Report on operations 2011

2012-02-07 - 08:30

A quarter of record sales and one-time expenses

Fourth quarter

  • Sales increased by 19 percent in local currency. Sales were the highest ever for a single quarter and amounted to SEK 95 (81) million, corresponding to an increase of 18 percent in SEK.
  • Operating income (EBIT) amounted to SEK 4 (9) million. The operating margin was 4 (11) percent. One-time expenses of SEK 7 million are included and consist of remuneration to the former CEO, write-down for a development project and disposal of production equipment. EBIT excluding one-time expenses amounted to SEK 11 million, corresponding to an operating margin of 11 percent.
  • Income before tax amounted to SEK 4 (11) million. Net income amounted to SEK 2 (-1) million, which gave earnings per share of SEK 0.11 (-0.04).
  • The cash flow from operating activities was SEK 10 (21) million.
  • Magnus Nilsson handed over responsibility for the Group in order to be able to completely focus on Vitrolife’s transplantation area, Xvivo, which will be a more independent unit within Vitrolife. Thomas Axelsson was appointed Acting CEO.

Whole year

  • Sales increased by 27 percent in local currency. Sales amounted to SEK 365 (298) million, corresponding to an increase of 20 percent in SEK.
  • Operating income (EBIT) increased by 24 percent and amounted to SEK 41 (33) million. The operating margin was 11 (11) percent. One time expenses of SEK 7 million are included and consist of remuneration to the former CEO, write-down for a development project and disposal of production equipment. EBIT excluding one-time expenses amounted to SEK 48 million, corresponding to an operating margin of 13 percent.
  • Income before tax increased by 9 percent to SEK 45 (41) million. Net income amounted to SEK 31 (29) million.
  • Vitrolife was the first company to obtain regulatory approval in China for a whole series of cultivation media for IVF.
  • A study showed that EmbryoGlue®, a product patented by Vitrolife, increases the chances of infertile women having children.
  • A clinical study showing good results when using STEEN Solution™ was published in a prominent scientific journal. In all more than 100 patients have now received new lungs through the use of STEEN Solution™.
  • Increased growth potential for Vitrolife in China – regulatory approval was obtained for instruments used in IVF treatment.
  • Regulatory approval of aspiration needles in Japan, the second largest IVF market in the world.
  • American study on STEEN Solution™ was begun and so far 7 out of a total number of 12 planned transplantations have been carried out.
  • Magnus Nilsson handed over responsibility for the Group in order to be able to completely focus on Vitrolife’s transplantation area, Xvivo, which will be a more independent unit within Vitrolife. Thomas Axelsson was appointed Acting CEO.

After the end of the year

  • The Board’s proposal for dividend amounts to SEK 0.60 (0.60) per share.


Gothenburg, February 7, 2012

VITROLIFE AB (publ)

The Board of Directors


Queries should be addressed to:

Thomas Axelsson, CEO, phone +46 708 17 99 76

Mikael Engblom, CFO, phone +46 31 721 80 14

Vitrolife is required to publish the information in this press release in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on February 7, 2012 at 8:30 a.m.

This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.