Interim report July–September 2019

Third Quarter

  • Revenue increased by 26.7% to €212.1m (€167.4m). Organic revenue grew by 17.4%.
  • Operating profit (EBIT) increased by 66.7% to €14.3m (€8.6m), representing an operating margin of 6.7% (5.1%).
  • Net profit amounted to €6.3m (€6.7m), which represents a net profit margin of 3.0% (4.0%).
  • EBITDA increased by 41.5% to €32.5m (€23.0m), corresponding to an EBITDA margin of 15.3% (13.7%).
  • EBITDAaL increased by 50.1% to €22.3m (€14.9m), corresponding to an EBITDAaL margin of 10.5% (8.9%).
  • Net cash flow from operating activities was €22.6m (€29.4m).
  • Basic/diluted earnings per share were €0.043 (€0.045).

Nine Months

  • Revenue increased by 25.3% to €614.7m (€490.4m). Organic revenue grew by 15.1%.
  • Operating profit (EBIT) increased by 41.9% to €35.7m (€25.1m), representing an operating margin of 5.8% (5.1%).
  • Net profit amounted to €18.1m (€20.7m), which represents a net profit margin of 2.9% (4.2%) affected by lower other income/costs.
  • EBITDA increased by 31.4% to €87.3m (€66.4m), corresponding to an EBITDA margin of 14.2% (13.5%), impacted by €2.0m (€0.9m) merger and acquisition related costs expensed.
  • EBITDAaL increased by 36.7% to €58.3m (€42.6m), corresponding to an EBITDAaL margin of 9.5% (8.7%).
  • Net cash flow from operating activities amounted to €62.4m (€57.8m).
  • Basic/diluted earnings per share were €0.120 (€0.145).

REVENUE AND EARNINGS

€ millions (€m) Q3 2019 Q3 2018 Growth 9M 2019 9M 2018 Growth FY 2018
Revenue 212.1 167.4 27% 614.7 490.4 25% 671.6
Operating profit 14.3 8.6 67% 35.7 25.1 42% 33.7
Operating profit margin, % 6.7% 5.1%   5.8% 5.1%   5.0%
Net profit 6.3 6.7 -4% 18.1 20.7 -13% 24.2
Net profit margin, % 3.0% 4.0%   2.9% 4.2%   3.6%
Basic/diluted earnings per share, € 0.043 0.045 -4% 0.120 0.145 -17% 0.167
               
EBITDA 32.5 23.0 41% 87.3 66.4 31% 90.7
EBITDA margin, % 15.3% 13.7%   14.2% 13.5%   13.5%
EBITDAaL 22.3 14.9 50% 58.3 42.6 37% 58.5
EBITDAaL margin, % 10.5% 8.9%   9.5% 8.7%   8.7%
EBITA 15.7 9.4 67% 39.8 27.0 47% 37.0
EBITA margin, % 7.4% 5.6%   6.5% 5.5%   5.5%

For definition and reconciliation of alternative performance measures, refer to note 11. As from Q3 2019 margins (including margins of comparative figures) and growth rates have been calculated based on EUR whole figures instead of figures rounded in millions.

This is information that Medicover AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication through the agency of the contact person set out below at 7.45 (CET) on 6 November 2019. This interim report and other information about Medicover is available at medicover.com.

Contact information

For further information, please contact:
Hanna Bjellquist, Head of Investor Relations
Phone: +46 70 303 32 72
E-mail: hanna.bjellquist@medicover.com

Medicover is a leading international healthcare and diagnostic services company and was founded in 1995. Medicover operates a large number of ambulatory clinics, hospitals, specialty-care facilities and laboratories and the largest markets are Poland and Germany. In 2018, Medicover had revenue around €672 million and 20,970 employees. For more information, go to www.medicover.com

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About Us

Medicover is a leading international healthcare and diagnostic services provider in Poland, Germany, Romania, Ukraine and certain other markets, primarily in Central and Eastern Europe (“CEE”). Additionally, Medicover is in the process of entering the fast-growing Indian healthcare market in order to expand its geographical footprint and further leverage its emerging markets capabilities. Medicover offers a broad range of healthcare services and a significant hub-and-spoke diagnostic laboratory network, supported by extensively developed proprietary software and information systems infrastructure. Medicover operates through two divisions: Healthcare Services and Diagnostic Services.