- Revenue amounted to €578.1m (€498.8m), an increase of 15.9% with an organic growth of 14.1%.
- Operating profit (EBIT) was €36.0m (€19.0m), an increase of 88.7% representing an operating margin of 6.2% (3.8%).
- Net profit amounted to €18.8m (€6.5m), an increase of 190.4%, which represents a margin of 3.3% (1.3%).
- EBITDA was €86.5m (€67.2m), an increase of 28.7%. EBITDA margin was 15.0% (13.5%).
- EBITDAaL amounted to €56.3m (€40.6m), an increase by 38.6%, corresponding to an EBITDAaL margin of 9.7% (8.1%).
- Net cash flow from operating activities was €87.5m (€78.5m).
- Basic/diluted earnings per share were €0.134 (€0.041)/€0.133 (€0.041).
REVENUE AND EARNINGS
| € millions (€m) | Q1 2025 | Q1 2024 | Growth | LTM1) | FY 2024 |
| Revenue | 578.1 | 498.8 | 16% | 2,171.1 | 2,091.8 |
| Operating profit (EBIT) | 36.0 | 19.0 | 89% | 87.3 | 70.3 |
| Operating profit margin | 6.2% | 3.8% | 4.0% | 3.4% | |
| Net profit | 18.8 | 6.5 | 190% | 26.9 | 14.6 |
| Net profit margin | 3.3% | 1.3% | 1.2% | 0.7% | |
| Basic earnings per share, € | 0.134 | 0.041 | 227% | 0.204 | 0.112 |
| Diluted earnings per share, € | 0.133 | 0.041 | 224% | 0.203 | 0.112 |
| EBITDA | 86.5 | 67.2 | 29% | 304.2 | 284.9 |
| EBITDA margin | 15.0% | 13.5% | 14.0% | 13.6% | |
| Adjusted EBITDA | 90.6 | 70.1 | 29% | 320.5 | 300.0 |
| Adjusted EBITDA margin | 15.7% | 14.1% | 14.8% | 14.3% | |
| EBITDAaL | 56.3 | 40.6 | 39% | 188.7 | 173.0 |
| EBITDAaL margin | 9.7% | 8.1% | 8.7% | 8.3% | |
| Adjusted EBITDAaL | 60.4 | 43.5 | 39% | 205.0 | 188.1 |
| Adjusted EBITDAaL margin | 10.5% | 8.7% | 9.4% | 9.0% | |
| EBITA | 39.2 | 23.8 | 64% | 120.1 | 104.7 |
| EBITA margin | 6.8% | 4.8% | 5.5% | 5.0% |
Definition and reconciliation of alternative performance measures are available at www.medicover.com/financial-information.
1) LTM: last twelve months (1 April 2024 - 31 March 2025)
CEO Statement
I am pleased and proud to be able to report yet another quarter with very strong performance, with continued high organic revenue growth and significant margin expansion across both segments. Our number of consecutive quarters with improving profitability is primarily driven by increased scale effects as we grow our customer base, increased maturity across our network as facilities gradually fill and ongoing operational efficiency initiatives, not the least in the digitalisation area.
This has generated a continued strong operating cash flow and cash conversion.
Looking ahead, we see a continued strong and robust performance outlook.
Revenue in the quarter reached €578.1m (€498.8m) which translates into a growth of 15.9%, of which 14.1% organic.
Margin expansion was particularly pronounced at the operating profit (EBIT) level and amounted to €36.0m (€19.0m) or 6.2% (3.8%) margin for the quarter, an impressive growth of 89% versus the prior year quarter and a 240bps margin expansion. This illustrates the continuous operational leverage across our business, as we grow scale and maturity. EBITDA in the quarter increased by 28.7% to €86.5m (€67.2m), corresponding to a margin of 15.0% (13.5%) with a 149bps margin expansion. Adjusted EBITDA amounted to €90.6m (€70.1m), of which €88.8m was organic.
Healthcare Services revenue grew by 17.8% to €402.6m (€341.8m), with an organic growth of 15.1%, whereof price representing approximately 8.6pp of this growth. At the end of the quarter the division had 1.8 million members.
The margin expansion was particularly visible in Healthcare Services with EBIT reaching €27.0m (€11.5m), a margin of 6.7% (3.4%), more than doubling from the prior year quarter. The margin level almost doubled with a 333bps margin expansion. EBITDA came in at €62.9m (€46.0m) and grew by 36.8% in the quarter, an EBITDA margin of 15.6% (13.5%) with 217bps margin expansion. We see continued strong contributions from the Polish businesses, mainly ambulatory, sports/wellness and fertility.
Diagnostic Services revenue amounted to €182.2m (€163.1m), an increase of 11.7%, with an organic growth of 11.8%, with price representing approximately 3.2pp of this growth. The laboratory test volume amounted to 36.5 million tests performed in the quarter (35.7 million).
Diagnostic Services EBIT increased strongly to €22.0m (€17.1m), a margin of 12.1% (10.5%), growth of 28.1% versus prior year with 155 bps margin expansion. EBITDA increased by 18.6% and amounted to €35.9m (€30.2m), an EBITDA margin of 19.7% (18.5%) with a 116bps margin expansion.
Our cash flow from operations reached €87.5m in the quarter, an increase by 11.6%.
Early in April, after the end of the reporting period, we announced two material acquisitions, one in each division. We acquired Synlab's operations on six markets in Central and Eastern Europe as well as a leading operator of fitness clubs in Poland. Both these acquisitions have significant strategic rationale and importance and will be highly synergetic and profit accretive from closing in both divisions and the Group. On a yearly basis these will together add approximately €80m in revenue.
In February 2023, we announced new financial targets to reach annual organic revenue exceeding €2.2bn and an adjusted organic EBITDA of more than €350m by the year-end 2025.
It is with particular pride and attention that I note that we now, already in Q1, on an annualised quarterly basis, have exceeded these targets. By the end of the first quarter, we have an annual organic revenue of €2.3bn and adjusted organic EBITDA above €350m on an annualised quarterly basis. In addition, we have exceeded the profitability measures added for illustrative purposes, an adjusted EBITDAaL of at least €235m and EBIT above €140m.
This is my last quarterly report as CEO of Medicover - I am very pleased of how we have been able to grow and improve the business over the eight years since we listed the company in May 2017. The company has never been in a stronger position than now, and the outlook remains very strong. I am confident in handing over the leadership to John Stubbington and our leadership team.
I take this opportunity to express a deep and personal thank you to all my colleagues and friends across the Group that have enabled this remarkable journey over many years. In addition, I would like to express a sincere thank you for the trust in my leadership over the many years to the Board of Directors, the af Jochnick family as main shareholders, all other shareholders and external business partners and stakeholders.
All the best,
Fredrik Rågmark
CEO
This report has not been subject to review by the Company's auditor. For full report, see attached pdf.
This interim report and other information about Medicover is available at medicover.com.
| Financial calendar Annual general meeting 29 April 2025, 13:00 CEST Interim report April-June 24 July 2025, 7.45 CEST Interim report July-September 5 November 2025, 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. If you wish to participate via webcast please register here. Via the webcast you can ask written questions. If you wish to participate via teleconference, please register here. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. Address Medicover AB (publ) (Org nr: 559073-9487) P.O. Box 5283, SE-102 46 Stockholm Visiting address: Riddargatan 12A, SE-114 35 Stockholm, Sweden Phone: +46 8 400 17 600 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 2024, Medicover had revenue of €2,092 million and more than 47,000 employees. For more information, go to www.medicover.com |
This information is information that Medicover AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-04-29 07:45 CEST.
