Vitrolife: Igenomix acquisition outshines Q2 details - ABG

Global IVF market back at pre-pandemic levels
On 15 July, Vitrolife released its full Q2’21 report, which was broadly in line with the pre-announced figures. Sales grew by 94% (CER) and totalled SEK 382m (13% above ABGSCe), corresponding to ~6% growth (CER) versus Q2’19. The growth in the quarter was driven by a recovery in the global IVF market to 2019 levels but also market share gains. The performance across markets is mixed, with Japan and the US now ahead of pre-pandemic levels, while China broadly is on par. Regions such as Latin America and Southeast Asia, as well as IVF tourism markets, are still behind. All product categories saw a strong comeback versus Q2’20 with particularly strong growth in Genomics, which had a negative mix effect on the gross margin at 62.1% (ABGSCe 64.3%). Reported EBITDA of SEK 134m was negatively impacted by exceptional transportation and acquisition costs, driving an adj. EBITDA of SEK 148m (13% above ABGSCe) for a margin of 38.7% (ABGSCe 38.8%).