Getinge

Quarterly Report • Apr 20, 2021

Interim report

January – March 2021

Comments from Mattias Perjos, President & CEO

Ready to support hospitals in the next stage – managing record-long waiting lines for surgeries

"The first quarter featured major deliveries of Sterile Transfer and ECMO therapy products, where we expect to see continued strong demand. We also delivered a large number of advanced ICU ventilators during the quarter, but expect sales of ventilators to return to more normal levels for the full-year 2021. Demand for our world-leading products for cardiovascular procedures and for our capital goods increased successively during the quarter. More and more of our customers are heading towards a situation in which managing recordbreaking waiting lines for surgeries is as challenging as COVID-19. This is where we provide the best possible support with our products, digital solutions, service and expertise. In total, net sales rose organically by 12.6% compared with the first quarter of 2020. The order intake declined organically by 22.8% compared with 2020 when we reported an exceptional COVID-19-related order intake. Regarding the outlook for the full-year, we have decided not to change our forecast given the continuing risks related to COVID-19.

During the quarter, we launched a holistic solution for sterilization of bioreactors for laboratory environments. A virtual hospital was also introduced where customers can interact with our products. To further strengthen Getinge's attractiveness as a workplace, we launched a global flexible workplace approach, which will enable remote work beyond COVID-19. This news was very positively received internally and we see many opportunities for improved productivity, which is also supported by research in the field. In the quarter we decided on restructuring measures at our production site in Rastatt, Germany, entailing that we will concentrate our operations at this site to operating tables and capital goods in Cardiopulmonary and generally streamline our work processes. The program is expected to be completed in December 2022 and restructuring costs for the quarter amounted to about SEK 90 M and primarily impacted Surgical Workflows. The activities are expected to generate gradual effects from the end of 2021, with a positive impact on earnings of at least SEK 90 million annually. We also set a date for a virtual Capital Markets Day, November 22, 2021, which we are looking forward to. Our EBITAmargin was positively impacted by higher volumes, a favorable product mix, and lower costs for the quarter. However, currency had a tangible negative effect on sales and earnings. Our cash flow strengthened further and our net debt continued to decline. I look forward to the forthcoming quarter with our continued efforts to create value for patients, clinical personnel and hospitals around the world."

January – March 2021 in brief

• Net sales increased organically by 12.6%. The order intake fell by 22.8 organically as a result of a strong comparative quarter related to the outbreak of COVID-19.

• Adjusted gross profit amounted to SEK 3,285 M (3,218) and the margin was 53.3% (53.3).

• Adjusted EBITA amounted to SEK 1,079 M (661) and the margin was 17.5% (11.0).

• Adjusted earnings per share amounted to SEK 2.68 (1.41).
• Cash flow after net investments amounted to SEK 2,026 M (988)

Outlook 2021

For 2021, we estimate that sales will gradually strengthen based on 2019's level to a minimum of SEK 27 billion as health care returns to normal capacity. In the long term, we expect 2-4% organic annual growth in net sales.

Summary of financial performance1)

	Jan-Mar	Jan-Mar	Jan-Dec
SEK M	2021	2020	2020
Order intake	6,616	9,452	30,568
O rganic change,%	-22.8	47.2	15.6
Net sales	6,169	6,033	29,819
O rganic change,%	12.6	3.8	14.3
Adjusted gross profit	3,285	3,218	15,874
M argin,%	53.3	53.3	53.2
Adjusted EBITDA	1,461	1,076	7,487
M argin,%	23.7	17.8	25.1
Adjusted EBITA	1,079	661	5,724
M argin,%	17.5	11.0	19.2
Adjusted EBIT	1,012	530	5,261
M argin,%	16.4	8.8	17.6
Operating profit (EBIT)	960	505	4,784
M argin,%	15.6	8.4	16.0
Profit before tax	903	427	4,485
Net profit for the period	652	277	3,273
Adjusted net profit for the period	738	391	3,965
M argin,%	12.0	6.5	13.3
Adjusted earnings per share, SEK	2.68	1.41	14.43
Earnings per share, SEK	2.36	1.00	11.89
Cash flow from operating activities	2,034	1,245	7,199

1) See page 3 for calculations of adjusted performance measures.

Every care has been taken in the translation of this Financial Report. In the event of discrepancies, the Swedish original will supersede the English translation. Figures in tables and diagrams in Getinge's financial statements are not rounded off. This was done for practical reasons and has no material impact on the information presented.

Group performance

Order intake

January – March 2021

Order intake business areas, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Acute Care Therapies	3,800	6,934	-38.8	19,208
Life Science	930	653	55.5	3,413
Surgical Workflows	1,885	1,866	9.1	7,948
Total	6,616	9,452	-22.8	30,568

Order intake regions, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Americas	2,458	3,744	-24.4	11,601
APAC	1,606	2,078	-16.2	6,603
EMEA	2,551	3,630	-25.0	12,364
Total	6,616	9,452	-22.8	30,568

Net sales

January – March 2021

Net sales business areas, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Acute Care Therapies	3,774	3,716	12.9	18,719
Life Science	767	605	38.0	2,854
Surgical Workflows	1,628	1,712	3.1	8,246
Total	6,169	6,033	12.6	29,819
Net sales	Jan-Mar	Jan-Mar		Jan-Dec
regions, SEK M	2021	2020	Org Δ, %	2020
Americas	2,397	2,561	7.2	11,394
APAC	1,355	1,280	14.2	6,329
EMEA	2,417	2,192	18.1	12,096
Total	6,169	6,033	12.6	29,819
Net sales specified by capital	Jan-Mar	Jan-Mar		Jan-Dec
goods & consumables, SEK M	2021	2020	Org Δ, %	2020
Capital goods	2,865	2,368	32.7	15,473
Consumables	3,304	3,665	-0.3	14,346
Total	6,169	6,033	12.6	29,819

Net sales – bridge between Jan-Mar 2020 and Jan-Mar 2021

• The order intake declined organically as a result of exceptionally challenging comparative figures in advanced ICU ventilators and ECMO therapy products in Acute Care Therapies in Q1 2020, as a consequence of the outbreak of COVID-19.
• Very strong organic order intake in all product categories in Life Science.
• Certain sequential recovery in order bookings for Surgical Workflows due to organic order growth in all product categories.
• Organic sales growth in all business areas and in all regions.
• Acute Care Therapies increased its sales organically in almost all product categories during the quarter. Advanced ICU ventilators accounted for the largest increase due to high sales of products for treating COVID-19 patients.
• The high rate of growth in Life Science persisted, mainly attributable to Sterile Transfer products. Deliveries of washerdisinfectors for laboratory environments also increased sharply during the quarter.
• Surgical Workflows reported organic sales growth in all product categories, partly as a result of a strong ability to rapidly deliver to order in the quarter.
• Net sales increased by SEK 136 M, corresponding to 2.3%.
• Net sales for Quadralene, which was acquired at the end of 2020, accounted for SEK 12 M, corresponding to 0.2%.
• Exchange rates had a negative impact of SEK 638 M, corresponding to 10.6%.
• Volume, mix and other items positively affected sales by SEK 762 M, corresponding to just over 12.6%.

