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Vitrolife Posts Net Income Of SEK7.4 Million In Q2 2009

Vitrolife, AB (Vitrolife), a Sweden-based biotechnology and medical device company, has reported net sales of SEK70.2 million for the second quarter of 2009, up 24%, compared with the net sales of SEK56.6 million in the year-ago quarter. It also reported a net income of SEK7.4 million, or SEK0.38 per share, for the second quarter of 2009, compared with the net income of SEK6.1 million, or SEK0.31 per share, in the year-ago quarter.

Sales during the first half year amounted to SEK142.0 (115.2) million.

Gross income for the second quarter increased by 27% to SEK50 (39.3) million and the gross margin was 71 (70)%. Gross income for the first half year amounted to SEK99.2 (79.9) million.

In the second quarter operating income (EBIT) amounted to SEK7.8 (6.0) million, an increase of 30%, corresponding to an operating margin of 11.1 (10.6)%. Adjusted for one-time expenses (expenses related to the bid and the move) during the first quarter the operating margin was 14 (14)% for the first half year. At the same time Vitrolife is pursuing the strategy of increasing its investments in marketing and development of the product portfolio, as well as expanding the support organization.

Operating income before research and development costs for the second quarter increased by 38% to 18.8 (13.6) million, corresponding to a margin of 27% (24).

The cash flow from operating activities was strengthened during the second quarter and amounted to SEK12.2 (14.6) million.

The equity/assets ratio amounted to 87% (83).

A new market organization established in Japan.

Very good results so far from the clinical transplantation study in Canada using the STEEN solution.