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Vitrolife: Pressure on growth and margins - Redeye

APAC and Consumables delivers another strong quarter with double digit growth. Vitrolife continues to experience pressure on the Genetic Services business and especially in US. Some of these challenges can be expected to remain for some time. The weakness is the Technology Business is more likely to be temporary. We can expect a near term period of more modest growth and stable margins. The consumable busies and the APAC regions probably need to compensate with a solid performance also during H2 2023E. Our updated view is a base case valuation of SEK 265 (295) and a Bull Case of SEK 415 (425), and a Bear Case of SEK 130 (140).

APAC and Consumables delivers another strong quarter with double digit growth. Vitrolife continues to experience pressure on the Genetic Services business and especially in US. Some of these challenges can be expected to remain for some time. The weakness is the Technology Business is more likely to be temporary. We can expect a near term period of more modest growth and stable margins. The consumable busies and the APAC regions probably need to compensate with a solid performance also during H2 2023E. Our updated view is a base case valuation of SEK 265 (295) and a Bull Case of SEK 415 (425), and a Bear Case of SEK 130 (140).
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