Getinge interim report Jan-Mar 2024: Higher sales, strong cash flow

“Net sales increased by 5.2% in the first quarter, of which organic net sales was unchanged despite challenging comparative figures,” says Mattias Perjos, President & CEO at Getinge. “We have a strong free cash flow and a solid financial position that enables investments in profitable growth.”

Getinge’s order intake as a whole increased by 7.8%, of which organic growth was 2.5% due to the positive performance of all business areas and regions.

“We are continuing to strengthen the customer offering. During the quarter, we received 510(k) clearance for Hemopro 3, the new generation of our leading endoscopic vessel harvesting technology. In addition, Servo TwinView was launched, allowing medical teams to access and analyze data from the ventilators, without having to step inside the sensitive environment in the intensive care unit. Aquadis Index, a high-performance washer-disinfector for handling of large volumes, was also launched in the quarter and we strengthened our already attractive portfolio of systems and bioreactors for advanced drug development and production,” says Mattias Perjos, President & CEO at Getinge.

After the end of the quarter, Getinge submitted an application for CE certificate approval for new packaging for the ECMO therapy consumable (HLS sets) that generate the highest sales and which has been subject to a suspension of CE-certificate.

“We soon expect to submit an application for the product that generates the second highest sales, our PLS sets. I am convinced that we have thus come much closer to a final solution to these challenges,” Mattias Perjos explains.

The adjusted EBITA margin declined year on year as the result of continued costs for quality improvements in the business area Acute Care Therapies and higher costs for input goods and employees.

“We have a strong free cash flow and a solid financial position that enables investments in profitable growth. I look forward to continuing our work in the quarters ahead to create value for our customers in their important work to deliver more and better healthcare to more patients,” says Mattias Perjos.

January – March 2023 in brief

• Net sales were unchanged organically (0.0%) and the order intake rose by 2.5% organically.
• Adjusted gross profit amounted to SEK 3,855 M (3,734) and the margin was 51.3% (52.3).
• Adjusted EBITA amounted to SEK 842 M (972) and the margin was 11.2% (13.6).
• Adjusted earnings per share amounted to SEK 1.92 (2.34).
• Free cash flow amounted to SEK 944 M (-700).
• Events after the end of the quarter: Application submitted for CE certificate approval for new packaging for ECMO therapy consumables (HLS sets)

MB Bureau