Medicover Ab Class B · OMXSTO:MCOV_B

Medicover Ab Class B — Q1 2024 Earnings Presentation

19 slides from Medicover Ab Class B's earnings presentation, Apr 26, 2024

  1. Slide 1: Web cast presentation

    Web cast presentation Q1 results presentation Fredrik Rågmark, CEO & Joe Ryan, CFO 26 April 2024

  2. Slide 2: Disclaimer regarding forward-looking statements

    DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, conta

  3. Slide 3: Business overview

    a > a MEDICOVER Business overview

  4. Slide 4: A very strong quarter

    A very strong quarter  Continued strong growth of 18.9%, organic growth of 14.2%.  Annual run rate revenue just short of €2bn.  Solid performance across all business units.  Strong laboratory test volume growth.  Robust margin expansion in both divisions, illustrating improving capacity utilisa

  5. Slide 5: Strong organic growth

    Strong organic growth Commentary Revenue split per country / payer2 Consolidated revenue  Revenue €498.8m (€419.3m), +17% -4% 498.8 6% 500 up 18.9%, organic growth of +11% 4% +15%3 6.5 14.2%. 9% 419.3 4.6 +27% 400 381.7 +25%3 49% +21% 14%  Acquired revenue €6.5m. 65,5 300 18%  Fee-For-Service* (F

  6. Slide 6: Improved profitability

    Improved profitability  EBITDA €67.2m (€54.3m), increased by 23.9%, 80 25% a margin of 13.5% (12.9%).  Adj EBITDA €70.1m (€57.4m), a margin of 60 20% 14.1% (13.7%). 15%  Adj EBITDAaL €43.5m (€33.7m), a margin of 8.7% (8.0%). 40 10%  EBIT increased strongly by 78.0% to €19.0m (€10.7m), a margin o

  7. Slide 7: Healthcare Services – strong growth continues

    Healthcare Services – strong growth continues Sales by country2 +19%  Revenue was €341.8m (€276.1m), up 23.8% +29% 9% with an organic growth of 17.4%, price 350 11% +27% representing ~5.0pp of the growth. 300 14% +11%  Acquired revenue was €1.2m. 66% 250  FFS* represented 52% of divisional revenu

  8. Slide 8: Healthcare Services - and with good margin expansion

    Healthcare Services - and with good margin expansion 50 25%  EBITDA grew by 34.5% to €46.0m (€34.2m), a margin of 13.5% (12.4%). 45 40 20%  EBITDAaL was €26.1m (€16.9m), a margin of 35 7.6% (6.1%). 30 15% 25  The negative impact is similar YoY s the 20 10% improvement in newer Indian hospitals is

  9. Slide 9: India hospital network - maturity to drive margin expansion

    India hospital network - maturity to drive margin expansion Share of Maturity <18 revenue months 2% 1 hospital 40% 58% Maturity <36 months Share of 8 beds hospitals 5% Maturity >36 months 53% 42% 12 hospitals 9

  10. Slide 10: Diagnostic Services - delivering organic growth

    Diagnostic Services - delivering organic growth Sales by country2 -18%  Revenue was €163.1m (€149.1m), with an organic +19% 10% +11% growth of 7.9%, price representing ~3.0pp of this 200 11% growth. 48%  Acquired revenue was €5.3m. 150 +24% 14%  Good performance across all business units with 17%

  11. Slide 11: Diagnostic Services – healthy EBITDA development

    Diagnostic Services – healthy EBITDA development  EBITDA of €30.2m (€26.5m), a margin of 60 35% 18.5% (17.7%). 30% 50  EBITDAaL of €23.6m (€20.1m), a margin of 14.5% (13.5%). 40 25% 20%  Number of BDPs amounts to 898 (830). 30 15%  Good volume growth across the businesses 20 10% and markets have

  12. Slide 12: Financial overview

    a > a MEDICOVER Financial overview

  13. Slide 13: Financials

    Financials  Adjusted EBITDAaL (EBITDA after lease costs) – more like cashflow, leases costs a recurring cashflow for the Group  Strong growth at €43.5m (€33.7m) and margin expansion to 8.7% (8.0%)  Qualitatively significant improvement – Covid-19 and Belarus fully replaced by organic recurring re

  14. Slide 14: Financials

    Financials 600 Average duration of 5,0 debt portfolio 3.3 years 4,5 500 €305m undrawn facilities 4,0  Reducing debt leverage despite acquisition of NCI in + cash and ST inv 3,5 Germany (€41.1m) plus 2 smaller acquisitions 400 3,0 (€10.0m) 300 2,5  Net debt increased by €23.3m 2,0 200 1,5  Net wor

  15. Slide 15: Financials

    Financials  Capex at €27.8m (€29.6m), down compared to previous Q, 5.6% (7.1%) of revenue  861k m² medical space +39k m² LTM +249k m² over 2022 / 2023 / 2024 Capex, €m 40 40 Maintenance Growth Healthcare Diagnostic Free recurring cash flow Organic growth investment FR C/F % of revenue 35 35 45 9%

  16. Slide 16: Financial targets 2023-2025

    Financial targets 2023-2025 Organic revenue, €m Adjusted EBITDA (organic), €m Leverage 3.2x Q1 2023 ≤3.5x Can exceed over 2 200 350 shorter periods 1 510 1 746 234 254 Dividend policy, share of net profit ≤50% 2022 base 2023 2024 2025 target 2022 base 2023 2024 2025 target  Covid-19  Covid-19 Illu

  17. Slide 17: Key takeways

    Key takeways  Continued strong growth of 18.9%, organic growth of 14.2%.  Annual run rate revenue just short of €2bn.  Solid performance across all business units.  Strong laboratory test volume growth.  Robust margin expansion in both divisions, illustrating improving capacity utilisation and

  18. Slide 18: Thank you!

    =~ MEDICOVER Thank you! CARING FOR YOUR HEALTH IS ALL WE DO

  19. Slide 19: Financial calendar

    Financial calendar Report Date Webcast AGM 26 April 2024, 13.00 CEST Q2-report 25 July 2024, 07.45 CEST 09.30 CEST Q3-report 30 October 2024, 07.45 CET 09.30 CET 19

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