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1. Company Snapshot

1.a. Company Description

Vitrolife AB (publ), a medical device company, develops, produces, and markets products for assisted reproduction.It provides oocyte retrieval needles; sperm processing; in vitro fertilization media and oil; micromanipulation pipettes; labware; incubators; cryopreservation; and preimplantation genetic testing products.The company also offers EmbryoScope and Primo Vision time-lapse systems; time-lapse dishes; evaluation tools for time-lapse systems; and Octax laser and imaging systems, as well as log and guard systems and wireless sensors.


It operates in Europe, the Middle East, and Africa; Asia; Japan and Pacific; and North and South America.The company was formerly known as Scandinavian IVF Science and changed its name to Vitrolife AB (publ) in 1998.Vitrolife AB (publ) was founded in 1994 and is headquartered in Gothenburg, Sweden.

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1.b. Last Insights on VITR

Vitrolife AB's recent performance was negatively impacted by the company's high valuation, as indicated by the European Stocks Estimated Up To 39.6% Below Intrinsic Value report. Additionally, the Assisted Reproductive Technology Company Evaluation Report 2025 highlighted the company's position among ART market leaders, but also emphasized the growing competition in the sector. Furthermore, the US Assisted Reproductive Technology Market Forecast and Company Analysis Report 2025-2033 projected a moderate growth rate for the industry, which may not be sufficient to drive significant revenue growth for Vitrolife.

1.c. Company Highlights

2. Vitrolife's Q3 2025 Earnings: A Mixed Bag

Vitrolife reported a 5% increase in revenues in local currencies, excluding discontinued business, but a 4% decrease in SEK due to currency effects. The gross margin was 58.9%, and EBITDA was SEK 253 million with an EBITDA margin of 30.3%. The EPS came in at 0.75, below analyst estimates of 0.947. Revenue growth was driven by strong sales in the Americas, with an 11% increase in local currencies. As Bronwyn Brophy mentioned, "the company is delivering on its commitments and doing what it says it will do, including driving share gain in key markets."

Publication Date: Oct -27

📋 Highlights
  • Organic Growth & Regional Performance: Achieved 5% organic growth (excluding discontinued business) and 11% sales increase in Americas (local currencies), driven by EmbryoScope adoption.
  • Financial Metrics: EBITDA of SEK 253 million (30.3% margin), 58.9% gross margin, and SEK 255 million operating cash flow, despite 4% SEK sales decline due to currency effects.
  • EMEA & APAC Dynamics: EMEA sales up 7% (excluding discontinued business) after 2% local currency decline; APAC saw 1% growth, with China remaining depressed despite improved reimbursement.
  • Strategic Focus & M&A: Prioritizing end-to-end platform expansion via synergistic M&A, with two undisclosed areas of interest, amid favorable MedTech valuations and a focus on accretive, profitability-aligned targets.
  • Cost Management & R&D: Operating expenses stable (7% Q3 FX impact on top line), strategic investments in IT/digitalization, and R&D progress in noninvasive PGT-A solutions addressing maternal cell contamination concerns.

Regional Performance

The company's regional performance was mixed, with strong growth in the Americas and APAC, but a decline in EMEA. Sales in APAC increased by 1%, driven by growth in all markets except China, where cycles remain depressed. In EMEA, sales declined by 2% in local currencies but increased by 7% excluding discontinued business. The company's growth in the Americas was driven by increased adoption of EmbryoScope.

Valuation and Outlook

Analysts estimate next year's revenue growth at 5.9%. Vitrolife's current valuation metrics are: P/E Ratio of 44.64, P/B Ratio of 1.53, P/S Ratio of 5.74, EV/EBITDA of 23.6, and Dividend Yield of 0.73%. The stock's high P/E ratio suggests that the market has already priced in significant growth expectations. With an ROE of 3.42% and ROIC of 3.13%, the company's profitability is relatively low. The Net Debt / EBITDA ratio is 1.18, indicating a manageable debt level.

Operational Highlights

The company is focusing on driving share gain in key markets, accelerating the penetration of EmbryoScope, and strengthening market access capabilities. The IVF announcement in the U.S. is expected to have a positive impact on cycles and fertility coverage, but it will take time to implement. Vitrolife's PGT-A business is a key growth driver, with strong growth in North America and EMEA.

Future Prospects

Vitrolife is exploring alternatives for excess cash, including buybacks. The company's admin costs have been stable for seven quarters, but the mix has changed due to strategic investments in IT and digitalization. With a stable OpEx and a focus on high-margin tests, the company is well-positioned for future growth. However, the exact timeline for product releases and the impact of the U.S. IVF announcement on IVF treatment remain uncertain.