Underlying earnings trend

SEK M		Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Net sales		6,169	6,033	29,819
	Adjusted gross profit	3,285	3,218	15,874
	M argin,%	53.3	53.3	53.2
	Adjusted operating expenses	-1,825	-2,141	-8,387
	Adjusted EBITDA	1,461	1,076	7,487
	M argin,%	23.7	17.8	25.1
	Depreciation, amortization and write-downs of intangible
	assets and tangible assets 1)	-382	-415	-1,763
	Adjusted EBITA	1,079	661	5,724
	M argin,%	17.5	11.0	19.2
	A Amortization and write-down of acquired intangible
assets1)		-67	-131	-463
	Adjusted EBIT	1,012	530	5,261
	M argin,%	16.4	8.8	17.6
	B Acquisition and restructuring costs	-90	-3	-177
	C Other items affecting comparability2)	37	-23	-300
	Operating profit (EBIT)	960	505	4,784
	Net financial items	-56	-78	-299
	Profit before tax	903	427	4,485
	Adjusted profit before tax
	(adjusted for A, B and C)	1,022	583	5,425
	M argin,%	16.6	9.7	18.2
Taxes		-251	-150	-1,213
	D Adjustment of tax 2)	-33	-43	-248
	Adjusted net profit for the period (adjusted for A, B, C and D)	738	391	3,965
	M argin,%	12.0	6.5	13.3
	Of which, attributable to Parent Company's shareholders	730	385	3,931
	Average number of shares, thousands	272,370	272,370	272,370
	Adjusted earnings per share, SEK
	(adjusted for A, B, C and D)	2.68	1.41	14.43

1) Excluding items affecting comparability (see Note 3 for depreciation, amortization and write-downs). 2) See Note 5.

Adjusted EBITA per business area1)

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Acute Care Therapies	1,069	900	5,831
M argin,%	28.3	24.2	31.1
Life Science	150	48	393
M argin,%	19.6	8.0	13.8
Surgical Workflows	-65	-203	-127
M argin,%	-4.0	-11.8	-1.5
Group functions and other (incl. eliminations)	-75	-85	-374
Total	1,079	661	5,724
M argin,%	17.5	11.0	19.2

1) See Note 3 for depreciation and write-downs and Note 5 for other items affecting comparability.

Adjusted EBITA – bridge between Jan-Mar 2020 and Jan-Mar 2021

• Currency effects negatively impacted adjusted gross profit by SEK -418 M and adjusted EBITA by SEK -169 M.
• The gross margin was unchanged despite negative currency effects. Increased sales volumes primarily in advanced ICU ventilators helped maintain the margin.
• Adjusted operating expenses fell by 14.8% compared with Q1 2020. Adjusted operating expenses declined organically by 4.6%. (See description of underlying reasons on the next page).
• Adjusted EBITA rose by SEK 418 M year-on-year and the margin increased by 6.5 percentage points to 17.5%.
• Acquisition and restructuring costs amounted to SEK -90 M, primarily related to rationalizations in Surgical Workflows. Other items affecting comparability amounted to SEK +37 M and were attributable to capital gains on the sale of property in the US.
• Net financial items improved by SEK 22 M as a result of lower net debt and lower interest expenses as well as positive currency effects.
• Acute Care Therapies increased its adjusted EBITA by SEK 169 M and the margin improved by 4.1 percentage points, mainly due to higher sales volumes and despite significantly negative currency effects.
• Life Science's adjusted EBITA rose by SEK 102 M and the margin increased by 11.6 percentage points, mainly due to higher sales, positive mix effects and lower costs.
• Surgical Workflows' adjusted EBITA improved by SEK 138 M and the margin strengthened by 7.8 percentage points, primarily due to lower costs compared with the year-earlier period.

Adjusted operating expenses

(excluding depreciation, amortization and write-downs and other items affecting comparability)1)

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Selling expenses	-1,011	-1,209	-4,497
Administrative expenses	-685	-797	-3,048
Research and development costs	-190	-188	-770
Other operating income and expenses	62	52	-72
Total	-1,825	-2,141	-8,387

1) See Note 3 for depreciation and write-downs and Note 5 for other items affecting comparability.

Currency impact

	Jan-Mar
SEK M	2021
Net sales	-638
Adjusted gross profit	-418
Adjusted EBITDA	-196
Adjusted EBITA	-169
Adjusted EBIT	-161

Cash flow and financial position1)

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Cash flow before changes in working capital	1,249	704	6,352
Changes in working capital	785	541	847
Net investments in non-current assets	-8	-256	-993
Cash flow after net investments	2,026	988	6,207
Net interest-bearing debt	5,646	12,670	7,509
In relation to adjusted EBITDA1)R12M ,m ultiple	0.7	2.4	1.0
Net interest-bearing debt, excl. pension provisions	2,389	9,122	4,150
In relation to adjusted EBITDA1)R12M ,m ultiple	0.3	1.7	0.6

1) See Note 5 for items affecting comparability and Note 7 for alternative performance measures.

Research and development

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
R&D costs, gross	-286	-306	-1,462
In relation to net sales,%	4.6	5.1	4.9
Capitalized development costs	84	107	429
In relation to net sales,%	1.4	1.8	1.4
Research and development costs, net	-201	-199	-1,033
Amortization and write-downs of capitalized R&D	-99	-127	-783
O fw hich w rite-dow ns	0	-	-206

• Adjusted operating expenses declined by 14.8% compared with Q1 2020 due to currency effects, restructuring activities and new ways of working resulting from COVID-19 (which started to generate effects from Q2 2020).
• Adjusted operating expenses declined organically by 4.6%.
• Adjusted gross profit was negatively impacted by translation effects of SEK 280 M, and transaction effects and hedging outcome of SEK 138 M.
• Adjusted EBITA was negatively impacted by translation effects of SEK 101 M and by the net of transaction effects, hedging outcome and revaluation of operating receivables and liabilities in foreign currency of SEK 68 M.
• Cash flow after net investments trended positively, mainly due to improved earnings and continued effective control of working capital.
• The divestment of property in the US contributed to lower net investments compared with the preceding year.
• Net debt was positively impacted by the strong cash flow.
• Net debt in relation to adjusted EBITDA R12M continued to improve.

Gross expenses for R&D in Q1 2021 were 6.5% lower than in the

year-earlier period. Capitalized development costs declined by 21.5% compared with the year-earlier period. Amortization and write-downs fell by 22.0% compared with the year-

earlier period.

Acute Care Therapies

Acute Care Therapies offers w orld-leading solutions for life support in acute health conditions.The offering includes solutions for cardiovascular procedures and a broad selection of products and therapies for intensive care.The addressable m arket,excluding the effects ofthe CO VID-19 pandem ic, am ounts to SEK 85 billion w ith expected long-term organic grow th of2-4% per year.

Order intake and net sales

Order intake regions, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Americas	1,736	3,028	-33.7	8,483
APAC	897	1,486	-34.4	3,912
EMEA	1,167	2,420	-47.9	6,814
Total	3,800	6,934	-38.8	19,208

Net sales regions, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Americas	1,697	1,796	8.6	8,431
APAC	849	821	11.7	3,722
EMEA	1,228	1,099	20.8	6,566
Total	3,774	3,716	12.9	18,719

Net sales specified by capital goods & consumables, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Capital goods	1,467	1,088	48.5	8,593
Consumables	2,307	2,628	-1.9	10,126
Total	3,774	3,716	12.9	18,719

Underlying earnings trend1)

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Net sales	3,774	3,716	18,719
Adjusted gross profit	2,310	2,286	11,536
M argin,%	61.2	61.5	61.6
Adjusted EBITDA	1,277	1,130	6,833
M argin,%	33.8	30.4	36.5
Depreciation, amortization and write-downs of
intangible assets and tangible assets	-208	-229	-1,002
Adjusted EBITA	1,069	900	5,831
M argin,%	28.3	24.2	31.1

1) See Note 3 for depreciation and write-downs and Note 5 for other items affecting comparability.

