Vimian (Buy, TP: SEK55.00) - 2025 off to a good start

Q1 sales were largely in line with our forecast and consensus, while adj. EBITA beat by c8% and c6%, respectively. Margin gains were reported across business lines, also outperforming expectations. However, demand for expensive elective orthopaedic procedures remained muted in the US, although we expect it to come back from H2. We reiterate our BUY and SEK55 target price.

Sales growth set to accelerate

Solid Q1 should trigger positive reaction

US medtech holding back growth in Q1

Vimian (Buy, TP: SEK55.00) - Last year with AOP

We believe focus will be on growth and cash flow for Q1. However, we highlight that Vimian is shrinking its annual ordering programme (AOP) for the medical technology division this year, affecting YOY sales and margin comparisons. We reiterate our BUY and SEK55 target price.

Vimian (Buy, TP: SEK55.00) - Strong organic growth in Q4

Vimian reported higher-than-expected Q4 earnings, with strong organic growth of c15% YOY, a clear step-up from recent quarters. Cash flow was also stronger than we expected and the company is clearly continuing its focus on cash generation. In addition, the recently acquired iM3 operation was consolidated. We reiterate our BUY and SEK55 target price.

All segments now delivering organic growth

Impressive growth and cash flow generation

Steady growth ahead

Vimian (Buy, TP: SEK55.00) - Healthy growth to continue in Q4e

We expect continued healthy growth in Q4 despite further muted growth in high-cost elective orthopaedic procedures in the US. We have likely factored in higher operating expenses for marketing and education than consensus. This is also the first quarter with low-margin iM3 in the books. We reiterate our BUY and SEK55 target price.

The organic growth story continues

Small miss in Q3, growth case unchanged

Specialty Pharma & Vet services to drive growth

Vimian (Buy, TP: SEK55.00) - iM3 acquisition added to forecasts

We are slightly below consensus on Q3e sales and adj. EBITA, as we are more cautious on Medical Technology regarding products for elective surgeries in the US. With increased forecasts from Q4, owing to the recent iM3 acquisition, we have raised our target price to SEK55 (50) and reiterate our BUY.

Positive US hospital capex outlook for H2'24

Bolt-on acquisition into a new niche

Vimian (Buy, TP: SEK50.00) - Stronger than expected margins

Q2 earnings were above our forecast. Sales were in line, but margins were better than expected, driven by positive sales mix and growth in high-margin areas. Diagnostics is still facing headwinds that are likely to continue into 2025. The balance sheet is strong due to the recent rights issue. M&A is still high on the agenda. We reiterate our BUY and have raised our target price to SEK50 (40).

Confirmation of long-term growth case

Specialty Pharma drives earnings beat in Q2

Vimian (Buy, TP: SEK40.00) - Mostly progressing well

With the exception of livestock-related diagnostics, we believe Vimian’s underlying operations are progressing well. The company did not announce any M&A in Q2, but we believe it is actively looking for new potential add-ons – and possibly, larger, more transformative deals. We reiterate our BUY and SEK40 target price.