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Vitrolife: Slow start to the year in Q1e - ABG

Q1'24 due 18 April
+1.8% organic sales growth in Q1'24e
EBITDA '24e-'26e up +1.4-1.5%


Q1'24e expectations

We expect Vitrolife to report +1.8% organic sales growth and a small margin uplift in Q1'24. We forecast 10% organic sales growth in Consumables and 9% organic growth in Technology, but another weak quarter for Genetics services, down 7% organically, primarily related to the US business, similar to recent quarters. We expect to see gradually improving sales in the Genetic services business over the coming quarters, as the y-o-y impact from the ERA and PGTA tests will ease starting in Q2'24e. In total, we forecast SEK 848.3m in sales for Q1 and EBITDA of SEK 261.8m, for a margin of 30.9%, up from 30.7% in Q1 '23.
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