Getinge (GETI) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw record sales and strong organic growth in order intake and net sales, with all regions and business areas contributing except Life Science, which was flat in orders but up in sales.

• Margins improved significantly due to price increases, volume leverage, product mix, and productivity gains.

• Paragonix Technologies acquisition in 2024 contributed SEK 240 million in Q4 sales and 65% net sales growth, strengthening transplant care leadership.

• The board proposed a dividend of 4.60 SEK per share, representing 38% of free cash flow per share.

• Strategic phase-out of Surgical Perfusion to reallocate resources to higher-growth areas, with SEK 522 million restructuring cost in Q4 and total estimated SEK 800 million, mainly non-cash.

Financial highlights

• Adjusted gross profit for Q4 reached SEK 5.6 billion (margin 50.6%), up 21.9% year-over-year; adjusted EBITA margin improved to 19.4%.

• Free cash flow for Q4 was SEK 1.7 billion, with full-year at SEK 3.3 billion; working capital days at 89.

• Net debt at Q4 end was SEK 10.5 billion (1.6x adjusted EBITDA), reflecting recent acquisitions; leverage remains below 2.5x.

• Adjusted EPS for Q4 was SEK 5.28; full-year SEK 11.73.

• Return on capital employed: 11.1%; equity/assets ratio: 52.0%.

Outlook and guidance

• Organic net sales growth for 2025 is expected at 2–5%, with continued margin improvement anticipated.

• Margin guidance remains at 16–19% adjusted EBITDA by 2028, with 2024 above trajectory.

• Phase-out of Surgical Perfusion will reduce sales by about SEK 300 million in 2025.