Positive earnings development and a growing proportion of recurring revenues
January-March
- Net sales amounted to
SEK 480 (361) million, an increase of 33.0 percent and an organic decrease of 1.4 percent.
- EBITDA amounted to
SEK 112 (80) million and the EBITDA margin amounted to 23.4 percent (22.3).
- Adjusted EBITDA amounted to
SEK 126 (98) million and adjusted EBITDA margin amounted to 26.2 percent (27.2).
- Operating profit amounted to
SEK 67 (54) million and the operating margin was 13.9 percent (14.8).
- Profit after tax amounted to
SEK 33 (43) million.
- Earnings per share were
SEK 0.42 (0.65) before and after dilution.
- Cash flow from operating activities increased to
SEK 108 (11) million.
- Adjusted cash flow from operating activities increased to
SEK 171 (68) million.
- Net cash as of
March 31 wasSEK 426 andSEK 335 million as ofDecember 31 .
- On
January 4 , it was announced thatTomas Blomqvist will leave his position as CEO andTorben Jørgensen will take over as CEO until a new CEO has been recruited.Kieran Murphy has been appointed Chairman of the Board whileTorben Jørgensen is CEO.
- On
February 15 , the Board decided on new financial targets. The organic revenue goal is focused on double digit growth percent with a profitability aimed toward the upper twenty percent range (Adjusted EBITDA), both averaging over three years.
- On
February 15 ,Andrew Kellett was appointed as permanent CFO after having an interim position sinceSeptember 11, 2023 .
Message from the CEO
We delivered very good results for the first quarter with stronger gross margins and adjusted EBITDA. Our new strategy that focusses on being the Global Go-To Separation company, with a well-balanced product portfolio is paying dividends. Our Biologics and Advanced Therapeutics segment accounted for 30% of total revenue during the quarter. We believe this segment will continue to show attractive growth over the next few years.
Revenue in the first quarter was
In the first quarter, our recurring revenue business accounted for 72% of revenue. This has resulted in better predictability and a more even cash flow. In the first quarter of 2024, adjusted cash flow from operating activities amounted to
In terms of our different geographical markets, we had very good results in EMEA during the first quarter. We continued to grow organically in this region after a weakening linked to the rapid decline in COVID-19 vaccine production. The
We are continuously working to improve our performance in terms of production, sales, gross margin, operating costs and operating profit. We have also established a new management system to ensure that we implement decisions in a fast and easy-to-understand way.
We continue to invest in our production facilities in Astrea on the Isle of Man and in research and development of the nanofiber technology platform, which will enable increased capacity and greater yield in applications such as cell and gene therapies. At the same time, we have exciting launches of instruments in several of our other areas ahead of the coming quarters.
Today,
During this predominantly very positive first quarter of the year, I noticed the incredible hard work and commitment of all our employees. And that gives me a strong belief in the future.
Uppsala,
CEO and President
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