3. NewsRoom

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European Stocks Possibly Priced Below Intrinsic Value Estimates

Nov -28

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United States Artificial Insemination Market Analysis Report 2025-2033 Featuring Vitrolife, Genea, Rinovum, Pride Angel, HI-TECH SOLUTIONS, FUJIFILM, Kitazato, Rocket Medical, Conceivex

Nov -26

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Three European Stocks That May Be Priced Below Their Estimated Value

Oct -30

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Nomination committee of Vitrolife AB (publ) for the Annual General Meeting 2026

Oct -29

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Vitrolife AB (publ) - Interim report Q3, 2025: Strong growth in Americas

Oct -23

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Invitation to Vitrolife Group's presentation of the Q3 2025 interim report

Oct -09

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European Stocks Trading Below Estimated Value In October 2025

Oct -01

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European Stocks Estimated Up To 39.6% Below Intrinsic Value

Aug -26

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.94%)

6. Segments

Consumables

Expected Growth: 6.5%

Vitrolife AB's Consumables segment growth of 6.5% is driven by increasing demand for fertility treatments, rising adoption of IVF procedures, and growing sales of culture media and other consumables. Additionally, the company's strategic expansion into new markets, particularly in Asia, and investments in R&D to improve product offerings also contribute to the growth.

Genetic

Expected Growth: 7.5%

Vitrolife AB's Genetic segment growth of 7.5% is driven by increasing demand for genetic testing and screening, advancements in reproductive genetics, and expansion into new markets. Additionally, the company's investments in R&D, strategic partnerships, and improved sales and marketing efforts contribute to its growth momentum.

Technology

Expected Growth: 6.8%

Vitrolife AB's 6.8% growth in Technology is driven by increasing demand for fertility treatments, advancements in IVF and genetic testing, and strategic acquisitions. The company's focus on innovation, expanding product portfolio, and strong market presence in the fertility industry also contribute to its growth.

7. Detailed Products

Embryo Culture Media

A range of media and supplements for embryo culture, designed to support optimal embryo development and improve IVF outcomes.

Sperm Preparation Media

Media and supplements for sperm preparation, designed to optimize sperm quality and improve fertility treatment outcomes.

Cryopreservation Media

Media and solutions for cryopreserving embryos, oocytes, and sperm, designed to preserve fertility and enable future family building.

Time-Lapse Imaging Systems

Advanced time-lapse imaging systems for embryo monitoring, designed to improve IVF outcomes and reduce the risk of embryo damage.

IVF Laboratory Equipment

A range of equipment and consumables for IVF laboratories, designed to support optimal laboratory operations and improve IVF outcomes.

8. Vitrolife AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vitrolife AB (publ) is medium due to the presence of alternative products and services in the market, but the company's strong brand reputation and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Vitrolife AB (publ) as the company operates in a niche market with limited customer concentration, and customers have limited bargaining power due to the specialized nature of the company's products and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Vitrolife AB (publ) as the company relies on a few key suppliers for raw materials and components, but the company's strong relationships with suppliers and its ability to negotiate prices mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for Vitrolife AB (publ) as the company operates in a highly regulated industry with high barriers to entry, and new entrants would require significant investment and expertise to compete with the company.

Intensity Of Rivalry

The intensity of rivalry is high for Vitrolife AB (publ) as the company operates in a competitive market with several established players, and the company must continually innovate and differentiate its products and services to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 13.71%
Debt Cost 4.34%
Equity Weight 86.29%
Equity Cost 11.94%
WACC 10.89%
Leverage 15.89%

11. Quality Control: Vitrolife AB (publ) passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Medacta

A-Score: 4.8/10

Value: 0.9

Growth: 6.6

Quality: 6.8

Yield: 0.6

Momentum: 7.0

Volatility: 6.7

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Getinge

A-Score: 4.3/10

Value: 3.4

Growth: 3.8

Quality: 5.2

Yield: 3.1

Momentum: 4.0

Volatility: 6.0

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LivaNova

A-Score: 3.8/10

Value: 6.2

Growth: 5.8

Quality: 4.0

Yield: 0.0

Momentum: 4.0

Volatility: 3.0

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Vitrolife

A-Score: 3.5/10

Value: 2.1

Growth: 7.4

Quality: 6.9

Yield: 0.6

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

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Ambu

A-Score: 3.0/10

Value: 0.8

Growth: 5.9

Quality: 6.2

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

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GN Store Nord

A-Score: 2.8/10

Value: 5.5

Growth: 4.2

Quality: 4.1

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

141.3$

Current Price

141.3$

Potential

-0.00%

Expected Cash-Flows