After a period with pressure on margins and especially the organic growth, the 11% organic growth in Q4 is a welcome positive surprise. This compares with 1% in the previous quarter, and Vitrolife points to improved Asian support especially. The gross margins also improved, which is favourable compared to the previous quarter. Even if the cost pressure is fading, there is still some pressure on OPEX, and the EBITDA margin is on the soft side, also reflecting in capacity investments. We expect a justified positive share price reaction by 7-10% from Vitrolifes’s Q4 result.
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