Nov 26 2021
Vimian’s Interim Report for the third quarter of 2021
Solid growth and high M&A activity
- Revenue increased by 99 per cent to EUR 41.5m (20.8), of which 5.5 per cent was organic growth
- Adjusted EBITA amounted to EUR 11.6m (7.7), corresponding to an adjusted EBITA margin of 27.9 per cent (37.1)
- Operating profit totalled EUR 4.5m (3.2), including items affecting comparability of EUR -4.0m (-2.9)
- Earnings per share before and after dilution totalled EUR -0.00 (0.00)
“We report organic growth of 5.5 per cent in the third quarter with maintained positive underlying momentum, although tough comparatives impacts the year over year performance. Excluding Diagnostics, where sales declined as business returned to normal post Covid, organic growth in the quarter was 13.8 per cent. Our Specialty Pharma segment delivers robust underlying growth across all geographies and therapeutic areas. In MedTech, we see organic growth above 15 per cent in the quarter and have launched our full-service orthopedic offering under the Movora umbrella in Canada which marks an important milestone in our efforts to realise commercial synergies. In Diagnostics, our core business continues to show solid growth, while instruments and extraction are seeing more normalised demand post Covid. Growth in the Veterinary Services segment was lower during the holiday season in Europe but accelerated in September. Year to date, organic growth was 21.7 per cent. We signed two acquisitions in the quarter and five since the end of the quarter, and our M&A pipeline remains strong”, says Dr. Fredrik Ullman, CEO of Vimian Group.
Adjusted EBITA increased to EUR 11.6m (7.7) in the quarter and adjusted EBITA January – September increased to EUR 41.4m (13.8) with a margin of 33.2 (31.9) per cent for the first nine months.
“The lower margin in the quarter mainly reflects developments in the MedTech segment, where several factors simultaneously impacted profitability; the annual ordering program driving margin higher in Q1, organisational investments to support geographic expansion, consolidation of AdVetis which has a lower margin, and a less favorable product mix. Year to date, Group margin is at 33.2 per cent compared to 31.9 per cent in the first nine months last year”, says Dr. Fredrik Ullman, CEO of Vimian Group.
A telephone and web conference will be held for investors, analysts and media, today at 09.00 (CET). The conference will be held in English and include a question-and-answer session.
To attend the telephone conference:
SE: +46 856642692
UK: +44 3333009268
US: +164 67224957
To attend the web conference:
Related presentation materials will be available at Vimian’s corporate website (https://vimian.com/investors/reports-and-presentations/) ahead of the telephone and web conference.