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Vitrolife AB (publ)

VITR.ST
43
Medical - Devices · Healthcare
Also trades as: 0YAY.L GBP 2.99 (-0.60%)
Price
kr 89.65
-2.15 (-2.34%)
Market Cap
kr 12.14B
Exchange
Stockholm Stock Exchange
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Weak
2/20
Cash Flow
Mixed
3/10
Stability
Exceptional
9/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Weak
1/5

43 of 100 counted points = Winston Score 43.

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Share count rising — dilution

+18.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 114.6M (2021) → 135.4M (2025)

§Winston Score History

The full picture

Vitrolife is a Swedish medical company that makes the tools and materials doctors use during in vitro fertilization (IVF) — the process that helps people have babies when they cannot conceive naturally. Its core products include special liquids called culture media (used to keep embryos alive outside the body), lab equipment, and software that helps embryologists select the healthiest embryos. Its main customers are IVF clinics and fertility labs around the world.

The company earns money by selling consumable products — things clinics need to restock regularly — as well as equipment and software licenses. Vitrolife operates globally, with a strong presence in Europe, North America, and Asia, and it is one of the leading suppliers in the fertility industry. Its recurring consumables business gives it relatively stable revenue. The key growth driver is rising demand for IVF treatments as more people delay having children and fertility awareness grows, though the main risk is pricing pressure and competition from larger medical device companies entering the fertility market.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+28.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 111M/ year

↓ Declining (-5% vs prior year)

3.2% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

45.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 912M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Vitrolife AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
60.3%
Premium pricing power — 60.3% gross margin
Profit after running costs
Operating Margin
23.1%
Excellent — 23.1% operating margin
Return on the money invested
ROCE
6.8%
Weak — 6.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-4.2%
Shrinking sales (-4.2% YoY)
Profit growth
EPS YoY
<−1,000%
Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
16.9%
Converts sales into free cash efficiently (16.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.19
Conservative — low debt load (0.19)
Covers its interest
Interest Cover
11.80x
Comfortably covers interest (11.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.20%
Small dividend — 1.20% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-34.1%
Dividend cut (-34.1% YoY) — warning sign

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