Interim report January-March 2012: Recovery despite unchanged market conditions
FIRST QUARTER 2012
- Sales revenues increased by 8 percent to SEK 192.4 million (178.9)
- The operating result amounted to SEK 5.0 million (10.4)
- The result before tax amounted to SEK 2.8 million (9.8)
- The result after tax amounted to SEK -1.0 million (6.0)
- The result per share amounted to SEK -0.05 SEK (0.04)
- Organic growth of -2 percent (17)
- Danish spine and orthopaedic clinic, Gildhøj, taken over
- Inauguration of Gastro Center Göteborg
- Marianne Dicander Alexandersson has been appointed new CEO of Global Health Partner and takes up her new position in August 2012
IMPORTANT EVENTS AFTER THE CLOSING DAY
- A decision has been taken to close the obesity surgery within Bariatric Center København
THE CEO’S COMMENTS
The negative development of results from the last two quarters of 2011 was broken as expected and the results were positive for the first quarter of 2012. All clinics, with the exception of the Nordic bariatric clinics, are performing as well as or better than in the corresponding period in 2011.
The negative effects of the so-called National Agreement in Sweden remain, both for our clinics and for an increasing number of patients. As our clinics have increased costs regarding patients from other county councils, we are to a greater extent forced to turn down referrals from County Councils which demand the lowest tendered price, i.e the price level of the local County Council.
On the positive side the insurance companies, that really appreciate our high clinical and medical expertise, continue to increase the patient flow to our Swedish and Danish clinics.
The general price pressure on specialist care services, as well as the fact that Stockholm County Council has decided to postpone the introduction of free choice of hospital care for obesity surgery indefinitely, will force us to further adapt our business in Stockholm. The free choice of hospital care, which has high political priority, has also been disregarded by the Västra Götaland region and this has had negative consequences. Referring doctors and patients can no longer choose between clinics whose services have been approved and procured by the region, but are forced to choose the cheapest, irrespective of geographic distance, specialist competence or waiting times. This is a serious deviation that is unfavourable for both patients and taxpayers and clearly contravenes the government’s central directive regarding patient rights.
The measures taken during the second half of 2011 in the form of capacity adaptation and rationalization are having the expected effect and will have full impact during the second quarter this year. The positive effects on results are entirely due to internal measures. The market factors, above all in Sweden and Denmark, have not improved during the period.
Our consistent line with regard to quality is also reflected in increasing demand from the insurance companies. Unlike public sector procurement officers, insurance customers are becoming more and more observant of quality factors, which very much favours Global Health Partner.
27 April 2012
Gothenburg
Global Health Partner AB (publ)
Per Båtelson
CEO
Queries should be addressed to:
Per Båtelson, CEO, phone: +46 705 95 57 00
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 27 April 2012 at 8.00 a.m. CET.
This report has not been the subject of review by the company’s auditor.
This is a translation of the Swedish version of the Interim report. When in doubt, the Swedish wording prevails.
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