New financial objectives for Vitrolife
After the adoption of a resolution to spin off Vitrolife’s transplantation business, Vitrolife’s Board has set new financial objectives for the company.
Vitrolife’s new financial objectives are as follows:
Vitrolife’s Board considers that Vitrolife should have a strong capital base in order to enable continued high growth, both organically and through acquisitions. The company’s net debt in relation to EBITDA should normally not exceed 3 times. Vitrolife’s Board targets a profitable growth. The objective for Vitrolife’s growth over a three year period is an increase in sales by an average of 20 percent per year, with an operating margin of 15 percent.
“After the adoption of a resolution regarding the distribution of Xvivo, it is natural to set new financial objectives for the company. Vitrolife’s operating margin within the Fertility area amounted to approximately 7 percent during 2011. The new objective of 15 percent is thus a challenge. The first half of 2012 displays a positive trend with regard to profitability. Given the potential of the company and the market, the management assesses that it is possible to achieve the new financial objectives within the defined time horizon of three years”, says Thomas Axelsson, CEO.
Queries should be addressed to:
Thomas Axelsson, CEO, phone 46 31 721 80 01
Mikael Engblom, CFO, phone 46 31 721 80 14
Vitrolife is required to publish the information in this press release in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on October 1, 2012 at 1.00 p.m.
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.
Vitrolife is a global biotechnology/medical device Group. The Fertility product area works with nutrient solutions (media), cryopreservation products and advanced consumable instruments such as needles and pipettes, for the treatment of human infertility. Work is also carried out to enable the use and handling of stem cells for therapeutic purposes.
Vitrolife today has approximately 220 employees and its products are sold in almost 90 markets. The company is headquartered in Gothenburg, Sweden, and there are also offices in USA, Australia, France, Italy, United Kingdom, China and Japan. The Vitrolife share is listed on NASDAQ OMX Stockholm, Small Cap.
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Vitrolife AB (publ), Box 9080, SE-400 92 Göteborg, Sweden. Corporate identity number 556354-3452. Tel: 46 31 721 80 00. Fax: 46 31 721 80 99. E-mail: info@vitrolife.com. Website: www.vitrolife.com/
