Savaria Announces Preliminary Fiscal 2022 Results and 2023 Forecast
February 13 2023 - 6:30AM
Savaria Corporation (“Savaria”) (TSX: SIS), a global leader in the
accessibility industry, is pleased to provide preliminary results
for its 2022 year-end and financial guidance for its fiscal 2023.
Preliminary 2022 Results
- Revenue should be approximately $789
million compared to $661 million in 2021, an increase of
approximately 19%.
- Adjusted EBITDA should be
approximately $120 million compared to $100 million in 2021, an
increase of approximately 20% (1).
- Operating income should be
approximately $64 million compared to $36 million in 2021.
(1) Please refer to the sections below entitled “Compliance
with International Financial Reporting Standards (“IFRS”)”.
These preliminary results are based on information available to
Savaria as of the date of this release and are subject to revision
upon the finalization of its annual consolidated financial
statements. Financial results for the year ended December 31, 2022,
should be released after market hours on March 15, 2023. Savaria
will not provide any additional comments or details until after the
annual audited consolidated financial statements have been
published.
OutlookSavaria is expecting revenue growth of
approximately 8-10% with expected adjusted EBITDA margins1 of
approximately 16% in fiscal 2023, based on the following
assumptions:
- Organic growth coming from the Accessibility and Patient Care
segments is expected to continue due to a combination of high
backlog, cross-selling and strong demand.
- Successful integration of Handicare and progress toward
achieving the next strategic phase of synergies progressing in-line
with management’s plan.
- Management’s ability to continue to effectively manage supply
chain challenges.
- This outlook excludes the financial contribution from any new
acquisition.
About Savaria CorporationSavaria Corporation
(savaria.com) is a global leader in the accessibility industry. It
provides accessibility solutions for the physically challenged to
increase their comfort, their mobility and their independence. Its
product line is one of the most comprehensive on the market.
Savaria designs, manufactures, distributes and installs
accessibility equipment, such as stairlifts for straight and curved
stairs, vertical and inclined wheelchair lifts and elevators for
home and commercial use. It also manufactures and markets a
comprehensive selection of pressure management products for the
medical market, medical beds for the long-term care market, as well
as an extensive line of medical equipment and solutions for the
safe handling of patients, including ceiling lifts and slings. In
addition, Savaria converts and adapts vehicles for personal and
commercial uses. The Corporation operates a sales network of
dealers worldwide and direct sales offices in North America, Europe
(UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech
Republic), Australia and China. Savaria employs approximately 2,250
people globally and its plants are located across Canada, the
United States, Mexico, Europe and China.
Compliance with International Financial Reporting
Standards (“IFRS”) The information appearing in this press
release has been prepared in accordance with IFRS. However, Savaria
uses adjusted EBITDA and adjusted EBITDA margin for analysis
purposes to measure its financial performance. These measures have
no standardized definitions in accordance with IFRS and are
therefore regarded as non-IFRS measures. These measures may
therefore not be comparable to similar measures reported by other
companies. Additional details for these non-IFRS measures can be
found in section 3 of Savaria’s Q3 2022 MD&A, dated November 2,
2022, which is posted on Savaria’s website at www.savaria.com, and
filed with SEDAR at www.sedar.com.
Forward-Looking StatementsThis press release
includes certain statements that are “forward-looking statements”
within the meaning of the securities laws of Canada. Any statement
in this press release that is not a statement of historical fact
may be deemed to be a forward-looking statement. When used in this
press release, the words “believe”, “could”, “should”, “intend”,
“expect”, “estimate”, “assume” and other similar expressions are
generally intended to identify forward-looking statements. It is
important to know that the forward-looking statements in this
document describe the Corporation’s expectations as at the date
hereof, which are not guarantees of future performance of Savaria
or its industry, and involve known and unknown risks and
uncertainties that may cause Savaria’s or the industry’s outlook,
actual results or performance to be materially different from any
future results or performance expressed or implied by such
statements. The Corporation’s actual results could be materially
different from its expectations if known or unknown risks affect
its business, or if its estimates or assumptions turn out to be
inaccurate.
A change affecting an assumption can also have an impact on
other interrelated assumptions, which could increase or diminish
the effect of the change. As a result, the Corporation cannot
guarantee that any forward-looking statement will materialize and,
accordingly, the reader is cautioned not to place undue reliance on
these forward-looking statements. Forward-looking statements do not
take into account the effect that transactions or special items
announced or occurring after the statements are made may have on
the Corporation’s business. For example, they do not include the
effect of sales of assets, monetizations, mergers, acquisitions,
other business combinations or transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made.
Unless otherwise required by applicable securities laws, Savaria
disclaims any intention or obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing risks and uncertainties
include the risks set forth under “Risks and Uncertainties” in
Savaria’s latest Annual MD&A as well as other risks detailed
from time to time in reports filed by Savaria with securities
regulators in Canada.
For further information: |
|
Marcel BourassaChairman, President and Chief Executive
Officer1.800.661.5112mbourassa@savaria.com |
Stephen Reitknecht, CPA, CAChief Financial Officer1.800.661.5112,
ext. 3370sreitknecht@savaria.com |
www.savaria.comFacebook :
www.facebook.com/savariabettermobilityTwitter: twitter.com/Mobilityforlife
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