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*
$