Events in the business area

• A property in New Jersey, US, was divested during the quarter as part of the ongoing consolidation of the production facilities in the state. The capital gain on the sale amounted to SEK 37 M and is recognized as an item-affecting comparability in the quarter. The consolidation, which involves the relocation of production in Fairfield and Mahwah to the nearby facility in Wayne, is scheduled for completion at the end of 2021.
• In order to support customers and showcase Getinge's products, Getinge launched an interactive virtual hospital to simulate a state-of-the-art hospital environment. The tool provides a comprehensive tour of hospital departments fully equipped with Getinge products and technologies. The launch included Getinge's offering for the intensive care unit (ICU) and neonatal intensive care unit (NICU). Very similar to how products would be experienced in a reallife setting, the visitor can lift, move, rotate and examine everything in detail.
• The order intake declined as a result of highly challenging comparative figures in advanced ICU ventilators and ECMO therapy products in Q1 2020.
• The organic order intake for products for cardiovascular procedures improved successively during the quarter, but did not quite reach last year's level.
• High deliveries of ICU ventilators in all regions, for advanced treatment of COVID-19 patients. Sales of ECMO therapy products also continued to grow organically.
• Organic sales of products for cardiovascular procedures strengthened gradually during the quarter and were almost at the same level as last year for the period as a whole.
• The adjusted gross margin declined by 0.3 of a percentage point in relation to the year-earlier quarter, primarily as a result of currency effects.
• Adjusted operating expenses declined by 10.7% due to currency effects. These expenses increased by SEK 14 M organically, or 1.2%, mainly due to slightly higher R&D costs.
• Higher sales volumes and lower costs contributed to an increase of 4.1 percentage points in the adjusted EBITA margin compared with the preceding year, despite significantly negative currency effects.
• Currency effects impacted sales by SEK -421 M, adjusted gross profit by SEK -335 M and adjusted EBITA by SEK -181 M.

Life Science

Life Science offers a com prehensive range of equipm ent, technical expertise and consultation to prevent contam ination in pharm aceutical and m edical device production and w ith the aim to strengthen integrity ofresults in biom edicalresearch.The addressable m arket,excluding the effects of the CO VID-19 pandem ic,am ounts to SEK 33 billion w ith expected long-term organic grow th of8–10% per year.

Order intake and net sales

Order intake regions, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Americas	278	268	17.4	1,336
APAC	257	96	192.9	558
EMEA	395	289	45.1	1,518
Total	930	653	55.5	3,413

Net sales regions, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Americas	308	299	15.9	1,103
APAC	110	70	68.3	473
EMEA	349	236	57.1	1,278
Total	767	605	38.0	2,854

Net sales specified by capital goods & consumables, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Capital goods	563	410	49.2	2,029
Consumables	203	195	14.5	825
Total	767	605	38.0	2,854

Underlying earnings trend1)

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Net sales	767	605	2,854
Adjusted gross profit	329	253	1,176
M argin,%	42.9	41.9	41.2
Adjusted EBITDA	185	80	522
M argin,%	24.1	13.3	18.3
Depreciation, amortization and write-downs of
intangible assets and tangible assets	-34	-32	-128
Adjusted EBITA	150	48	393
M argin,%	19.6	8.0	13.8

1) See Note 3 for depreciation and write-downs and Note 5 for other items affecting comparability.

Events in the business area

End of March, a new holistic system approach for preparation of multi-use bioreactors, which supports medical vaccine research, was launched. The end-to-end approach includes dismantling of the bioreactor, automated washing using Getinge's purpose-built wash rack, followed by an integrated sterilization process enabling three different types of loads in one cycle. The bioreactor preparation solution is designed to ensure a validated outcome while increasing laboratory throughput. The process can also improve staff safety by removing potential repetitive motions and exposure to harmful substances related to manual procedures. This is a first major outcome from the combined strengths of the two companies since the world-leading bioreactor developer and supplier, Applikon, became part of Getinge beginning of 2020.

• Strong increase in organic order intake in all product categories and in all regions.
• The robust order growth in APAC was attributable to a strong order intake in sterilizers, bioreactors and Sterile Transfer.
• Significant organic sales growth in all regions and in all product categories except sterilizers, which have longer lead times from order to delivery.
• Sterile Transfer products and bioreactors accounted for the strongest growth, followed by washer-disinfectors.
• Organic sales of service and spare parts increased by almost 15% compared with Q1 2020.
• The adjusted gross margin strengthened by 1.0 percentage point as a result of higher sales and an advantageous product mix.
• Adjusted operating expenses declined by 16.5% due to currency effects and new ways of working. These expenses fell organically by 4.2% compared with the yearearlier period.
• Higher sales, an improved gross margin and lower operating expenses contributed to an increase of 11.6 percentage points in the adjusted EBITA margin compared with the preceding year.
• Currency effects impacted sales by SEK -68 M, adjusted gross profit by SEK -25 M and adjusted EBITA by SEK -2 M.

Surgical Workflows

SurgicalW orkflow s offers products and solutions to serve as an end-to-end partner for optim izing the quality, safety and capacity usage of the sterile supply departm ents and operating room s. The addressable m arket,excluding the effects ofthe CO VID-19 pandem ic,am ounts to SEK 62 billion w ith expected long-term organic grow th of2–4% per year.

Order intake and net sales

Order intake regions, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Americas	443	448	13.4	1,782
APAC	452	496	-1.8	2,134
EMEA	990	921	12.9	4,032
Total	1,885	1,866	9.1	7,948

Net sales regions, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Americas	391	466	-3.6	1,860
APAC	396	389	9.6	2,133
EMEA	841	857	3.9	4,253
Total	1,628	1,712	3.1	8,246

Net sales specified by capital goods & consumables, SEK M	Jan-Mar 2021	Jan-Mar 2020	Org Δ, %	Jan-Dec 2020
Capital goods	835	870	5.2	4,851
Consumables	793	842	1.0	3,394
Total	1,628	1,712	3.1	8,246

Underlying earnings trend1)

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Net sales	1,628	1,712	8,246
Adjusted gross profit	646	678	3,163
M argin,%	39.7	39.6	38.4
Adjusted EBITDA	71	-51	495
M argin,%	4.3	-3.0	6.0
Depreciation, amortization and write-downs of
intangible assets and tangible assets	-136	-151	-622
Adjusted EBITA	-65	-203	-127
M argin,%	-4.0	-11.8	-1.5

1) See Note 3 for depreciation and write-downs and Note 5 for other items affecting comparability.

Events in the business area

• Getinge has decided to carry out a restructuring program at its site in Rastatt, Germany, and the activities are currently being discussed with trade-union representatives. The company intends to focus its future operations at the Rastatt site on the R&D and high-value add assembly of operating tables and cardiopulmonary hardware products. In parallel, the company will increase its efforts to reduce costs and improve productivity. Savings are expected from capacity reductions, efficiency enhancements in procurement and support functions as well as outsourcing of non-core activities. The program will run during 2021 and 2022, and the aim is that the implementation will be finalized by end of 2022. Restructuring cost amounts to SEK 90 M whereof approximately 70 % is related to Surgical Workflows and the rest to Acute Care Therapies. These measures are expected to gradually have an effect from the end of 2021 and beyond, with a positive impact on earnings of at least SEK 90 M annually.
• Integrated Workflow Solutions increased its order intake considerably during the quarter thanks to high demand for systems for increased productivity and safety in hospital workflows. The operations were also awarded a significant contract with the Region of Southern Denmark for the distribution of IT services for sterile processing management (T-DOC) at hospitals in the region.
• Organic order growth in all product categories contributed to a sequential recovery in order bookings.
• Integrated Workflow Solutions accounted for the largest percentage increase, with robust growth in EMEA and Americas.
• In absolute terms, Infection Control accounted for the largest organic growth, attributable to Americas followed by EMEA.
• Net sales grew organically in all product categories.
• Particularly strong growth in products for operating rooms, with significant deliveries in EMEA and South-East Asia.
• The adjusted gross margin remained at the same level as last year, despite lower capacity utilization in production, which was offset by cost efficiencies.
• Adjusted operating expenses declined by 21.1% due to positive currency effects, new ways of working due to COVID-19 (from Q2 2020) and implemented restructuring activities. Operating expenses fell organically by 13.3% year-on-year.
• A sustained gross margin and lower operating expenses contributed to an increase of 7.8 percentage points in the adjusted EBITA margin compared with the preceding year.
• Currency effects impacted sales by SEK -149 M, adjusted gross profit by SEK -58 M and adjusted EBITA by SEK +12 M.

