponding to a margin of 24 percent (22). For the whole of 2009 the corresponding increase was 19 percent and amounted to SEK 69 (58) million, and the margin was 25 percent (26).
• The Group’s net income increased by 14 percent during the fourth quarter, adjusted for capitalization of the deferred tax asset in loss carry-forward for tax purposes to the tune of SEK 4 (4) million. Net income was SEK 12 (10) million, which gives earnings per share of SEK 0.56 (0.51). Net income for the whole year was SEK 34 (30) million, which gives earnings per share of SEK 1.75 (1.52)
• The cash flow from operating activities was SEK 17 (16) million for the fourth quarter. Cash flow for the year amounted to SEK 42 (43) million.
• Net equity amounted to SEK 6 (7) million
• The equity/assets ratio amounted to 87 percent (85).
• Vitrolife acquired its distributor in Great Britain and Ireland, IVF Limited.
• VINNOVA announced that they will provide Vitrolife’s stem-cell research project with support of SEK 3.6 million.
• The patient recruitment of the clinical study in Canada on STEEN Solution™ completed after the period.
• The Board’s proposed dividend is 0.50 SEK per share.
February 10, 2010
Queries should be addressed to:
Magnus Nilsson, CEO; phone +46 31 721 80 61
Eva Nilsagård, CFO, phone +46 31 721 80 13