2024 Q1 Results

Savaria starts fiscal 2024 with elevated margins


Laval, Québec, Canada – May 8, 2024 - Savaria Corporation (“Savaria”) (TSX: SIS), one of the global leaders in the accessibility industry, is pleased to announce its results for the first quarter of 2024.

Highlights – Q1 2024 compared to Q1 2023

  • Revenue was $209.4M, compared to $211.6M in 2023, a decrease of 1.0% due to the divestitures of Van-Action, Freedom Motors and the Norway operations, partially offset by organic growth of 2.6% and a positive foreign exchange impact of 0.7%.
    • Accessibility organic growth stood at 3.3%, including growth of 11.0% coming from North America.
    • Patient Care organic growth stood at 0.5%.
  • Gross profit was $75.4M, up $3.4M or 4.7%, representing 36.0% of revenue, an increase of 200 bps compared to 34.0% in Q1 2023.
  • Operating income was $17.7M, up $2.3M or 14.6%, representing 8.5% of revenue compared to 7.3% in Q1 2023.
  • Adjusted EBITDA* was $34.7M, up $3.5M or 11.1%, compared to Q1 2023.
  • Adjusted EBITDA margin* stood at 16.6%, up 190 bps compared to 14.7% in Q1 2023. 
  • Net earnings were $11.0M, or $0.16 per share on a diluted basis, compared to $6.0M or $0.09 per share in Q1 2023.
  • Ratio of net debt to adjusted EBITDA* stands at 2.03, stable in comparison to 2.07 as at December 31, 2023.
  • Available funds* of $230.6M, as of March 31, 2024, to support working capital, investments and growth opportunities.
  • On February 1st, 2024, Savaria finalized the transaction to sell its Van-Action and Freedom Motors subsidiaries. These divestments represented approximately $15M of annualized revenue.
  • On April 8, 2024, the Corporation acquired the dumbwaiter and material lift assets of D.A. Matot, Inc. ("Matot"). Matot is a leading North American supplier of lifts used for the movement of goods in commercial and industrial applications. Dumbwaiters and material lifts are used in a wide range of activities, including within hospital and healthcare facilities, the hospitality sector, and a variety of retail and industrial settings.

2024 Q1 - Table 1 English

Words from the Executive Chairman and from the President & CEO

“I was proud of our senior management team for their successful hosting of our first-ever Investor Day on April 9. We were very pleased with the turn-out at this event and the opportunity to provide updates on Savaria One for the Accessibility and Patient Care segments. I have stated our goals of approximately $1 billion in revenue by the end of 2025 with 20% adjusted EBITDA. What is exciting to me is that not only do I see us meeting these goals, Savaria One is pushing us to optimize our success in so many ways – building a momentum for us that will endure well beyond 2025,” said Marcel Bourassa, Executive Chairman.

“Our first quarter reflected the positive changes we have made operationally and resulted in a strong 2% increase of adjusted EBITDA margin finishing at 16.6%. The divestiture of accessible vehicle manufacturing did affect our revenue year-over-year, but we are very satisfied with the double digit North America Accessibility revenue growth in particular. We know our Savaria One initiative is uncovering opportunities for cost-savings, operational efficiencies and sales growth. The structured approach that is in place is truly helping us unlock the full potential of our business,” said Sébastien Bourassa, President and Chief Executive Officer.

First Quarter Results - Q1 2024 compared to Q1 2023


Revenue reached $209.4M, down $2.2M or 1.0%. The decrease was due to the divestitures of Van-Action, Freedom Motors and the Norway operations, partially offset by organic growth of 2.6% and a positive foreign exchange impact of 0.7%.

  • Accessibility segment (77% of Q1-24 revenue): Revenue was $160.4M, a decrease of $2.4M or 1.5%. Organic growth stood at 3.3%. 
  • Patient Care segment (23% of Q1-24 revenue): Revenue was $49.0M, an increase of $0.2M or 0.4%. Organic growth stood at 0.5%. 

Operating Income

Operating income was $17.7M, up $2.3M or 14.6%, compared to Q1 2023, representing an operating margin of 8.5% compared to 7.3% in Q1 2023. The increase was mainly attributable to higher gross margins and the gain on the divestitures in comparison to a loss last year, partially offset by strategic initiatives expenses.

Adjusted EBITDA

Adjusted EBITDA and adjusted EBITDA margin stood at $34.7M and 16.6%, respectively, compared to $31.2M and 14.7% for Q1 2023.

