Presentation

Vimian is a global group of companies in the animal health care business that covers four essential areas: specialty pharma, diagnostics, medtech and veterinary services. The group have over 700 employees globally, with offices in 36 countries that serve over 15,000 clinics worldwide. Vimian have four end markets: Nextmune (spciality pharma), Movora (Medtech), Indical (Diagnostics) and VetFamily (Veterinary services) providing a wide arrange of products. The company was founded in 2020 and publicly listed on First North in early 2021.

Recent highlights
In Q1, revenue increased by 55% to EUR 67.9M (43.7), of which 7.2% was organic growth, and adjusted EBITA amounted to EUR 20.5M (17.7), corresponding to an adjusted EBITA margin of 30.2% (40.5). In January, Vimian acquired Bova, a leading companion animal health specialty pharmaceuticals company in the UK. In February, Vimian acquired Kahuvet, a supplier of veterinary surgical products in New Zealand and Australia, and Vet-Allergy, a leading veterinary allergy diagnostics and treatment company in Scandinavia. In March, Vimian acquired the veterinary allergy division of AvactaGroup in the UK. In April, Vimian acquired VerticalVet, one of the leading providers of procurement and support services to more than 1,100 member clinics in US, and two product portfolios of veterinary surgical instruments and orthopedic implants in the US under the brands Spectrum and Everost. In August, Vimian acquired Heiland GmbH, a leading online ordering platform offering veterinary pharmaceuticals and other veterinary products to veterinary clinics across Germany. In the same month, Vimian also acquired the assets of New Generation Devices (NGD), a veterinary orthopedic implants company in New Jersey, US.

Outlook
Factset consensus estimate net sales and EBITDA to reach SEK 2,843m and SEK 904m respectively in the fourth quarter of 2022. This corresponds to an 3% EBITDA margin and a 54% sales CAGR between Q4’21-Q4’22. Vimian’s medium term targets is to achieve >30% revenue CAGR (>15% organic growth), adjusted EBITA of EUR 200m in 2025 with a margin of ~35%. Furthermore, Net debt in relation to pro-forma adjusted LTM EBITDA should not exceed 3.0x.