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Interim report January-September 2015: Organic growth continues to be good

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  • Organic growth amounted to 7 per cent during the third quarter
  • During the quarter we invested in our unique collaboration with Skandia
  • Reconstruction work at Löwenströmska Hospital during the holiday period had a negative financial effect
  • New decisions regarding our dispute in England have led to us reversing the provision of SEK 4 million

Third quarter 2015

  • Sales revenues increased to SEK 160.4 million (150.2) and organic growth amounted to 7 percent (8)
  • EBITDA amounted to SEK 1.1 million (1.2)
  • EBITDA margin amounted to 0.7 percent (0.8)
  • Result after tax (EAT) was SEK -4.6 million (-6.9)
  • Result per share was SEK -0.07 (-0.11)

January - September 2015

  • Sales revenues increased to SEK 590.1 million (557.7) and organic growth amounted to 6 percent (5)
  • EBITDA amounted to SEK 38.8 million (42.3)
  • EBITDA margin amounted to 6.6 percent (7.6)
  • Result after tax (EAT) was SEK 14.3 million (15.2)
  • Result per share was SEK 0.14 (0.16)

CEO’s comments
We are pleased to see that organic growth continues to be high and we are growing in Stockholm, Västra Götaland, Skåne and Denmark. We see good opportunities to maintain this organic growth and also look forward to increase growth through acquisitions.

As expected, costs for the holiday period had a great impact on the third quarter. The staff are our greatest cost and our greatest asset. This means that the holiday period is costly, but it is still most cost-efficient to completely close the surgical units. The staff can then take out their holiday and we avoid running the business at half speed.

The holiday effect was greater than expected this year. Our large business operations at Löwenströmska Hospital have not been able to run as planned because of the rebuilding projects at the site. This means that we remained closed longer than planned, at the same time as we did not receive any compensation for lost revenues.

We have considerably higher ambitions than what the result for the third quarter displays and the work on the businesses that do not match up to our financial expectations is continuing. We feel that we are on the right track in all the clinics except Stockholm Spine Center, where work remains to be done. It is important that we take a long-term view in this work – we must preserve and further develop the leading-edge health care that is carried out there. We are pleased that the work on our specialist dentistry is now having a positive effect and here the quarterly results were considerably better than in the corresponding period in 2014.

During the quarter considerable resources were invested in starting up our exciting collaboration with Skandia, where we are developing health care through more coherent chains of care. We are convinced that this kind of collaboration is the future and we are therefore focusing on building up and developing the model. This includes education and training, development of chains of care, IT and collaboration with external collaboration partners. Patient admissions under this collaboration started on 5 October, completely in line with plan. Due to continued investments the start-up will have a negative financial effect on the fourth quarter as well.

29 October 2015
Gothenburg
GHP Specialty Care AB (publ)

Daniel Öhman
CEO

Queries should be addressed to:
Daniel Öhman, CEO, Tel: +46 708 55 37 07
Tobias Linebäck, CFO and Head of Investor Relations, Tel: +46 708 55 37 19

GHP is an internationally active health care provider that operates specialist clinics in a select number of diagnostic areas through the application of a business model that is unique in the health care industry, where leading doctors become partners and shareholders. Each clinic specialises in a particular patient group, and this leads to increased efficiency and higher quality. This is the cornerstone of GHP’s business philosophy – “Quality through specialisation”. GHP shares are traded on the Small Cap list of Nasdaq Stockholm under the ticker symbol “GHP”.

GHP Specialty Care AB (publ) | Corp. ID No. 556757-1103
Södra Hamngatan 45 | SE-411 06 Gothenburg | Sweden
Tel 46-31 712 53 00 | Fax 46-31 313 13 21 | www.ghp.se

GHP Specialty Care AB is required to publish the information herein according to the Swedish Securities Market Act. This information was published on 29 October 2015 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.

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ghp healthcare provider specialist clinics quality through specialisation Tobias Linebäck Daniel Öhman GHP Specialty Care AB Interim report January-September 2015

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