Savaria Announces Preliminary Fiscal 2022 Results and 2023 Forecast

LAVAL, Québec, Feb. 13, 2023 (GLOBE NEWSWIRE) — 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.

Outlook
Savaria 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 Corporation
Savaria 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 Statements
This 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.

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