Vitrolife has signed an agreement to acquire Igenomix, a global reproductive genetic testing company. The firm’s main diagnostics tests help select the right embryo (PGT-A) and determine the optimal time for implantation (ERA). It has sales from 80 countries and operates 26 laboratories. Igenomix has grown by a CAGR of 28% over the last four years and could add around 78% to sales and 50% to EBITDA in ‘22e. The total price tag of EV ~SEK 12.7bn corresponds to an LTM EV/Sales of 13x and EV/EBITDA of 50x and will be financed with new shares and debt. The acquisition is subject to regulatory approval, expected in Q4’21.
Currently trading at ’22e pro forma EV/EBITDA of 58x
We have not added Igenomix to our estimates but we have increased our Vitrolife ’21e-‘23 EBITDA estimates by 4-8% following the report. On a ‘22e pro forma basis the combined entity is trading at an EV/EBITDA of 58x, including the increase in net debt and additional shares.
Aktuellt
SENASTE