Other information

A long-term flexible workplace strategy

A recently conducted survey covering Getinge's office-based workforce in the ten countries where the company has its largest business, showed that what started as a health and safety measurement in the early days of the COVID-19 outbreak, has now turned into an established way of working in the company's worldwide organization. More than 70% of the employees believe that working remotely has improved their productivity and made a positive impact on the work-life harmony. This is also supported by a recent study from Harvard Business School, confirming that knowledge workers are more productive from home. As a result, the company is introducing a long-term flexible working offer globally. The flexible workplace offer, which is voluntary and based on the employees' choice, includes possibilities to work full time outside the office, partly at the office or continue working from the office. The company has developed its concept to fit local adaptation and implementation needs. The flexible workplace approach is currently being rolled out and is expected to be finalized during 2021. The pandemic has also had an impact on how Getinge communicates, both internally and to customers, for example through online webinars and various digital meetings. During Q1 the company transferred some of their global and regional yearly conferences into online events, resulting in a high level of engagement and interactions.

Strengthened focus on sustainability and innovation

Sustainability is an integral part of Getinge's business and an important cornerstone to secure longterm value creation for customers. During the ongoing pandemic it has become even clearer that quality and efficiency in health care are of utmost importance to society, and that research, innovation and technological progress help meet the challenges of the future. At the same time, the sustainability effects of new technologies and business models must be taken into account.

During the quarter, Getinge announced a strategic partnership together with researchers from the School of Business, Economics and Law at University of Gothenburg, Sweden, on activities in the areas of customer centric innovation and sustainability. The innovation initiative will focus on how Getinge can improve processes and organization of activities, where people with different expertise participate. The aim is to better enable innovation of new products and solutions. The strategic sustainability project will target companies' attempts to move sustainability activities into their core business and ways to integrate sustainability into product development and offerings.

Financial impact of COVID-19

The outbreak of COVID-19 was characterized by the WHO as a pandemic on March 11, 2020. In this situation, Getinge is prioritizing the health and safety of its employees and is taking measures to limit the spread of the virus by following the instructions of the relevant authorities. In addition, Getinge has made considerable efforts to enhance production capacity for ventilators and safeguard production of critical life support products. Getinge has also worked intensively together with hospitals and pharmaceutical companies around the world to combat COVID-19 and assist in manufacturing a vaccine.

The order intake for the Acute Care Therapies business area normalized during the quarter, which entailed an organic decline of 38.8% due to an unusually strong comparative quarter. The decline was primarily related to advanced ICU ventilators and ECMO therapy products for which demand increased substantially in connection to the outbreak of COVID-19 in the first quarter of 2020. The order intake for the business area's cardiovascular surgery products, which was negatively affected by the COVID-19 pandemic since non-urgent surgeries were postponed, improved gradually during the quarter, but did not reach last year's level.

For the Life Science business area, demand remained high with growth in all product categories, which contributed to a 55.5% organic increase in the order intake. This was largely due to the high order intake for Sterile Transfer products used to manufacture a vaccine against COVID-19. In

Surgical Workflows – the business area that was exclusively negatively affected by the pandemic – the order intake increased organically by 9.1% and all product categories reported positive growth.

It has been possible to continue work on the installation and servicing of products without any major disruptions, and this was not negatively affected by restrictions in key markets. Minor disruptions occurred in the production operations in the form of sick leave among employees and problems with deliveries of components, which were possible to resolve without any significantly negative consequences arising. The increase in activity in the areas of Acute Care Therapies that are directly linked to treating patients with COVID-19 contributed to the improvement in sales and earnings for the business area. The sequential recovery in the business area's other product categories continued in the first quarter and sales of products for cardiovascular procedures were almost in line with last year organically.

For Surgical Workflows, sales grew organically and adjusted EBITA improved due to higher activity in parts of the health care sector that had been previously negatively affected by the outbreak. Life Science's sales and earnings were positively impacted by higher sales growth in the product categories of Sterile Transfer and bioreactors, closely followed by washer-disinfectors.

As time passes, the situation regarding the pandemic could result in negative financial effects due to lower demand and disruptions to production. It also cannot be ruled out that installation and service of products at hospitals and care facilities could be limited by restrictions to reduce the spread of the virus. The Group's cash flow could decline as a result of inventory build-up and impaired payment discipline among the Group's customers. Getinge is closely following developments regarding the pandemic and is continuously evaluating the operational and financial effects. Some minor measures to adjust costs were carried out and plans have been made to further adjust costs if necessary.

For 2021, Getinge believes that sales will gradually strengthen from the level in 2019 and will amount to a minimum of SEK 27 billion as health care returns to normal capacity. In the long term, we expect 2-4% organic annual growth in net sales.

Update regarding Consent Decree with the FDA

SEK M	Mar 31 2021	Mar 31 2020	Dec 31 2020
Provision at beginning of period	89	234	234
Used amount	-11	-30	-136
Provisions	-	-	-
Translation differences	2	15	-9
Provision at close of period	80	219	89

The Consent Decree with the FDA was signed in February 2015 and originally encompassed a total of four production units in the US and Germany. Improvement plans for the identified corrections have been prepared for each unit. Such identified corrections have been completed at the two production units in the US. This work is expected to continue until 2021 at Hechingen. In autumn 2018 and the start of 2019, Getinge's production units in Fairfield and Mahwah received warning letters from the FDA. The reason for the warning letters was routine inspections performed by the FDA at these production units in 2018. The FDA's observations and opinions pertain to procedures and processes linked to demands for supplier checks, processes for the approval of design changes and incident reporting. The same observations were identified by Getinge during internal inspections in the fourth quarter of 2017. The local organization has since worked to correct the shortcomings in the quality management system. Getinge has submitted an action plan, including activities and a related schedule, to the FDA and improvements are proceeding according to plan.

Events after the end of the reporting period

No significant events occurred after the end of the reporting period.

