Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Interim report January-March 2024: Medicover


News provided by

Medicover

26 Apr, 2024, 06:08 GMT

Share this article

Share toX

Share this article

Share toX

STOCKHOLM, April 26, 2024 /PRNewswire/ -- 

  • Revenue amounted to €498.8m (€419.3m), an increase of 18.9% with an organic growth of 14.2%.
  • Operating profit (EBIT) was €19.0m (€10.7m), an increase of 78.0%, representing an operating margin of 3.8% (2.6%).
  • Net profit amounted to €6.5m (€2.1m), which represents a margin of 1.3% (0.5%).
  • EBITDA was €67.2m (€54.3m), an increase of 23.9%. EBITDA margin was 13.5% (12.9%).
  • EBITDAaL amounted to €40.6m (€30.6m), an increase by 32.8%, corresponding to an EBITDAaL margin of 8.1% (7.3%).
  • Net cash flow from operating activities was €78.5m (€61.4m).
  • Basic/diluted earnings per share were €0.041 (€0.010).

REVENUE AND EARNINGS

€ millions (€m)

Q1
2024

Q1
2023

Variance

LTM1)

FY
2023

Revenue

498.8

419.3

19 %

1,825.9

1,746.4

Operating profit (EBIT)

19.0

10.7

78 %

69.7

61.4

Operating profit margin

3.8 %

2.6 %


3.8 %

3.5 %

Net profit

6.5

2.1

199 %

22.8

18.4

Net profit margin

1.3 %

0.5 %


1.2 %

1.1 %

Basic/diluted earnings per share, €

0.041

0.010

310 %

0.149

0.118

EBITDA

67.2

54.3

24 %

256.7

243.8

EBITDA margin

13.5 %

12.9 %


14.1 %

14.0 %

Adjusted EBITDA

70.1

57.4

22 %

266.6

253.9

Adjusted EBITDA margin

14.1 %

13.7 %


14.6 %

14.5 %

EBITDAaL

40.6

30.6

33 %

154.9

144.9

EBITDAaL margin

8.1 %

7.3 %


8.5 %

8.3 %

Adjusted EBITDAaL

43.5

33.7

29 %

164.8

155.0

Adjusted EBITDAaL margin

8.7 %

8.0 %


9.0 %

8.9 %

EBITA

23.8

16.0

49 %

90.4

82.6

EBITA margin

4.8 %

3.8 %


5.0 %

4.7 %

Definition and reconciliation of alternative performance measures are available at www.medicover.com/financial-information.
1) LTM: last twelve months (1 April 2023-31 March 2024)

CEO Statement

I am pleased to be able to report a strong start to the year with good demand levels across the businesses as well as robust margin expansion and strong cash generation.

Annual run rate revenue for the quarter is just short of €2bn. Putting a historic perspective on our growth rate, it took us 25 years to reach our first quarter with €1bn revenue run rate in the third quarter 2020 from our start in the summer of 1995, and it took us then 3.5 years to reach where we are now.

Both divisions have performed well. In the Healthcare Services division, members have increased by a historic strong 54 thousand, the second strongest member growth quarter since the IPO, illustrating the strong demand for our services, on the back of strong labour markets. Meanwhile, in the Diagnostic Services division we see strong volume growth, the number of laboratory tests have increased by 13.7%, and excluding the prior year remaining Covid-19 volume and the disposal of the business in Belarus, test volume is up a healthy 17.4%.

In the quarter we also see a robust margin expansion in both divisions, illustrating improving capacity utilisation and efficiency enhancements.

Revenue for the quarter continued to grow strongly and was up 18.9% to €498.8m (€419.3m), with an organic growth of 14.2%. Fee-For-Service and other services (FFS) increased by 12.3% in the quarter, now representing 57% of total revenue.

EBITDA in the quarter increased by 23.9% to €67.2m (€54.3m), representing an EBITDA margin of 13.5% (12.9%).

Healthcare Services revenue grew by a very strong 23.8% to €341.8m (€276.1m), with an organic growth of 17.4%, whereof price representing approximately 5.0pp of this growth.

At the end of the quarter the division had 1.8 million members, growing with 54 thousand new members over the quarter. FFS increased by 16.6% in the quarter and represented 52% of divisional revenue.

EBITDA grew by 34.5% in the quarter to €46.0m (€34.2m), an EBITDA margin of 13.5% (12.4%). As new hospital capacity gradually matures and capacity fills up, it is expected and positive to see that margins gradually improve.  

Diagnostic Services revenue amounted to €163.1m (€149.1m), an increase by 9.4%, with an organic growth of 7.9%, with price representing approximately 3.0pp of this growth.

The laboratory test volume increased by 13.7% and 35.7 million tests were performed in the quarter (31.4 million). FFS increased by 5.6% in the quarter, now representing 67% of divisional revenue.

EBITDA amounted to €30.2m (€26.5m), an increase of 14.4%, an EBITDA margin of 18.5% (17.7%). Good volume growth across all activities and countries have increased profitability.

Medicover Poland has once again been awarded the Service Quality Star in the category of private medical facilities. This is something that we are very proud of as it is proof of high customer satisfaction.

We continue to be confident for the rest of the year and are on a good path to achieve the medium-term financial targets for the period 2023-2025.

Financial targets by year-end 2025:

  • organic revenue should exceed €2.2bn
  • an adjusted organic EBITDA in excess of €350m
  • loans payable net of cash and liquid short-term investments/adjusted EBITDAaL ≤3.5x

Fredrik Rågmark
CEO

This report has not been subject to review by the Company's auditor.
For full report, see attached pdf.

This is information that Medicover AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below at 7.45 (CEST) on 26 April 2024. This interim report and other information about Medicover is available at medicover.com.

Financial calendar
Annual general meeting                                                                                                 26 April 2024, 13.00 CEST
Interim report                                                                                                                 April-June 25 July 2024, 7.45 CEST
Interim report July-September                                                                                       30 October 2024, 7.45 CET

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

Conference call: A conference call for analysts and investors will be held today at 09.30 CEST. To listen in please register here. To ask questions please register here.

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, laboratories and blood-drawing points and the largest markets are Poland, Germany, Romania and India. In 2023, Medicover had revenue of €1,746 million and more than 45,000 employees. For more information, go to www.medicover.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/medicover/r/interim-report-january-march-2024,c3968444

The following files are available for download:

https://mb.cision.com/Main/15662/3968444/2761744.pdf

Interim report Q1 2024

Modal title

Also from this source

Medicover: Year-end report January-December 2024

Fourth quarter Revenue amounted to €555.8m (€461.9m), an increase of 20.3% with an organic growth of 18.6%. Operating profit (EBIT) was €23.3m...

John Stubbington appointed new CEO of Medicover from 1 May 2025

The Board of Directors of Medicover AB (publ) ("Medicover") today announces that John Stubbington will succeed Fredrik Rågmark as new CEO of the...

More Releases From This Source

Explore

Health Care & Hospitals

Health Care & Hospitals

Medical Pharmaceuticals

Medical Pharmaceuticals

Earnings

Earnings

Earnings

Earnings

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.