  • Accessibility segment: Adjusted EBITDA and adjusted EBITDA margin stood at $27.6M and 17.2%, respectively, compared to $24.0M and 14.8% for Q1 2023. 
  • Patient Care segment: Adjusted EBITDA and adjusted EBITDA margin stood at $9.1M and 18.5%, respectively, compared to $9.8M and 20.1% for Q1 2023. 

Liquidity and Capital Resources

Savaria generated $26.5M of cash from operations which were primarily used to invest in capital projects, repay debt and pay interest and dividends.

As at March 31, 2024, the Corporation had a net debt position of $271.1M and a ratio of net debt to adjusted EBITDA of 2.03 compared to 2.07 as of December 31, 2023. 


Savaria expects to deliver approximately $1.0 billion in revenue and 20% adjusted EBITDA margin in 2025. These targets will be achieved through continued strong demand in the Accessibility and Patient Care segments and completion of Savaria One, its multi-year, company-wide, sales and operations program designed to unlock the full potential of the business.

Realization of expected benefits from Savaria One includes:

  • Sales initiatives focused on market share growth and pricing optimization
  • Operational and production improvements to increase capacity and throughput
  • Procurement and supply chain efficiencies and streamlining
  • Investment in research and development to improve existing and develop new products

The Corporation plans to record an average of $5.0 million in strategic initiative expenses per quarter through 2024 and at the beginning of 2025 related to Savaria One, and anticipates increasing financial and operational benefits on a sequential quarterly basis, as the Corporation continues toward its record revenue and adjusted EBITDA margin targets for 2025.

Savaria will also continue to evaluate potential tuck-in acquisitions to replace some or all of the lost revenue following the divestiture of Van-Action, Freedom Motors and the Norwegian vehicle adaptation businesses. 

The above-mentioned outlook is a “forward-looking statement” within the meaning of the securities laws of Canada and subject to the Corporation’s disclosure statement.

Environmental, Social and Governance (“ESG”) Values

As a global leader within the accessibility industry, Savaria is committed to minimizing its environmental footprint and upholding the highest social and governance standards. We believe that promoting environmentally and socially responsible behaviour across our organization is key to achieving sustainable growth and long-term value creation.

By delivering products and solutions that promote accessibility, health, and wellness, improving operational efficiencies and resource usage, and engaging our employees and stakeholders, we’ll create a stronger, more resilient business that will continue to be an industry leader while delivering positive social change.

We recognize this work requires long-term vision, planning, and collaboration, yet also must be grounded in clear actions and an ongoing commitment to transparency.

To that end, on April 17, 2024, Savaria published its first ESG report for the fiscal year ended December 31, 2023. Through this report, Savaria discloses its strategy and initiatives on ESG matters that are important to its stakeholders, and where it sees an opportunity to have a positive and meaningful influence. This inaugural ESG report represents an important milestone for Savaria and provides a baseline for measuring our future performance. The 2023 ESG report can be found under the investor relations section of our website at savaria.com.

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. In addition, Savaria manufactures and markets a comprehensive selection of pressure management products, medical beds, as well as an extensive line of medical equipment and solutions for the safe movement of patients, such as transfer, lifting and repositioning aids. 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 2,400 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 EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net earnings, adjusted net earnings per share, available funds, net debt and ratio of net debt to adjusted EBITDA 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 sections 3, 6 and 8 of Savaria’s MD&A, which is posted on Savaria’s website at savaria.com, and filed with SEDAR+ at sedarplus.ca. Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is presented in the section below.

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.



Results webcast and conference call on May 9, 2024, at 8:30 a.m. (EST)

Savaria will host a conference call on Thursday, May 9th at 8:30 a.m. Eastern Standard Time with financial analysts to discuss results of the period ended March 31, 2024. Investors and members of the media are invited to participate on a listen-only basis. 

Conference call access:  

To register: https://register.vevent.com/register/BIf63d4613c9e94fa09d6a60d415b8a312

Webcast (en)

Link to the replay of the webcast will be available on the Corporation’s website at savaria.com.

For further information:

Sébastien Bourassa
President and Chief Executive Officer
[email protected]

Stephen Reitknecht, CPA, CA
Chief Financial Officer
1.800.661.5112, ext. 3370
[email protected]


Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is provided below. Complete financial statements and the management’s report for Q1 2024 will be available shortly on Savaria’s website and on SEDAR+ sedarplus.ca.

2024 Q1 - Table 2 English

IMPORTANT: Safety notice for current owners of Savaria residential elevators