Summary of Medicalgorithmics S.A. results for the first half of 2017
- Record Group results for the first half of 2017 – sales over PLN 100 million, tripled EBITDA and doubled net profit.
- Dynamic increase of the number of examinations performed using PocketECG thanks to servicing AMI/Spectocor customers.
- Numerous sales activities strengthening technology, service and PocketECG brand awareness among American electrophysiologists.
- Starting pilot implementations of a new product – a system for cardiac rehabilitation (PocketECG CRS).
Medicalgorithmics S.A., a provider of cardiac diagnostic solutions, has published financial performance results for the first half of 2017. The Company has continued to implement its strategy relying its operations on the innovative PocketECG system. The consolidated Group sales mainly include the revenue on medical services provided in the U.S. and generated by a subordinate company Medi-Lynx Cardiac Monitoring, LLC and revenue on subscriptions generated by Medicalgorithmics S.A. from the cooperation with other strategic partners.
In the first half of 2017, the Group’s revenue was PLN 102.5 million, which is 94% more YOY. Doubled revenue was possible thanks to the significantly increased scale of Group operations, which was influenced by taking over the customers of AMI Monitoring, Inc. and by including the financial results of Medi-Lynx in the consolidated results for the entire half of 2017.
Medi-Lynx revenue is derived from the number of diagnostic services performed over a given period. In the first half of 2017, the number of payment requests submitted to insurance companies in relation to provided services reached a record 46 thousand, which is 62% more than in the same period last year. The Medicalgorithmics Board expects that in the second half of the year the number of requests will be even higher due to the effects of a sales campaign and increased base of served customers.
In the first half of 2017, the Group also achieved record profits. The operating profit reached PLN 17.8 million (+188% YOY), EBITDA increased to PLN 24.4 million (+229% YOY), and the net profit of the Group reached PLN 13.0 million (+103% YOY). In the same period, the Group debts stayed at a low, safe level. The net debt/EBITDA coefficient at the end of June 2017 was at 0.8, and the general debt index was 0.3x.
“We are very happy with the financial results after the first half of 2017. Double-digit increase of revenue and tripled EBITDA proves that we were right to acquire our partner in the U.S. I expect that in the second half of the year our results will be even better. Thanks to finishing court disputes, which largely involved the Group in terms of capital and operating activities in the last years, we are now fully focused on gaining new orders and product development. Since May, we have taken several marketing and sales activities in the U.S. which are aimed at strengthening the awareness of technology and services of our PocketECG brand among electrophysiologists,” said Marek Dziubiński, the President of the Board of Medicalgorithmics S.A.
“Besides strengthening our position on the key U.S. market, we are also working on a global growth. We initiated actions to create reimbursement codes for long-term telemetric examinations in the United Kingdom and Germany. Simultaneously, we are continuing work on other products, i.e. the system for cardiac rehabilitation – PocketECG CRS, and a system for 12-lead ECG. The first product is already at pilot implementation stage in Poland, and the other one shall soon be at the laboratory test stage,” summarized Marek Dziubiński.