Getinge's primary risks, consequences and management1)

	Description	Potential consequences	Management
New competitors and new technology	Certain markets and product segments have niche players who offer solutions outside customary market behavior.	These competitors could capture market shares from more established companies such as Getinge, resulting in a negative effect on Getinge's sales and earnings.	Getinge's long-term strategy includes active business intelligence of the competitive landscape to react to this type of competitor. The industry is also considered to have high barriers to entry since medical devices are subject to extensive regulatory requirements.
External shocks,	These are often	The primary consequence	Active business intelligence
such as geopolitical risks, natural disasters, terrorism, pandemics, etc.	quickly escalating situations that affect large parts of the world, a country, a region or a specific site.	of this type of risk is that employees could be injured. There is also the risk of business interruptions that could have a negative impact on sales and earnings.	can detect some of these risks at an early stage and the Group will then have the chance to adapt to the new situation. A process to further enhance the Group's work on continuity risks is planned for 2021. As part of this process, scenarios based on external shocks will also be included in the risks that Getinge proactively works on.
Profitability dependent on certain products and markets	In certain cases, a relatively large share of the total profitability of a product is linked to sales in a certain market.	The consequence of such a situation is that profitability can be adversely affected if sales volumes were to decline due to a changed competitive situation in the market.	Getinge works actively to monitor profitability per product and market in order to ensure profitability over time. To reduce the sensitivity of profitability, the Group actively works on ensuring that it has the right cost level in relation to the current price levels in the market. Getinge also works actively to establish itself in new markets.
Product quality from a customer perspective	In certain cases, Getinge's products do not meet customer expectations.	Customers experiencing shortcomings in Getinge's product quality presents a higher risk of customers choosing other suppliers. This could entail a risk of lower sales and lower profitability over time.	Getinge applies a far-reaching quality process that aims to ensure a high and even level of quality to meet customers' requirements. This is an ongoing process that results in continuous improvements. When quality fails, it is important to rapidly bring the right equipment on site to rectify the fault during the first service visit. Getinge closely monitors the "first time fix" factor of its services operations and works extensively to improve this area.

¹) For information regarding risks related to COVID-19 and the ongoing pandemic, refer to the section on "Financial impact of COVID-19" on page 8.

		Description	Potential consequences	Management
	Laws and regulations mainly on business ethics	Contraventions of competition law, anti corruption, data privacy (GDPR) or trade restrictions.	Could lead to fines or penalties in one or more markets and have a negative impact on the Getinge brand.	Getinge has a zero tolerance policy when it comes to contraventions of these regulations. The Group's Code of Conduct is very clear in this respect. The Ethics & Compliance Group staff function was expanded during the year and the head of the department has been a member of the Getinge Executive Team since 2020 to further demonstrate how highly the organization prioritizes these issues. A comprehensive training program in the Code of Conduct is provided on an ongoing basis and the aim is for all employees to undergo training in the field every year. Getinge's business ethics regulations also apply to external distributors who sell Getinge's products in a large number of countries in which the Group does not have its own presence.
	Digitization and innovation	Getinge's future growth depends on the company's ability to develop new and successful products, particularly in the area of digitization. Getinge's ability to innovate is a very important factor in retaining and establishing leading positions for the Group's product segments.	Innovation efforts are costly and it is not possible to guarantee that developed products will be commercially successful, which could result in impairment. In the long term, the Group's position in the market could be negatively affected if Getinge is unsuccessful in this area.	As a means of maximizing the return on investments in research and development, the Group applies a structured selection and planning process that includes careful analyses of the market, technological progress, choice of production method and selection of subcontractors. The actual development work is also conducted in a structured manner and each project undergoes a number of fixed control points. The Group is particularly concerned with ensuring access to the right skills, retaining key individuals, being an attractive employer to recruit talent externally, and identifying and developing talent within the organization.

Seasonal variations

Getinge's sales and earnings are affected by seasonal variations. The highest net sales are usually generated in the fourth quarter, followed by the second, third and first quarters. The shares of sales derived from capital goods and consumables also normally changes during the year, with a higher share of sales of capital goods toward the end of the year.

Transactions with related parties

Getinge carried out normal commercial transactions with Arjo (which was distributed to shareholders in December 2017) for the sale and purchase of goods and services. In addition, no other significant transactions with related parties occurred during the period other than transactions with subsidiaries.

Forward-looking information

This report contains forward-looking information based on the current expectations of company management. Although management deems that the expectations presented by such forwardlooking information are reasonable, no guarantee can be given that these expectations will prove correct. Accordingly, the actual future outcome could vary considerably compared with what is stated in the forward-looking information, due to such factors as changed conditions regarding finances, market and competition, changes in legal and regulatory requirements and other political measures, and fluctuations in exchange rates.

Getinge's financial targets and dividend policy

• Average annual organic growth in net sales: 2-4%
• Average earnings per share growth: >10%
• Getinge's dividend policy is to pay dividends of 30-50% of net profit to shareholders.

Assurance

The Board of Directors and CEO assure that the interim report provides a true and fair review of the Parent Company and the Group's operations, position and earnings and describes the material risks and uncertainties faced by the Parent Company and the Group.

Gothenburg, April 20, 2021
Johan Malmquist Chairman, AGM-elected Board member	Carl Bennet Vice Chairman, AGM-elected Board member	Johan Bygge AGM-elected Board member
Barbro Fridén AGM-elected Board member	Dan Frohm AGM-elected Board member	Sofia Hasselberg AGM-elected Board member
Rickard Karlsson Board member Representative of the Swedish Metalworkers' Union	Åke Larsson Board member Representative of the Swedish Association of Graduate Engineers	Mattias Perjos President & CEO, AGM-elected Board member
Malin Persson AGM-elected Board member	Johan Stern AGM-elected Board member	Cecilia Daun Wennborg AGM-elected Board member

This interim report is unaudited.

Consolidated financial statements

Consolidated income statement

		Jan-Mar	Jan-Mar	Jan-Dec
SEK M	Note	2021	2020	2020
Net sales	2	6,169	6,033	29,819
Cost of goods sold		-3,089	-3,057	-15,097
Gross profit	2, 3	3,080	2,976	14,722
Selling expenses		-1,134	-1,420	-5,285
Administrative expenses		-794	-901	-3,498
Research and development costs		-201	-199	-1,033
Acquisition expenses		-1	-2	-8
Restructuring costs		-89	0	-169
Other operating income and expenses		99	52	55
Operating profit (EBIT)	2, 3	960	505	4,784
Net financial items	2	-56	-78	-299
Profit after financial items	2	903	427	4,485
Taxes		-251	-150	-1,213
Net profit for the period		652	277	3,273
Attributable to:
Parent Company's shareholders		644	271	3,239
Non-controlling interests		8	6	34
Net profit for the period		652	277	3,273
Earnings per share, SEK1)		2.36	1.00	11.89
Weighted average number of shares for calculation of earnings per share (000s)		272,370	272,370	272,370

1) Before and after dilution

Consolidated statement of comprehensive income

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Net profit for the period	652	277	3,273
Other comprehensive income
Items that cannot be restated in profit for the period
Actuarial gains/losses pertaining to defined-benefit pension
plans	145	186	-13
Tax attributable to items that cannot be restated in profit	-34	-57	-1
Items that can later be restated in profit for the period
Translation differences and hedging of net investments	1,001	1,402	-2,319
Cash flow hedges	-28	-54	-16
Tax attributable to items that can be restated in profit	-2	42	21
Other comprehensive income for the period, net after tax	1,081	1,518	-2,327
Total comprehensive income for the period	1,734	1,795	946
Comprehensive income attributable to:
Parent Company's shareholders	1,717	1,765	936
Non-controlling interests	17	30	9
Total comprehensive income for the period	1,734	1,795	946

Consolidated balance sheet

SEK M	Note	Mar 31 2021	Mar 31 2020	Dec 31 2020
Assets
Intangible assets		22,968	26,608	22,085
Tangible assets		3,009	3,341	2,956
Right-of-use assets		1,018	990	1,017
Financial assets		1,408	1,861	1,526
Inventories		4,805	5,460	4,513
Accounts receivable		4,300	5,481	5,338
Other current receivables		1,632	2,556	1,524
Cash and cash equivalents	6	5,691	1,989	6,056
Total assets		44,831	48,286	45,014
Equity and liabilities
Equity		23,188	22,768	21,486
Provisions for pensions, interest-bearing	6	3,257	3,548	3,359
Lease liabilities	6	992	959	990
Other interest-bearing liabilities	6	7,088	10,153	9,216
Other provisions		3,226	3,813	3,115
Accounts payable		1,567	1,984	1,446
Other non-interest-bearing liabilities		5,512	5,062	5,402
Total equity and liabilities		44,831	48,286	45,014

