Q3 2024 Vimian Group AB Earnings Call Transcript
Key Points
- Vimian Group AB (VIMGF) reported a 10% organic revenue growth driven by specialty Pharma and veterinary services segments.
- The company achieved a 20% growth in adjusted EBITDA, reaching EUR21.9 million, with an EBITDA margin of 25%.
- The veterinary services segment showed exceptional growth with a 34% increase in EBITDA, adding 250 new clinics to its membership.
- The acquisition of iM3, a global leader in the veterinary dental space, is expected to add EUR7.7 million in EBITDA and enhance the MedTech segment.
- Cash flow from operating activities improved to EUR16.7 million, with a decrease in net debt to EUR140.3 million.
- The MedTech segment experienced slower organic growth of 4%, impacted by softness in the US surgical elective market.
- The diagnostics business, which constitutes 5% of total business, saw a decline of 5% due to challenges in the livestock-focused market.
- Items affecting comparability, including costs for the iM3 acquisition and US patent litigation, impacted operating profit.
- The net profit for the quarter was negative at EUR1.9 million, influenced by high items affecting comparability and FX impacts.
- The US market remains soft, particularly in high-cost surgical procedures, with no immediate signs of recovery.
Welcome to the Vimian Group Q3 report 2024. (Operator Instructions) Now, I will hand the conference over to the speaker's CEO, Patrick Erickson; CFO, Carl Johann Zetterberg Boudrie. Please go ahead.
Thank you, very much and good morning, and thank you for joining our third quarter earnings call. We're going to jump straight into it today and maybe look at some of the highlights from the third quarter. We continue to show a double-digit organic growth and margin expansion in the quarter. We had a strong adjusted EBITDA growth, and we improved our cash flow from our operations, and we passed an important milestone when we entered into an adjacent and addition, MedTech niche.
When we acquired business in the dental space there, I want to go through a little bit more in detail on what was driving these results. So, first of all, a 10% organic revenue growth and it's driven by our specialty Pharma and our med and our veterinary services segments, which both showed very strong growth, and our
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