Interim report January-September 2010: Continued strong increase in operating result
THIRD QUARTER 2010
- Revenues increased by 17 percent to SEK 108.8 million (93.3)
- The operating result amounted to SEK -4.1 million (-13.1)
- The result before tax amounted to SEK -4.8 million (-12.7)
- The result after tax amounted to SEK -5.0 million (-12.0)
- The result per share amounted to SEK -0.07 (-0.19)
- Organic growth of 15 percent
- Newly opened obesity clinics in Denmark
- Newly opened orthopaedic and gastroenterologic business in Lund
- Arrhythmia new Service Line
JANUARY - SEPTEMBER 2010
- Revenues increased by 16 percent to SEK 407.9 million (352.1)
- The operating result amounted to SEK 15.9 million (-4.3)
- The result before tax amounted to SEK 16.5 million (-5.3)
- The result after tax amounted to SEK 7.5 million (-9.9)
- The result per share amounted to SEK 0.01 (-0.26)
- Organic growth of 15 percent
THE CEO’S COMMENTS
The market situation for the existing Swedish clinics is stable, primarily with regard to the outcome of the Swedish Parliamentary elections that resulted in that very few changes are expected in the Swedish County Councils. Continued focus on patient rights, patient safety and transparency in the follow-up of quality in Swedish healthcare favour Global Health Partner’s business model and ensure that it will be possible to further profile and market our high quality and cost-effective services.
After a period of turbulence in the Danish hospital service, the situation has now stabilised. We have had a good start for our two Bariatric Centers, which perform obesity operations in Copenhagen and Odense. In Norway the market situation is unfavourable and the volume inflow for spine surgery at the Bergen clinic is unsatisfactory. On the other hand, the demand for obesity operations continues to increase. In other markets the situation is stable and the current clinics are performing in line with our plans, with the exception of a somewhat slower development of volumes for the Bariatric clinic in Prague.
The third quarter is the weakest quarter of the year due to the holiday period in July and August. Compared with the previous year the overall result from the clinics is considerably better. The central development costs continue to be under control, which contributes to a favourable development of the results for the Group as a whole.
During the period two new clinics within the Bariatrics area were started in Denmark. Just after the end of the period, we also acquired the majority of the shares in Stockholm Gastro Center, a business with a very good reputation in the field of medical and surgical gastroenterology including endoscopy, next to our Bariatric clinic at Sophiahemmet. This clinic complements what we have to offer in the gastro area and will contribute with synergies in both the business and the premises. Furthermore, we have started up both gastroenterology and orthopaedics in our clinic in Skåne during the period as a complement to the Bariatrics business. This is one further example of the improvement and expansion that we carry out in the existing clinics.
We see continued good demand in our clinics in the very near future. We will also in time further strengthen our positions in the market, based on the very good medical results that are achieved in our clinics and which amongst other things are documented in the Swedish quality register.
2 November 2010
Global Health Partner AB (publ)
Queries should be addressed to:
Per Båtelson, CEO, phone +46 705 95 57 00
Tobias Linebäck, CFO +46 708 55 37 19
Anna Ahlberg, Head of Investor Relations, phone +46 708 55 38 35
Global Health Partner is an internationally active healthcare provider that operates specialist clinics in a select number of treatment areas through the application of a business model that is unique in the healthcare industry, where leading doctors become partners and shareholders. Multiple clinics with high patient volumes within the same area of treatment produce increased efficiency and higher quality, which is the cornerstone of Global Health Partner's business philosophy – ”Quality through Specialisation”. Global Health Partner’s shares are traded on the Small Cap list at NASDAQ OMX Stockholm under the abbreviation “GHP.”
Global Health Partner AB (publ) | www.globalhealthpartner.com
Corp. ID No. 556757-1103 | Östra Hamngatan 26-28 | SE-411 09 Gothenburg | Sweden
Tel 46-31 712 53 00 | Fax 46-31 313 13 21
Global Health Partner AB is required to publish the information herein according to the Swedish Securities Market Act.
This information was published on 2 November 2010 at 8.30 a.m. CET.
This is a translation of the Swedish version of the interim report. When in doubt, the Swedish wording prevails.