Changes in equity for the Group

SEK M	Share capital	Other capital provided	Reserves1)	Retained earnings	Total	Non controlling interests	Total equity
Opening balance at January 1, 2020	136	6,789	1,965	11,606	20,496	477	20,973
Total comprehensive income for the period	-	-	-2,288	3,225	936	9	946
Dividend	-	-	-	-409	-409	-24	-433
Closing balance at December 31, 2020	136	6,789	-323	14,422	21,024	462	21,486
Opening balance at January 1, 2021	136	6,789	-323	14,422	21,024	462	21,486
Total comprehensive income for the period	-	-	962	755	1,717	17	1,734
Transactions with non-controlling interests	-	-	-	-	-	-32	-32
Closing balance at March 31, 2021	136	6,789	639	15,177	22,741	447	23,188

1) Reserves pertain to cash flow hedges, hedges of net investments and translation differences.

Consolidated cash flow statement

SEK M	Note	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Operating activities
Operating profit (EBIT)		960	505	4,784
Add-back of depreciation, amortization and write-downs	3	449	546	2,467
Other non-cash items		-34	3	60
Add-back of restructuring costs1)		89	0	169
Paid restructuring costs		-33	-75	-262
Financial items		-59	-92	-313
Taxes paid		-122	-184	-553
Cash flow before changes in working capital		1,249	704	6,352
Changes in working capital
Inventories		-148	-418	-544
Operating receivables		1,042	996	1,121
Operating liabilities		-109	-36	270
Cash flow from operating activities		2,034	1,245	7,199
Investing activities
Acquisition of operations	8	-34	-823	-999
Investments in intangible assets and tangible assets		-184	-262	-1,045
Divestment of non-current assets		176	6	53
Cash flow from investing activities		-42	-1,080	-1,991
Financing activities
Change in interest-bearing liabilities		-2,277	666	543
Depreciation of lease liabilities		-95	-90	-390
Change in long-term receivables		1	-3	-17
Dividend paid		-	-	-433
Cash flow from financing activities		-2,372	573	-297
Cash flow for the period		-380	738	4,911
Cash and cash equivalents at the beginning of the period		6,056	1,254	1,254
Translation differences		15	-3	-110
Cash and cash equivalents at the end of the period		5,691	1,989	6,056

1) Excluding write-downs on non-current assets

Note 1 Accounting policies

The Group's interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the Parent Company, the report has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2. The accounting policies adopted are consistent with those applied for the 2020 Annual Report and should be read in conjunction with that Annual Report.

For practical reasons, the figures in this interim report have not been rounded off, which is why notes and tables may not total correct amounts. Unless otherwise specified, all figures pertain to SEK M and figures in parentheses pertain to the year-earlier period. The interim report provides alternative performance measures for monitoring the Group's operations.

Note 2 Segment overview

	Jan-Mar	Jan-Mar	Jan-Dec
Net sales, SEK M	2021	2020	2020
Acute Care Therapies	3,774	3,716	18,719
Life Science	767	605	2,854
Surgical Workflows	1,628	1,712	8,246
Total	6,169	6,033	29,819
	Jan-Mar	Jan-Mar	Jan-Dec
Gross profit, SEK M	2021	2020	2020
Acute Care Therapies	2,190	2,144	10,861
Life Science	312	234	1,102
Surgical Workflows	579	599	2,759
Total	3,080	2,976	14,722
	Jan-Mar	Jan-Mar	Jan-Dec
Operating profit (EBIT), SEK M	2021	2020	2020
Acute Care Therapies	1,028	770	5,312
Life Science	140	42	337
Surgical Workflows	-132	-221	-489
Group functions and other (incl. eliminations)1)	-76	-86	-375
Operating profit (EBIT)	960	505	4,784
Net financial items	-56	-78	-299
Profit after financial items	903	427	4,485

1) Group functions and other refer mainly to central functions such as finance, communication, HR and other items, such as eliminations.

Note 3 Depreciation, amortization and write-downs

SEK M	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Acquired intangible assets	-67	-131	-494
Intangible assets	-168	-201	-1,069
Right-of-use assets	-98	-93	-405
Tangible assets	-115	-121	-500
Total	-449	-546	-2,467
ofw hich w rite-dow ns	-1	0	-257

	Jan-Mar	Jan-Mar	Jan-Dec
SEK M	2021	2020	2020
Cost of goods sold	-205	-236	-1,017
Selling expenses	-123	-194	-754
Administrative expenses	-109	-105	-433
Research and development costs	-11	-11	-263
Restructuring costs	-	-	-
Total	-449	-546	-2,467
ofw hich w rite-dow ns	-1	0	-257

Note 4 Quarterly results

SEK M	Jan-Mar 2021	Oct-Dec 2020	Jul-Sep 2020	Apr-Jun 2020	Jan-Mar 2020	Oct-Dec 2019	Jul-Sep 2019	Apr-Jun 2019
Net sales	6,169	8,839	7,976	6,971	6,033	8,498	6,236	6,277
Cost of goods sold	-3,089	-4,681	-3,846	-3,513	-3,057	-4,442	-3,303	-3,408
Gross profit	3,080	4,158	4,130	3,458	2,976	4,056	2,933	2,869
Operating expenses	-2,120	-2,548	-2,217	-2,701	-2,470	-2,579	-2,500	-2,545
Operating profit (EBIT)	960	1,610	1,913	757	505	1,477	433	324
Net financial items	-56	-69	-72	-80	-78	-112	-118	-119
Profit after financial items	903	1,541	1,841	677	427	1,365	315	205
Taxes	-251	-437	-446	-179	-150	-455	-97	-94
Net profit for the period	652	1,104	1,395	497	277	910	218	111

Note 5 Adjustment items

	Jan-Mar	Jan-Mar	Jan-Dec
Adjusted EBITA, SEK M	2021	2020	2020
Acute Care Therapies Life Science	1,069 150	900 48	5,831 393
Surgical Workflows	-65	-203	-127
Group functions and other (incl. eliminations)	-75	-85	-374
Total	1,079	661	5,724
	Jan-Mar	Jan-Mar	Jan-Dec
Adjustments of EBITA, SEK M	2021	2020	2020
Specification of items affecting comparability that impact EBITA
Acquisition and restructuring costs, Acute Care Therapies	-22	-1	-62
Acquisition and restructuring costs, Life Science	-4	-	0
Acquisition and restructuring costs, Surgical Workflows	-63	0	-113
Write-down of R&D, Acute Care Therapies2)	-	-	-73
Write-down of R&D, Life Science2)	-	-	-29
Write-down of R&D, Surgical Workflows 2)	-	-	-108
Impairment of receivables, Acute Care Therapies3)	-	-	-47
Impairment of receivables, Acute Care Therapies2)	-	-	-8
Impairment of receivables, Surgical Workflows2)	-	-	-7
Write-down of inventories, Acute Care Therapies1)	-	-	-38
Write-down of inventories, Life Science1)	-	-	-1
Write-down of inventories, Surgical Workflows1)	-	-	-92
Reversed unutilized provision, Acute Care Therapies3)	-	-	183
Capital gain on divestment of property, Acute Care Therapies3)	37	-	-
Other, Acute Care Therapies1)	-	-2	-2
Other, Surgical Workflows1)	-	-3	-3
Other, Acute Care Therapies2)	-	-7	-17
Other, Surgical Workflows2)	-	-11	-18
Other, Surgical Workflows3)	-	-	-8
Group functions and other (incl. eliminations)	-1	-2	-2
Total	-52	-26	-446
Items affecting comparability per segment
Acute Care Therapies	15	-10	-65
Life Science	-4	-	-30
Surgical Workflows	-63	-14	-349
Group functions and other (incl. eliminations)	-1	-2	-2
Total	-52	-26	-446

