Interim report January – March 2009

Q1: Strong conclusion to a record quarter

• Sales increased by 22 percent to SEK 71.8 (58.7) million. Calculated in local currencies growth was 4 percent. Taken in isolation, the month of March showed an increase of 38 percent and was the best month ever for Vitrolife.

• Gross income increased by 21 percent to SEK 49.2 (40.5) million. The gross margin was 69 percent (69).

• Operating income (EBIT) amounted to SEK 12.4 (10.6) million, an increase of 19 percent adjusted for one-time expenses attributable to the bid for Medicult a/s and the move to new premises, which together amounted to SEK 3.8 million, corresponding to an operating margin of 18 percent (18).

• Operating income before research and development costs amounted to SEK 21.0 (18.3) million, an increase of 19 percent adjusted for one-time expenses attributable to the bid for Medicult a/s and the move to new premises, corresponding to an operating margin of 29 percent (31).

• Consolidated net income amounted to SEK 12.4 (8.3) million, an increase of 48 percent adjusted for one-time expenses attributable to the bid for Medicult a/s and the move to new premises, corresponding to earnings per share of SEK 0.62 (0.41). Including one-time expenses, consolidated net income amounted to SEK 8.6 (8.3) million, corresponding to earnings per share of SEK 0.43 (0.41).

• The cash flow from operating activities was affected by reduced trade payables during the period, as a result of payments related to the move to new premises, and amounted to SEK -3.2 (6.7) million.

• The equity/assets ratio amounted to 86 percent (84).

• Vitrolife acquired a further 10 percent of the shares in the Italian subsidiary A.T.S. Srl.

• Swemed Sense™ approved by the American Food and Drug Administration (FDA).

• Vitrolife opened a new sales office in China.

• A bid was made for Medicult a/s but was withdrawn later.

• A new market organization was established in Japan after the end of the quarter.


April 27, 2009
Göteborg, Sweden


Magnus Nilsson
CEO


Queries should be addressed to:
Magnus Nilsson, CEO, phone +46 31 721 80 61
Eva Nilsagård, CFO, phone +46 31 721 80 13
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