Savaria finished FY2023 with its strongest quarter and year ever

LAVAL, Québec, March 06, 2024 (GLOBE NEWSWIRE) — Savaria Corporation (“Savaria”) (TSX: SIS), a global leader in the accessibility industry, is pleased to announce its results for fiscal 2023.

Highlights – Fiscal 2023 compared to 2022

Revenue was $837.0M, compared to $789.1M in 2022, an increase of 6.1% due to organic growth of 6.7% and a positive foreign exchange impact of 3.2%, partially offset by the divestiture of the Norway operations.

Accessibility organic growth stood at 7.8%, including growth of 13.6% coming from North America.
Patient Care organic growth stood at 3.0%.

Gross profit was $286.0M, up $31.7M or 12.4%, representing 34.2% of revenue, an increase of 200 bps compared to 32.2% in 2022.
Operating income was $72.2M, up $8.2M or 12.8%, representing 8.6% of revenue compared to 8.1% in 2022.
Adjusted EBITDA* was $130.1M, up $9.9M or 8.2%, compared to 2022.
Adjusted EBITDA margin* stood at 15.5%, up 30 bps compared to 15.2% in 2022.
Net earnings were $37.8M, or $0.57 per share on a diluted basis, compared to $35.3M or $0.55 in 2022.
Ratio of net debt to adjusted EBITDA* stands at 2.07 in comparison to 3.07 as at December 31, 2022.
Available funds* of $223.3M, as of December 31, 2023, to support working capital, investments and growth opportunities.
After December 31, 2023, Savaria finalized the transaction to sell the Van-Action and Freedom Motors divisions. Earlier in 2023, the Corporation disposed of its Norwegian operations. These divestments represent approximately $50M of annualized revenue.
The Corporation started Savaria One, its multi-year, sales and operations program. Designed to unlock the full potential of the business, Savaria One encapsulates all of the Corporation’s organic initiatives through to 2025 and is expected to be the major driving force toward Savaria’s targets of approximately $1.0 billion in revenue and 20% adjusted EBITDA margin. For more detail, refer to section “Outlook”.

 
Q4
YTD

in thousands of dollars, except per-share  amounts and percentages
 2023 
 2022 
Change
 2023 
 2022 
Change

Revenue
$
216,839
 
$
212,100
 
2.2
 %
$
836,954
 
$
789,091
 
6.1
 %

Gross profit
$
74,322
 
$
66,222
 
12.2
 %
$
286,020
 
$
254,369
 
12.4
 %

% of revenue
 
34.3
 %
 
31.2
 %
310
 bps
 
34.2
 %
 
32.2
 %
200
 bps

Operating income
$
19,843
 
$
19,843
 
–
 
$
72,150
 
$
63,941
 
12.8
 %

Net earnings
$
10,959
 
$
11,258
 
(2.7
) %
$
37,841
 
$
35,311
 
7.2
 %

Diluted net earnings per share
$
0.16
 
$
0.18
 
(11.1
) %
$
0.57
 
$
0.55
 
3.6
 %

Adjusted net earnings*
$
12,848
 
$
12,555
 
2.3
 %
$
42,909
 
$
39,388
 
8.9
 %

Adjusted net earnings per share*
$