Vitrolife (Buy, TP: SEK230.00) - Set for a soft start to 2024
We expect Vitrolife to report a relatively soft start to 2024 (Q1 results due at 08:00 CET on 18 April). We believe Consumables and Technology continued to perform well, but that the turnaround in Genetic Services failed to materialise (with tough comparables due to the loss of some US contracts in the US late in Q1 as well as strong sales of genetic kits in Q1–Q2 last year due to stocking, which we expect to normalise this year). We are in line with consensus on 2024e adj. EBITDA but just below for Q1e. We reiterate our BUY and SEK230 target price.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.
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.
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