Report
Patrik Ling
EUR 87.36 For Business Accounts Only

Vitrolife (Buy, TP: SEK230.00) - Disappointing start to 2025

Q1 sales undershot consensus by c3% and EBITDA by c11%, with earnings missing across the board. Organic sales growth was c3% (excluding discontinued operations equating to close to 3% of total sales). Divisionally, Technologies saw the largest deviations versus consensus (although it can be volatile quarter to quarter). On the positive side, the lawsuit in the US related to PGT-A has not had any negative impact on those sales. We reiterate our BUY, but have cut our target price to SEK230 (255).
Underlying
Vitrolife AB

Vitrolife AB is a Sweden-based company engaged in assisted reproduction services. The Company's product portfolio comprises G-RINSE, which is a solution for rinsing of contact materials, EmbryoGlue, which is a human albumin recombinant, ASP, which is a solution for oocyte retrieval and rinsing, and Semen VTS, which is a viscosity treatment system, among others. It also provides a range of procedural solutions for sperm preparation, vitrification, embryo transfer and oocyte retrieval, such as temperature control, condition control, gamete-safe labware and embryo support. The Company is active in Australia, China, France, Italy, Japan, the United States and the United Kingdom, among others, and conducts its business through a number of subsidiaries, such as Vitrolife Ltd., Vitrolife Pty Ltd., and A.T.S. Srl.

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Patrik Ling

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