2023 Q3 Results

Savaria announces its strongest quarter ever


Laval, Quebec, Canada – November 1, 2023 - Savaria Corporation (“Savaria”) (TSX: SIS), a global leader in the accessibility industry, is pleased to announce its results for the third quarter of fiscal 2023.

Highlights – Q3 2023 compared to Q3 2022

  • Revenue was $210.1M, compared to $201.4M in 2022, an increase of 4.3% due to organic growth of 4.1% and a positive foreign exchange impact of 4.7%, partially offset by the divestiture of the Norway operations.
    • Accessibility organic growth stood at 5.1%, including 9.0% growth coming from North America.
    • Patient Care organic growth was relatively flat.
  • Gross profit was $72.6M, up $8.5M or 13.3%, representing 34.5% of revenue compared to 31.8% in Q3 2022.
  • Operating income was $20.6M, up $3.1M or 17.6%, representing 9.8% of revenue compared to 8.7% in Q3 2022.
  • Adjusted EBITDA* was $33.6M, up $2.6M or 8.3%, compared to Q3 2022.
  • Adjusted EBITDA margin* stood at 16.0%, up 60 bps compared to 15.4% in Q3 2022. 
  • Net earnings were $12.1M, or $0.18 per share on a diluted basis, compared to $10.6M or $0.16 in Q3 2022.
  • On September 15, 2023, the Corporation issued 6,346,850 common shares via a public offering and a concurrent private placement for net proceeds of $87.4M, which were used to reimburse long-term debt. The ratio of net debt to adjusted EBITDA* now stands at 2.28 in comparison to 3.07 as at December 31, 2022.
  • Available funds* of $203.4M, as of September 30, 2023, to support working capital, investments and growth opportunities.  

Q3 2023 Results table 1

A Word from the President

“This third quarter is the best ever quarter presented by Savaria. Revenue reached $210 million, an $8.7 million increase over the same period last year fueled by 9% growth in North America Accessibility. Gross profit was $72.6 million, representing a 34.5% gross margin, also a record for us. We presented a record adjusted EBITDA of $33.6 million for the quarter. Without costs of $0.9 million associated with the Savaria One project, the business would have delivered an adjusted EBITDA of $34.5 million. These strong metrics are the result of excellent work by our employees, in spite of global volatility,” said Marcel Bourassa, President and Chief Executive Officer.

“We successfully raised $92 million of gross proceeds via a public offering and concurrent private placement with Caisse de dépôt et placement du Québec in September, reducing our leverage ratio to 2:28 as at September 30. This adds flexibility for Savaria to seize smaller opportunities such as tuck-in acquisitions in our quest to add products or markets to our global growth plans.

“We remain confident in our plan to reach $1 billion in revenue at the end of 2025. As the world continues to face a myriad of challenges, Savaria feels fortunate to provide products that make a positive difference in peoples’ lives.  I have our 2,250 employees and our global dealer network to thank for their continued support,” concluded Mr. Bourassa.

Third Quarter Results - Q3 2023 compared to Q3 2022


Revenue reached $210.1M, up $8.7M or 4.3%. The increase was due to organic growth of 4.1% and a positive foreign exchange impact of 4.7%, partially offset by the divestiture of the Norway operations.

  • Accessibility segment (79% of Q3-23 revenue): Revenue was $166.3M, an increase of $7.7M or 4.8%. Organic growth stood at 5.1%.
  • Patient Care segment (21% of Q3-23 revenue): Revenue was $43.8M, an increase of $1.0M or 2.4%. Organic growth was relatively flat. 

Operating Income

Operating income was $20.6M, up $3.1M or 17.6%, representing an operating margin of 9.8% compared to 8.7% in Q3 2022.

Adjusted EBITDA

Adjusted EBITDA and adjusted EBITDA margin stood at $33.6M and 16.0%, respectively, compared to $31.0M and 15.4% for Q3 2022.

  • Accessibility segment: Adjusted EBITDA and adjusted EBITDA margin stood at $29.9M and 18.0%, respectively, compared to $26.9M and 17.0% for Q3 2022. 
  • Patient Care segment: Adjusted EBITDA and adjusted EBITDA margin stood at $6.1M and 14.0%, respectively, compared to $5.9M and 13.8% for Q3 2022. 

Nine-Month Results - YTD 2023 compared to YTD 2022


The Corporation generated revenue of $620.1M, up $43.1M or 7.5%. The increase is mainly due to organic growth of 6.9% and a positive foreign exchange impact of 3.6%. The growth was partially offset by the aforementioned divestiture.

Operating Income

Operating income was $52.3M, up $8.2M or 18.6%, representing an operating margin of 8.4% compared to 7.6% in 2022.

Adjusted EBITDA

Adjusted EBITDA and adjusted EBITDA margin stood at $93.8M and 15.1%, respectively, compared to $86.9M and 15.1% in 2022.  

Liquidity and Capital Resources

Savaria generated $41.5M of cash from operations which were primarily used to invest in capital projects, pay interest and dividends.

As at September 30, 2023, the Corporation had a net debt position of $290.2M and a ratio of net debt to adjusted EBITDA of 2.28 compared to 3.07 as of December 31, 2022.


Savaria is expecting revenue growth of approximately 8-10%, when normalizing for the impact of the Norwegian auto division divestiture, with an adjusted EBITDA margin of approximately 16% in fiscal 2023, based on the following assumptions:

  • Organic growth coming from both the Accessibility and Patient Care segments is expected to continue due to a combination of high backlog levels, cross-selling initiatives and strong demand.
  • Successful integration of Handicare and progress toward achieving the next strategic phase of synergies 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.

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.

Following the completion of its first ESG materiality assessment, Savaria undertook a project to measure, baseline and better understand its global energy consumption through a comprehensive carbon footprint calculation of its Scope 1 and Scope 2 greenhouse gas emissions. The data gleaned from this study will help guide future energy efficiency initiatives. 

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 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 November 2, 2023, at 8:30 a.m. (EST)

Savaria will host a conference call on Thursday, November 2 at 8:30 a.m. Eastern Standard Time with financial analysts to discuss results of the period ended September 30, 2023. 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/BI9519a73dbcda460eb68e2e2b1e8546a7

Webcast (en)

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

For further information:

Marcel Bourassa
Chairman, President and Chief Executive Officer

Stephen Reitknecht, CPA, CA
Chief Financial Officer
1.800.661.5112, ext. 3370


Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is provided below. Complete financial statements and the management’s report for Q3 2023 will be available shortly on Savaria’s website and on SEDAR+ sedarplus.ca.

Q3 2023 Result table 2

IMPORTANT: Safety notice for current owners of Savaria residential elevators