1) Reported in Cost of goods sold

2) Reported in Operating expenses 3) Reported in Other operating income and operating expenses

EBITA, SEK M 2021 2020 2020 Acute Care Therapies 1,084 891 5,766 Life Science 147 48 363 Surgical Workflows -128 -217 -476 Group functions and other (incl. eliminations) -76 -86 -375 Total 1,026 635 5,278 Jan-Mar Jan-Mar Jan-Dec Adjustments of EBIT (in addition to the above adjustments of EBITA), SEK M 2021 2020 2020 Specification of items affecting comparability that impact EBIT but not EBITA Write-down of acquired intangible assets, Acute Care Therapies1) - - -31 Total, Group - - -31 1) Reported in Operating expenses Jan-Mar Jan-Mar Jan-Dec Adjustments of EBIT, SEK M 2021 2020 2020 Items affecting comparability that impact EBITA (according to above) -52 -26 -446 Items affecting comparability that impact EBIT but not EBITA (according to above) - - -31 Total -52 -26 -477 Jan-Mar Jan-Mar Jan-Dec Adjustment of tax, SEK M 2021 2020 2020 Amortization and write-down of acquired intangible assets1) 67 131 463 Items affecting comparability 52 26 477 Adjustment items, total 119 157 940 Tax effect on adjustment items2) -33 -43 -248 Adjustment for tax items affecting comparability - - - Total -33 -43 -248	Jan-Mar	Jan-Mar	Jan-Dec

1) Excluding write-downs classified as items affecting comparability

2) Tax effect on tax deductible adjustment items

Note 6 Consolidated net interest-bearing debt

SEK M	Mar 31 2021	Mar 31 2020	Dec 31 2020
Other interest-bearing liabilities, current	2,196	2,054	2,196
Other interest-bearing liabilities, long-term	4,893	8,099	7,020
Provisions for pensions, interest-bearing	3,257	3,548	3,359
Lease liabilities	992	959	990
Interest-bearing liabilities	11,337	14,660	13,565
Less cash and cash equivalents	-5,691	-1,989	-6,056
Net interest-bearing debt	5,646	12,670	7,509

Note 7 Key figures for the Group

Financial and operative key figures	Jan-Mar 2021	Jan-Mar 2020	Jan-Dec 2020
Key figures based on Getinge's financial targets
Organic growth in net sales, %	12.6	3.8	14.3
Earnings per share 1), SEK	2.36	1.00	11.89
Other operative and financial key figures
Organic growth in order intake, %	-22.8	47.2	15.6
Gross margin, %	49.9	49.3	49.4
Selling expenses, % of net sales	18.4	23.5	17.7
Administrative expenses, % of net sales	12.9	14.9	11.7
Research and development costs, % of net sales	4.6	5.1	4.9
Operating margin, %	15.6	8.4	16.0
EBITDA, SEK M	1,408	1,051	7,251
Average number of shares, thousands	272,370	272,370	272,370
Number of shares at the end of the period, thousands	272,370	272,370	272,370
Interest-coverage ratio, multiple	34.9	14.5	30.5
Net debt/equity ratio, multiple	0.24	0.56	0.35
Net debt/Rolling 12m adjusted EBITDA, multiple	0.7	2.4	1.0
Operating capital, SEK M	31,482	34,373	32,374
Return on operating capital, %	18.2	9.0	16.3
Return on equity, %	16.5	7.2	15.1
Equity/assets ratio, %	51.7	47.2	47.7
Equity per share, SEK	85.13	83.59	78.88
Number of employees	10,745	10,746	10,818

1) Before and after dilution

Alternative performance measures

Alternative performance measures refer to financial measures used by the company's management and investors to evaluate the Group's earnings and financial position and that cannot be directly read or derived from the financial statements. These financial measures are intended to facilitate analysis of the Group's performance. Accordingly, the alternative performance measures should be considered a supplement to the financial statements prepared in accordance with IFRS. The financial measures recognized in this report may differ from similar measures used by other companies.

	Jan-Mar	Jan-Mar	Jan-Dec
Adjusted gross profit, SEK M	2021	2020	2020
Gross profit	3,080	2,976	14,722
Add-back of: Depreciation, amortization and write-downs of intangible assets
and tangible assets	205	236	1,017
Other items affecting comparability	-	5	135
Adjustment for write-downs included in other
items affecting comparability	-	-	-
Adjusted gross profit	3,285	3,218	15,874
	Jan-Mar	Jan-Mar	Jan-Dec
Adjusted EBITDA, SEK M	2021	2020	2020
Operating profit (EBIT)	960	505	4,784
Add-back of:
Depreciation, amortization and write-downs of intangible assets and
tangible assets	382	415	1,973
Amortization and write-down of acquired intangible assets	67	131	494
Other items affecting comparability	-37	23	59
Acquisition and restructuring costs	90	2	177
Adjustment for write-downs included in other items affecting
comparability and restructuring costs	-	-	-
Adjusted EBITDA	1,461	1,076	7,487
	Jan-Mar	Jan-Mar	Jan-Dec
Adjusted EBITA, SEK M	2021	2020	2020
Operating profit (EBIT)	960	505	4,784
Add-back of:
Amortization and write-down of acquired intangible assets	67	131	494
Other items affecting comparability	-37	23	269
Acquisition and restructuring costs	90	2	177
Adjustment for write-downs of acquired intangible assets included in
other items affecting comparability and restructuring costs	-	-	-
Adjusted EBITA	1,079	661	5,724
	Jan-Mar	Jan-Mar	Jan-Dec
Adjusted EBIT, SEK M	2021	2020	2020
Operating profit (EBIT)	960	505	4,784
Add-back of:
Other items affecting comparability	-37	23	300
Acquisition and restructuring costs	90	2	177
Adjusted EBIT	1,012	530	5,261
	Jan-Mar	Jan-Mar	Jan-Dec
Adjusted net profit for the period, SEK M	2021	2020	2020
Net profit for the period	652	277	3,273
Add-back of:
Amortization and write-down of acquired intangible assets	67	131	494
Other items affecting comparability	-37	23	300
Acquisition and restructuring costs	90	2	177
Adjustment for write-downs of acquired intangible assets included in
other items affecting comparability and restructuring costs	-	-	-31
Tax items affecting comparability	-	-	-
Tax on add-back items	-33	-43	-248
Adjusted net profit for the period	738	391	3,965

Note 8 Acquisitions

Acquisitions in 2021

In the first quarter of 2021, Getinge acquired shares in the subsidiary Pulsion Medical Systems SE for SEK 32 M from non-controlling interests. In addition, SEK 2 M was paid for Quadralene Holdings Ltd, which was acquired in 2020. The total impact of the acquisition on the Group's cash and cash equivalents amounted to SEK 34 M (823).

