Q1 2022 Mips AB Earnings Call Transcript
Ladies and gentlemen, welcome to the MIPS Audiocast Teleconference Q1 2022. Today, I am pleased to present CEO, Max Strandwitz, and CFO, Karin Rosenthal. (Operator Instructions) Speakers, please begin.
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Thank you, operator. Good morning, everyone. My name is Mark Strandwitz, and I am the CEO of MIPS. With me today, I also have our CFO, Karin Rosenthal. I will take you through the quarter 1 results presentation, and if we start with the key highlights of the first quarter.
Despite a very challenging world around us, we had a strong start of the year, with an increase of net sales of 65%. If we adjust for FX, FX we did see a 48% organic growth in the first quarter. So a very strong start. We did see good performance in all our 3 categories. We continued to deliver improvement in EBIT, mainly driven by the higher sales that we saw in the quarter. We have had challenging supply chain in the quarter, mainly related to COVID shutdowns in China, however, very
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