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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 currency headwinds, despite strong organic growth in the Americas and APAC regions. A goodwill impairment of SEK 5.4 billion related to the Igenomix acquisition was recorded in Q4 2025. The company also announced a restructuring program for its genetic services business, targeting annual savings of SEK 65 million. Additionally, Vitrolife faced challenges from fluctuations in global markets, including concerns over AI valuations and shifting interest rate expectations.

1.c. Company Highlights

2. Vitrolife's Q4 Earnings: A Mixed Bag

Vitrolife's Q4 revenue came in at SEK 891 million, representing a 6% organic growth in local currencies, excluding discontinued business. However, the growth was impacted by a 10% negative currency effect. The gross margin was 58.6% when adjusted for restructuring, down from the exceptionally strong Q4 2024. EBITDA was SEK 251 million, with an EBITDA margin of 28.2%, significantly impacted by currency effects. The EPS came out at -39.24, missing estimates of -12.34.

Publication Date: Feb -09

📋 Highlights
  • Organic Growth: Q4 organic growth of 6% in local currency (excluding discontinued business), with Americas (9%) and APAC (10%) outperforming, despite a -10% currency impact.
  • Gross Margin Decline: Adjusted gross margin at 58.6%, down from 61.1% in Q4 2024, due to currency, regional mix, and APAC Consumables mix effects.
  • EBITDA Pressure: Q4 EBITDA of SEK 251 million (28.2% margin), down from SEK 337 million (35.1% margin) in Q4 2024, impacted by restructuring and FX (2.5% margin drag).
  • Regional Performance: Americas (34% revenue, 9% growth) led, EMEA declined (-1%), and APAC grew 10%, driven by disposable device campaigns and market share gains.

Regional Performance

The company's regional performance was mixed, with Americas and APAC showing strong growth, while EMEA experienced a decline. Americas had sales of SEK 299 million, with 9% organic growth in local currency, driven by North America. APAC had a 10% organic growth in local currencies, with growth in almost all countries in the region. EMEA, on the other hand, had a minus 1% decrease in local currencies, partly due to the geopolitical situation in the Middle East.

Gross Margin and EBITDA Margin

The gross margin was impacted by currency effects, regional mix, and a mix effect within Consumables in APAC. As Bronwyn Brophy mentioned, "We're working on initiatives to improve profitability in North America." The EBITDA margin was also impacted by currency effects, with a negative impact of approximately 2.5% points. The company's focus on driving profitable growth, rather than just growth, is expected to help improve margins in 2026.

Outlook and Valuation

The company expects to return to more normal levels of gross margin, around 59%, in 2026. Analysts estimate next year's revenue growth at 7.6%. With a P/S Ratio of 3.55 and an EV/EBITDA of -2.9, the market is pricing in a certain level of growth. However, the company's ROE of -42.12% and ROIC of 5.84% raise concerns about its ability to generate returns on investment. The Dividend Yield of 1.22% provides some support to the stock.

Key Takeaways

The company's performance in Q4 was mixed, with strong growth in some regions and a decline in others. The focus on driving profitable growth and improving margins is expected to help in 2026. Investors should keep an eye on the company's ability to execute its plans and improve its returns on investment.

3. NewsRoom

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European Stocks That May Be Trading Below Their Estimated Value In February 2026

Feb -17

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Vitrolife AB (VTRLY) Q4 2025 Earnings Call Highlights: Navigating Currency Challenges and ...

Feb -03

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Vitrolife AB (publ) - Fourth quarter and full year report 2025

Feb -03

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Invitation to Vitrolife Group's presentation of the fourth quarter and full year report 2025

Jan -20

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European Value Stocks Trading Below Estimated Worth December 2025

Dec -29

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Vitrolife announces genetic services restructuring program targeting annualised savings of 65 MSEK and recognises a 5.4 BSEK goodwill impairment

Dec -16

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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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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

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Getinge

A-Score: 5.0/10

Value: 4.3

Growth: 3.8

Quality: 5.9

Yield: 3.1

Momentum: 7.0

Volatility: 6.0

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Medacta

A-Score: 4.9/10

Value: 0.7

Growth: 6.6

Quality: 7.0

Yield: 0.6

Momentum: 8.0

Volatility: 6.7

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LivaNova

A-Score: 3.8/10

Value: 5.9

Growth: 5.8

Quality: 3.9

Yield: 0.0

Momentum: 5.0

Volatility: 2.3

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Vitrolife

A-Score: 3.7/10

Value: 2.3

Growth: 7.4

Quality: 7.1

Yield: 0.6

Momentum: 1.0

Volatility: 3.7

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Ambu

A-Score: 3.0/10

Value: 0.8

Growth: 5.9

Quality: 6.2

Yield: 0.6

Momentum: 1.5

Volatility: 2.7

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GN Store Nord

A-Score: 2.8/10

Value: 5.8

Growth: 4.2

Quality: 4.4

Yield: 0.0

Momentum: 1.5

Volatility: 1.0

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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

94.9$

Current Price

94.9$

Potential

-0.00%

Expected Cash-Flows