Publicado 03/11/2023 08:37

Medicover: Interim report July-September 2023

(Información remitida por la empresa firmante)

STOCKHOLM, Nov. 3, 2023 /PRNewswire/ --

Third quarter

  • Revenue amounted to 440.5m (368.6m), an increase of 19.5% with an organic growth of 14.9%.
  • Operating profit (EBIT) was 18.5m (9.1m), an increase of 101.5%, representing an operating margin of 4.2% (2.5%).
  • Net profit/(loss) amounted to 0.5m (-3.4m), which represents a margin of 0.1% (-0.9%).
  • EBITDA was 64.8m (48.8m), an increase of 32.6%. EBITDA margin was 14.7% (13.3%).
  • EBITDAaL amounted to 39.6m (26.9m), an increase by 47.2%, corresponding to an EBITDAaL margin of 9.0% (7.3%).
  • Net cash flow from operating activities was 57.5m (54.5m).
  • Basic/diluted earnings/(loss) per share were -0.007 (-0.024).

Nine months

  • Revenue amounted to 1,284.5m (1,112.5m), an increase of 15.5% with an organic growth of 10.8%.
  • Operating profit (EBIT) was 42.4m (46.3m), representing an operating margin of 3.3% (4.2%).
  • Net profit amounted to 9.8m (11.4m), which represents a margin of 0.8% (1.0%).
  • EBITDA was 177.4m (163.9m), an increase by 8.1%. EBITDA margin was 13.8% (14.7%).
  • EBITDAaL amounted to 104.1m (100.8m), corresponding to an EBITDAaL margin of 8.1% (9.1%).
  • Net cash flow from operating activities was 162.5m (128.1m).
  • Basic/diluted earnings per share were 0.040 (0.066).


Definition and reconciliation of alternative performance measures are available at 2022 is restated for IFRS 17 Insurance contracts. For further information, refer to note 1.2) LTM: last twelve months (1 October 2022-30 September 2023).

CEO Statement

We are continuing to follow our road map and are delivering according to plan. We are delivering strong organic growth and have much more than offset the loss of Covid-19 revenue and as we now move forward, Covid-19 will be absent in our comparative numbers.

Revenue for the quarter continued to grow strongly and was up 19.5% to 440.5m (368.6m), with an organic growth of 14.9%. This is particularly noteworthy, as we have not only replaced prior year Covid-19 testing revenue, but also additionally replaced all revenue from the disposed business in Belarus.

After now 6 quarters of reducing profits compared with the prior year quarter, following the unwinding of Covid-19 related contribution, it is pleasing to see, as expected, that we are now back to increasing the main profit measures versus the prior year comparative quarters.

EBITDA was 64.8m (48.8m), an increase by 32.6%, representing an EBITDA margin of 14.7% (13.3%).

Fee-For-Service and other services (FFS) increased by 17.4% in the quarter, now representing 57% of total revenue.

Healthcare Services revenue grew very strongly by 32.2% to 304.7m (230.5m), with an organic growth of 21.9%. Members grew to 1.7 million with 13 thousand new members over the quarter, the growth rate has slowed down partly due to a slightly slower employment market and also our focus on price growth. FFS was 54% of divisional revenue.

EBITDA grew by an impressive 44.2% to 46.6m (32.3m), an EBITDA margin of 15.3% (14.0%). This despite new units and the hospital in Bucharest impacting profitability negatively. Margin in Medicover Hospitals India has improved by just short of 100 basis points versus the prior year quarter and is for the quarter accretive to divisional EBITDA margin, however not for the year-to-date period.

Diagnostic Services revenue amounted to 140.9m (142.7m), a decrease by 1.2%, with an organic growth of 3.5%. While the reported revenue is a slight reduction, organic growth excluding Covid-19 related revenue was up a very healthy 14.7%. 29.4 million tests were performed in the quarter (29.0 million). FFS was 67% of divisional revenue.

EBITDA amounted to 20.9m (22.6m), a decrease of 7.7%, an EBITDA margin of 14.8% (15.9%). Underlying EBITDA demonstrated strong organic development, but not yet completely replacing the higher Covid-19 contribution.

The recent parliamentary election in Poland saw the highest ever voter turnout since the fall of communism in 1989, very well illustrating the importance of the outcome for the future direction of Poland.

We continue our path towards reaching the new medium-term financial targets for the period 2023-2025, that were communicated earlier this year. As these strong figures demonstrate we are well on our way to achieve them. 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 RgmarkCEO

For complete 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 (CET) on 3 November 2023. This interim report and other information about Medicover is available at

Financial calendarInterim report Year-end 9 February 2024, 7.45 CETAnnual report week 13 2024Interim report January-March 26 April 2024, 7.45 CESTAnnual general meeting 26 April 2024Interim report April-June 25 July 2024, 7.45 CESTInterim report July-September 30 October 2024, 7.45 CET

For further information, please contact:Hanna Bjellquist, Head of Investor RelationsPhone: +46 70 303 32 72E-mail:

Conference call: A conference call for analysts and investors will be held today at 09.30 CET. 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 2022, Medicover had revenue of 1,510 million and more than 44,000 employees. For more information, go to

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