This article first appeared on GuruFocus .
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Revenue:EUR116 million, 8% growth in Q1.
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Organic Growth:9% organic growth, driven by Specialty Pharma, Veterinary Services, and Diagnostics.
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Adjusted EBITA:EUR29.2 million, 3% increase; 8% increase adjusted for currency impact.
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Adjusted EBITA Margin:25.2% for the quarter.
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Specialty Pharma Revenue:Double-digit growth with 10% organic growth.
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Specialty Pharma Adjusted EBITA:EUR14.4 million, 11% growth; 15% growth adjusted for currency impact.
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Specialty Pharma Margin:Improved from 28.8% to 30.3%.
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MedTech Organic Growth:6% organic growth, driven by Dental and Orthopedics.
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MedTech Adjusted EBITA:EUR11.9 million, 2% decline; 6% growth adjusted for currency impact.
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MedTech Margin:27.1% adjusted EBITA margin.
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Veterinary Services Organic Growth:11% organic growth.
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Veterinary Services Adjusted EBITA:EUR4.8 million, 3% growth.
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Veterinary Services Margin:27.5% adjusted EBITA margin.
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Diagnostics Growth:12% growth in the segment.
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Diagnostics Adjusted EBITA:EUR1 million, 16% growth.
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Diagnostics Margin:13.8% adjusted EBITA margin.
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Operating Profit:EUR21.2 million, 36% increase from last year.
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Net Financial Items:Minus EUR3.3 million.
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Income Tax Expense:Minus EUR5.3 million, effective tax rate of 35%.
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Profit for the Period:EUR10.1 million.
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Earnings Per Share:EUR0.02 for the quarter.
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Cash Flow from Operating Activities:EUR23 million, 73% cash conversion.
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Net Debt:EUR258.4 million at the end of the quarter.
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Leverage:2.1x at the end of the quarter.
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Release Date: April 29, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Vimian Group AB ( FRA:0V0 ) reported double-digit growth in three out of four segments: Specialty Pharma, Veterinary Services, and Diagnostics, outperforming the global animal health market.
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The company completed two acquisitions in Q1, adding approximately EUR10 million in annual revenues, and signed an agreement for a third acquisition, marking its entry into the Irish market.
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Operational cash conversion remained strong at over 70%, indicating efficient cash management.
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Specialty Pharma segment achieved 10% organic growth, driven by strong performance in Allergy and Specialized Nutrition, and launched 17 new products.
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The MedTech Dental operation delivered double-digit revenue growth with expanding margins, showcasing successful integration and growth post-acquisition of iM3.
Negative Points
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Adjusted EBITA grew only 3% to EUR29.2 million, with a margin decrease due to investments in MedTech Orthopedics and new market entries.
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US Orthopedics experienced a slight decline in growth, reflecting challenges in the current market situation.
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The Diagnostics segment's profitability was impacted by product mix, with higher US extraction sales affecting margins.
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Net debt increased to EUR258.4 million, up from EUR245.4 million at the end of the previous quarter.
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The company faced a write-down of shares in associates amounting to minus EUR2.5 million, impacting overall financial performance.
Q & A Highlights
Q: Can you provide more details on the growth in US Orthopedics during the quarter? A: The growth in US Orthopedics experienced a slight decline due to the current market situation, but there was a sequential improvement from the previous quarter. (Alireza Tajbakhsh, CEO)
Q: With the investments in US Orthopedics, do you anticipate a need to maintain this pace, or will it phase down once market opportunities are captured? A: The investments, particularly in building an outside sales team, are necessary. We expect to see the full effect of these investments as the team becomes fully operational, aiming for organic growth later in the spring. (Alireza Tajbakhsh, CEO)
Q: Could you elaborate on the impact of product mix on Diagnostics' profitability and expectations for the rest of the year? A: The product mix, influenced by regional and outbreak-specific sales, affected margins this quarter. Future margins will depend on outbreak occurrences, which are unpredictable. (Carl-Johan Boudrie, CFO)
Q: What are the expectations for entering the Japanese market, and what costs are involved? A: Japan is a promising market with significant demand. We have invested in a local team and expect to break even within one to one and a half years after launching in Q3. (Alireza Tajbakhsh, CEO)
Q: Regarding the acquisition in Ireland, what are the expected growth rates and margin contributions? A: The Irish business has a higher margin profile than the Veterinary Services average. It is a strong platform, and we anticipate continued revenue growth by leveraging our expertise and services. (Carl-Johan Boudrie, CFO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
