Interim report January-September 2012: Continuing tough market for specialist healthcare
- Tough competition for volumes has continued to put prices under pressure
- Measures taken within Bariatrics have given results
- Programme launched to increase efficiency in the clinics
- Continued cost adjustments of the business
- Focus on the core business in the Nordic region
- Goodwill write-downs (SEK -36.8m) as well as one-off costs (SEK -4.5m)
THIRD QUARTER 2012
- Revenues increased by 7 percent to SEK 137.8m (129.1)
- EBITDA amounted to SEK -4.9m (-4.1)
- The operating result before goodwill write-downs amounted to SEK -13.0m (-11.7)
- The operating result amounted to SEK -49.8m (-11.7)
- The result before tax amounted to SEK -55.0m (-12.7)
- The result after tax amounted to SEK -54.1m (-13.6)
- The result per share amounted to SEK -0.81 (-0.19)
JANUARY - SEPTEMBER 2012
- Revenues increased by 6 percent to SEK 517.5m (488.4)
- EBITDA amounted to SEK 12.3m (31.0)
- The operating result before goodwill write-downs amounted to SEK -13.5m (11.7)
- The operating result amounted to SEK -50.3m (11.7)
- The result before tax amounted to SEK -59.1m (9.0)
- The result after tax amounted to SEK -63.7m (0.8)
- The result per share amounted to SEK -0.98 (-0.06)
THE CEO’S COMMENTS
Let me begin by saying that both profits and sales were a disappointment, even taking into account the fact that the third quarter is the weakest in our market as it includes the summer closures. At the same time I am struck after my early days at Global Health Partner by the great competence of the personnel and by the high quality of care that our 23 clinics deliver. This is something that not least our patients witness to.
The private specialist healthcare market continues to be challenging, both in terms of price pressure and volumes, along with that price competition in the public procurement processes is intensive. In order to meet the increasingly tough competition without lowering our level of quality, we are launching a program to further improve our patient flows and processes and to identify synergy effects. I am convinced that there is a good deal to be gained here, which is not so strange given the high level of growth that Global Health Partner has had historically. Furthermore, we will focus our business, above all to the Nordic region.
The positive side is that patients often choose us in the free choice of hospital care. Of no less importance is the increasing confidence that insurance companies have in us, where we are appreciated for our high level of clinical expertise. During the reporting period we have seen substantially increased patient flows from this part of the market, a group that is growing as private healthcare insurance becomes more and more common. This is a trend that we believe will continue.
After our rapid acquisition-driven growth there are further synergy effects to be gained through greater geographic focus and improvements to our processes.
I have complete confidence that given our foundation of good high-quality clinics, we will be able to return to good profitability.
2 November 2012
Global Health Partner AB (publ)
Marianne Dicander Alexandersson
Queries should be addressed to:
Marianne Dicander Alexandersson, CEO, phone: +46-31 712 53 09
Tobias Linebäck, CFO and Head of Investor Relations, phone: +46-708 55 37 19
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 2012 at 8:00 a.m. CET.
This is a translation of the Swedish version of the Interim report. When in doubt, the Swedish wording prevails.