Parent Company financial statements

Parent Company's income statement

	Jan-Mar	Jan-Mar	Jan-Dec
SEK M	2021	2020	2020
Administrative expenses	-6	-101	-58
Other operating income and expenses	-	-	38
Operating profit	-6	-101	-20
Result from participations in Group companies	-	-	308
Interest income and other similar income	0	0	1
Interest expenses and other similar expenses	-59	-432	-394
Profit/loss after financial items1)	-65	-533	-105
Appropriations	-	-	243
Taxes	1	102	-22
Net profit/loss for the period2)	-64	-431	116

1) Interest income and other similar income and interest expenses and other similar expenses include exchange-rate gains and losses attributable to the translation of receivables and liabilities measured in foreign currencies

2) Comprehensive income for the period corresponds to net profit for the period

Parent Company's balance sheet

SEK M	Mar 31 2021	Mar 31 2020	Dec 31 2020
Assets
Intangible assets	21	32	24
Tangible assets	6	7	6
Participations in Group companies	28,090	28,431	28,090
Deferred tax assets	107	214	106
Receivables from Group companies	97	3	295
Current receivables	35	69	28
Cash and cash equivalents	1,500	349	950
Total assets	29,856	29,105	29,499
Equity and liabilities
Equity	20,955	20,881	21,019
Long-term liabilities	-	1,469	-
Long-term liabilities to Group companies	-	806	-
Other provisions	35	38	32
Current liabilities to Group companies	7,364	4,021	6,932
Current liabilities	1,502	1,890	1,516

Definitions

Financial terms

Adjusted earnings per share. Adjusted net profit for the period attributable to Parent Company's shareholders in relation to average number of shares.

Adjusted EBIT. Operating profit (EBIT) with add-back of acquisition and restructuring costs and other items affecting comparability.

Adjusted EBITA. EBITA with add-back of acquisition and restructuring costs and other items affecting comparability.

Adjusted EBITDA. EBITDA with add-back of acquisition and restructuring costs and other items affecting comparability.

Adjusted gross profit. Gross profit with add-back of depreciation, amortization and write-downs and other items affecting comparability.

Adjusted net profit for the period. Net profit for the period with add-back of amortization and write-down of acquired intangible assets, acquisition and restructuring costs, other items affecting comparability and tax effect of add-back of income-statement items.

Adjusted profit before tax. Profit before tax for the period with add-back of amortization and write-down of acquired intangible assets, acquisition and restructuring costs and other items affecting comparability.

Capital goods. Durable products that are not consumed when used.

Cash flow after net investments. Cash flow from operating activities and investing activities, excluding acquisitions and divestment of operations.

Consumables. Products that are continuously consumed as well as service, spare parts and similar items.

Currency transaction effect. Exchange of current year's volumes of foreign currency at this year's exchange rates, compared with the exchange rates in the preceding year.

Earnings per share. Net profit attributable to Parent Company's shareholders in relation to average number of shares. EBIT. Operating profit.

EBITA margin. EBITA in relation to net sales.

EBITA. Operating profit (EBIT) before addback of amortization and write-down of acquired intangible assets.

EBITDA margin. EBITDA in relation to net sales.

EBITDA. Operating profit (EBIT) with addback of amortization, depreciation and write-downs.

Equity per share. Equity in relation to the number of shares at the end of the period.

Equity/assets ratio. Equity in relation to total assets.

Gross margin. Gross profit in relation to net sales.

Interest-coverage ratio. Rolling 12 months' adjusted EBITDA in relation to rolling 12 months' net interest.

Items affecting comparability. Comprises acquisition and restructuring costs and other items affecting comparability. Other items affecting comparability are significant revenue/expenses that impact comparability between accounting periods. These items include, but are not limited to, write-downs, disputes and major gains and losses attributable to divestments of assets or businesses.

Net debt/equity ratio. Net interestbearing debt in relation to equity.

Operating capital. Average total assets with add-back of cash and cash equivalents, other provisions, accounts payable and other non-interest-bearing liabilities.

Operating margin. Operating profit (EBIT) in relation to net sales.

Organic change. A financial change adjusted for currency, acquisitions and divestments of operations.

Return on equity. Rolling 12 months' profit after tax in relation to average equity.

Return on operating capital. Rolling 12 months' adjusted EBIT in relation to operating capital.

Medical terms

Artificial grafts. Artificial vascular implants.

Cardiopulmonary. Pertaining or belonging to both heart and lung.

Cardiovascular. Pertaining or belonging to both heart and blood vessels.

DPTE BetaBag®. Bag that ensures contamination-free transfer of medicines.

ECMO. Extracorporeal membrane oxygenation, meaning oxygenation outside the body through a membrane. Put simply, a modified cardiac and respiratory machine that exchanges oxygen and carbon dioxide, like an artificial lung.

Endoscope. Equipment for visual examination of the body's cavities, such as the stomach.

Endovascular. Vascular treatment using catheter technologies.

EU MDR. A new regulatory framework for medical devices which ensures a high level of safety and health whilst supporting innovation.

Hemodynamic monitoring. Monitoring the balance between blood pressure and blood flow.

Low temperature sterilization. A device used to sterilize surgical instruments which cannot be sterilized with high temperature steam. It is mainly used for instruments used in the minimal invasive and robotic surgery.

NAVA. Neurally Adjusted Ventilatory Assist (NAVA) identifies the electric activity that activates the human diaphragm and using these signals adapts the ventilation to the patient's respiratory rhythm.

Stent. A tube for endovascular widening of blood vessels.

Sterilizer. A device to eliminate microorganisms on surgical instruments, usually by high temperature with steam.

Vascular intervention. A medical procedure conducted through vascular puncturing instead of using an open surgery method.

Ventilator. Medical device to help patients breath.

Geographic areas

Americas. North, South and Central America.

APAC. Asia and Pacific.

EMEA. Europe, Middle East and Africa.

Teleconference

A teleconference with President & CEO Mattias Perjos and CFO Lars Sandström will be held on April 20, 2021 at 10:00-11:00 a.m. CEST. Please see dial in details below to join the conference:

SE: +46850558350 UK: +443333009035 US: +18335268398

A presentation will be held during the telephone conference. To access the presentation, please use this link: https://tv.streamfabriken.com/getinge-q1-2021

Alternatively, use the following link to download the presentation: https://www.getinge.com/int/about-us/investors/reportspresentations/

A recording of the teleconference will be available for three years via the following link: https://tv.streamfabriken.com/getinge-q1-2021

Financial information

Updated information on, for example, the Getinge share and corporate governance is available on Getinge's website www.getinge.com. The Annual Report, year-end report and interim reports are published in Swedish and English and are available for download at www.getinge.com. The preliminary dates for financial communication are provided below:

July 16, 2021	Q2 Report 2021
October 20, 2021	Q3 Report 2021
November 22, 2021	Virtual Capital Markets Day (preliminary date)
January 28, 2022	Q4 Report 2021

Contact

Lars Mattsson, Head of Investor Relations +46 (0)10 335 0043 lars.mattsson@getinge.com

Jeanette Hedén Carlsson, Executive Vice President, Communications & Brand Management +46 (0)10 335 1003 jeanette.hedencarlsson@getinge.com

This information is such that Getinge AB must disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on April 20, 2021 at 8:00 a.m. CEST.

With a firm belief that every person and community should have access to the best possible care, Getinge provides hospitals and life science institutions with products and solutions that aim to improve clinical results and optimize workflows. The offering includes products and solutions for intensive care, cardiovascular procedures, operating rooms, sterile reprocessing and life science. Getinge employs over 10,000 people worldwide and the products are sold in 125 countries. Getinge has been listed on Nasdaq OMX Stockholm, Nordic Large Cap since 1993 and is included in the OMXS30 index of the 30 most actively traded shares.

Getinge AB (publ) │ Lindholmspiren 7a, 417 56 Gothenburg, Sweden │Tel: +46 (0)10 335 0000 │E-mail: info@getinge.com │ Corp. Reg. No.: 556408-5032 │ www.getinge.com