Impairment charge of Igenomix
Vitrolife will make a SEK 4.3bn non-cash impairment charge related to the Igenomix acquisition in Q4, equal to 31% of the goodwill and other intangible assets related to Igenomix. In the Igenomix transaction, Vitrolife paid with a combination of shares and cash, and as the share price of Vitrollife appreciated during the period from signing until issuance of the new shares, the total purchase price increased from SEK 11.6bn to SEK 14.7bn, creating higher goodwill than initially anticipated. The slowdown seen in the Genetic Services business in 2023, and in combination with a higher WACC used for the impairment test, has made it more challenging to for Vitrolife to justify the book value of the intangible assets related to the acquisition. The Genetic Services business remains a key component of Vitrolife's strategy and actions are being implemented to improve the sales growth and profitability of the business.
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