INTERIM REPORT JAN-MAR 2012 Telephone conference April 20, Thomas Axelsson, CEO Mikael Engblom, CFO

Transcription

1 INTERIM REPORT JAN-MAR 2012 Telephone conference April 20, 2012 Thomas Axelsson, CEO Mikael Engblom, CFO

2 VITROLIFE An international life science company Agenda: About Vitrolife Fertility Transplantation Financials Outlook 2012

3 VITROLIFE IN 60 SECONDS Founded in 1994 Sales in about 90 countries 95% on export About 220 employees Sales approximately 370 MSEK 3

4 FERTILITY Superior quality makes the difference

5 FERTILITY Fertility Private and public clinics/laboratories ~ clinics Partly subsidized ~ 1.8 million treatments/year SEK/treatment = Total market ~ 4 bill SEK Sales growth Q1 local currency: +10% EBIT: 10.3 MSEK (11.9%) 5

6 SALES Fertility Americas Market recovering. +4% in local currencies Sales growth reduced due to Conception low margin products discontinued. Asia - Rapidly growing market. +50% in local currencies China and Japan driving growth. Europe/ME/Pacific - Differentiated situation. +2% in local currencies Cost savings in several European countries results in low or negative growth Strong growth in Germany, France, Russia and Czech Republic 6

7 DEVELOPMENT UPDATE Fertility Product development process review IUI project discontinued Vitrolife Labware clinical market tests Discussions started of new stem cell development projects with external collaborators 7

8 TRANSPLANTATION New methods solving the excess demand for organs

9 TRANSPLANTATION Transplantation Public clinics/hospitals ~ 200 lung transplantation clinics (~ in all) Subsidized ~ lung transplants/year (~ all organs) SEK/treatment = Total market ~ 1.6 bill SEK Sales growth Q1 local currency: +19% EBIT: 4.8 MSEK (35.1%) 9

10 STEEN SOLUTION US STUDY Transplatation Transplantation 13 patients have now received transplants with STEEN Solution (requirement: 12) A couple of control patients remain that are to be transplanted using conventionally acquired and assessed organs Vitrolife plans to apply for Humanitarian Device Exemption (HDE) during second quarter If the FDA approves the application, Vitrolife estimates that sales in the USA can begin during second half of 2012 The clinical study continues after the HDE application in order to gather more data to apply for a Premarket Approval (PMA) Organ Totally donor worldwide, shortage, about low150 utilization lung patients and donor have been lungs are frequently transplanted damaged. using STEEN Solution 10

11 MARKET POTENTIAL TRADITIONAL ORGAN PRESERVATION PERFADEX Transplantation NEW METHOD WARM PERFUSION STEEN SOLUTION Costs for products per transplantation (SEK) Potential number of lung transplantations Total market potential*, lungs only (MSEK) * Including research market ~ ~ ~ 45 > ~ ~

12 TRANSPLANTATION DISTRIBUTED Fertility and Transplantation are in different phases of development Separate ownership increases the strategic opportunities that each company can utilize for increased added value Spin-off will take place through distribution of the shares in the Xvivo subsidiary in accordance with Lex Asea Shares in Xvivo Perfusion AB will be listed on NASDAQ OMX First North Decision at Extraordinary General Meeting of the shareholders of Vitrolife during the second half of

13 FINANCIALS All time high sales for a single quarter

14 FINANCIAL STABILITY AND POTENTIAL Financially stable company Profitable since consecutive quarters of profit Strong capital base Satisfying gross margin 37 quarters of growth Enables future growth R&D - collaboration with best scientists Present in growth markets Invest in marketing & sales with customer support 14

15 KEY FINANCIALS 2012 Q Q FY Sales, MSEK Gross Margin % 68% 67% 67% M&S / Sales % 25% 27% 28% Admin / Sales % 14% 12% 14% R&D / Sales % 13% 14% 13% Operating Result, MSEK Operating Margin % 15% 12% 11% Earnings per share, SEK Equity / Asset Ratio % 74% 74% 74% Net Debt / EBITDA rolling 12 months

16 CASH FLOW MSEK 2012 Q Q FY Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow for the period Liquid funds at beginning of period Exchange rate difference in liquid funds Liquid funds at end of period

17 Fertility PROSPECTS FOR 2012 Differentiated outlook on mature markets and growth markets Focus on external processes within M&S on primarily growth markets Further improve our concept of being a partner to the customer Focus on efficiency in internal processes and profitable growth 17

18 PROSPECTS FOR 2012 Transplantation Continue with work to get STEEN Solution approved in the USA Increased resources in the area of 10 MSEK to establish the new method Depreciation of capitalized development costs from the time of market approval in the USA 18

19 INVESTING IN THE FUTURE Questions? CONTACT: Thomas Axelsson, phone Mikael Engblom, phone