Interim report January - March 2011 - Vitrolife AB (publ)

Interim report January - March 2011 - Vitrolife AB (publ)

A quarter with continued good sales growth and continued strategic
investments

Quarter in brief

  · Sales growth in local currency was 28 percent. Sales amounted to SEK
88 (75) million, corresponding to an increase of 17 percent in SEK.

  · The operating margin amounted to 12 (13) percent. Operating income
amounted to SEK 10 (10) million, which corresponds to an increase of 1
percent. Operating income before research and development costs
increased by 6 percent and amounted to SEK 22 (21) million. 

  · Income before tax increased by 17 percent to SEK 12 (10) million.
The Group's net income amounted to SEK 9 (10) million and was negatively
affected by SEK 3 million in tax. Payment of current tax will be made no
earlier than in connection with Q1 2012. Earnings per share amounted to
SEK 0.45 (0.50).

  · The cash flow from operating activities was SEK 4 (7) million. The
decrease compared with the previous year is attributable primarily to
the increase in accounts receivable as a result of increased sales.

  · The total number of shares in Vitrolife AB (publ) was increased
during the period by 7,000 shares and amounts to 19,559,857 shares. The
increase in the number of shares is due to the utilization of warrants
for subscription for new shares in connection with Vitrolife's
outstanding warrants program 2008/2011.

  · Investments of SEK 15 (7) million were made during the quarter, of
which SEK 5 million concern the acquisition of property at the
production facility in Denver. The investments during the quarter also
comprise rebuilding in Denver and Högsbo so as to better adapt the
buildings to the existing and future business.

  · Using STEEN Solution™ more than 70 patients have now received new
lungs which without this technology would not have been able to be used
for transplantation. Approval has been obtained from the FDA to start
the North American clinical study which will act as the basis for
receiving sales approval in the USA. The study will be begun soon.

Gothenburg, April 27, 2011

VITROLIFE AB (publ)

Magnus Nilsson

CEO

 

Queries should be addressed to:

Magnus Nilsson, CEO; phone +46 31 721 80 61

Anne-Lie Sveder, CFO, phone +46 31 721 80 13

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Vitrolife is a global biotechnology/medical device Group that works with
developing, manufacturing and selling advanced products and systems for
the preparation, cultivation and storage of human cells, tissue and
organs.  The company has business activities within three product areas:
Fertility, Transplantation and Stem Cell Cultivation. The Fertility
product area works with nutrient solutions (media), cryopreservation
products and advanced consumable instruments such as needles and
pipettes, for the treatment of human infertility. The Transplantation
product area works with solutions and systems to evaluate and maintain
organs outside the body in order to select usable organs and keep them
in optimal condition while waiting for transplantation. The Stem Cell
Cultivation product area works with media and instruments to enable the
use and handling of stem cells for therapeutic purposes.

Vitrolife today has approximately 220 employees and its products are
sold in more than 85 markets. The company is headquartered in
Gothenburg, Sweden, and there are subsidiaries in USA, Australia,
France, Italy, United Kingdom and Japan. Production facilities are
located in Sweden and the USA. The Vitrolife share is listed on NASDAQ
OMX Stockholm, Small Cap.

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_________________

Vitrolife AB (publ), Box 9080, SE-400 92 Göteborg, Sweden. Corporate
identity number 556354-3452.

Tel: +46 31 721 80 00. Fax: +46 31 721 80 90. E-mail:
info@vitrolife.com. Website:
www.vitrolife.com (http://www.vitrolife.com/).

Vitrolife is required to publish the information in this press release
in accordance with the Swedish Securities Market Act and/or the
Financial Instruments Trading Act. The information was submitted for
publication on Wednesday April 27, 2011, at 3 p.m.

This is a translation of the Swedish version of the press release. When
in doubt, the Swedish wording prevails.