Vitrolife fourth quarter sales increases 20% to SEK 81 million

Feb 9 2011

Vitrolife (STO:VITR)

A quarter with record sales concluded a year that set the stage for an increased potential in growth.

Fourth quarter

Sales growth was 29 percent (in local currency). Sales amounted to SEK 81 (67) million, corresponding to an increase of 20 percent in SEK. This includes sales of SEK 5 million for the business in San Diego acquired during the fourth quarter.
Operating income (EBIT) increased by 28 percent and amounted to SEK 9 (7) million. The operating margin was 11 (10) percent. One-time expenses of SEK 0.3 million regarding the acquisition of Conception Technologies are included. Operating income before research and development costs increased by 9 percent and amounted to SEK 18 (16) million.
Income before tax amounted to SEK 11 (7) million. Net income amounted to SEK -1 (11) million, which gave earnings per share of SEK -0.04 (0.56).
The operative cash flow was SEK 21 (17) million.
Acquisition of products and manufacturing unit from Conception Technologies Inc., San Diego, USA.
Launch of new generation of growth factors and cytokines for stem cell cultivation.

The year in brief

Sales growth was 17 percent (in local currency). Sales amounted to SEK 298 (275) million, corresponding to an increase of 8 percent in SEK. This includes sales of SEK 5 million for the acquired business in San Diego.
Operating income (EBIT) increased by 9 percent and amounted to SEK 33 (30) million. The operating margin was 11 (11) percent. Adjusted for one time-time expenses of SEK 2 million regarding the acquisition of Conception Technologies, operating income increased by 15 percent and amounted to SEK 35 (30) million, corresponding to an operating margin of 12 percent. Operating income before research and development costs increased by 10 percent and amounted to SEK 76 (69) million.
Income before tax increased by 32 percent to SEK 41 (31) million. Net income amounted to SEK 29 (34) million.
Dividend paid SEK 0.50 (0.40) per share.
A collaboration agreement was entered into with Finn-Medi Research Ltd concerning the Stem Cell area.
The clinical study on STEEN Solution™ presented good treatment results.
Collaboration agreement with University of Melbourne regarding development of stem cell media.
Collaboration agreement with the Danish company HertART Aps regarding development of fertility products. Launching is estimated to the first quarter of 2011. A participating interest in HertART Aps was acquired by Vitrolife.
Good clinical results from Swemed Sense™ multicenter study presented.
New study shows better survival with Perfadex®.

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