No surprises in Q4
Vitrolife had already pre-announced headline numbers for Q4 (23 January, 2023), so there no no major surprises in the report. The adjusted EBITDA of SEK 294m was 1.7% better than Modular Finance consensus had expected prior to the pre-announcement. The 5.2% organic sales growth in Q4 was mainly driven by strong sales growth in Technologies, with 31% organic sales growth, including a particularly strong APAC (+88% organic growth). Genetic services in the US declined 9% in Q4, which is a sequential improvement from -15% in Q3'23. Vitrolife reported a 50bp y-o-y improvement in the adjusted EBITDA margin in Q4, helped by a 270bp better gross margin, driven by efficiency improvements and the product and geographical mixes.
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