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Interim report January - March 2021 Comments from Mattias Perjos , President & CEO GETINGE * 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 record- breaking 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 EBITA- margin 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 ) SEK M Order intake Organic change , Net sales Organic change , % Adjusted gross profit Margin , % Adjusted EBITDA Margin , % Adjusted EBITA Margin , % Adjusted EBIT Margin , Operating profit ( EBIT ) Margin , % Profit before tax Net profit for the period Adjusted net profit for the period Margin , % Adjusted earnings per share , SEK Earnings per share , SEK Cash flow from operating activities 1 ) See page 3 for calculations of adjusted performance measures . Jan - Mar Jan - Mar Jan - Dec 2021 2020 2020 6,616 9,452 30,568 -228 472 6,169 6,033 156 29,819 126 38 3,285 3,218 14 3 15,874 53 3 53 3 1,461 1,076 53 2 7,487 23.7 178 251 1,079 661 5,724 175 11.0 192 1,012 530 5,261 16 A 88 176 960 505 4,784 156 84 16.0 903 427 4,485 652 277 3,273 738 391 3,965 12.0 65 13 3 2.68 1.41 14.43 2.36 1.00 11.89 2,034 1,245 7,199 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 .