Vitrolife Q1: Sales below expectations, profitability beats estimates
Sales in Q1 came in slightly lower than expected, mainly due to lower-than-expected sales from the media and time-lapse business units. Growth varied across market regions, where EMEA and APAC came in lower than our forecast. The gross margin was in line with expectations, but high cost control resulted in a higher EBITDA than expected. Overall, we have a neutral view of the report.
We will return with an updated analysis shortly..