Integrated Diagnostics Holdings Plc · LSE:IDHC
Integrated Diagnostics — FY2024 Earnings Presentation
63 slides from Integrated Diagnostics's earnings presentation, May 2025
Slide 1: IDH Results Presentation
IDH Results Presentation May 2025
Slide 2: Table of Contents
Table of Contents IDH At a Glance FY 2024 Results Overview Key Investment Highlights Our Market Our Business Model Financial Position and Performance Growth Strategies Leadership and Governance 2 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 3: Who We Are (I/II)
Who We Are (I/II) Integrated Diagnostics Holding is a leading, fully-integrated provider of high-quality medical diagnostic services with a footprint spanning Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan An integrated diagnostics provider… Pathology Radiology Immunology Microbiology Haematology E
Slide 4: Who We Are (II/II)
Who We Are (II/II) The Company’s reach, scale, and service quality are unmatched across its markets of operation Track Record Accreditations +40 years CAP & ACR Accredited lab and scan First lab established in 1979 Jordan Patients Test Portfolio 8.9 MN +3,000 Egypt In FY 2024 (+5% y-o-y) Tests Saudi
Slide 5: Our Service Segments
Our Service Segments IDH’s pathology offering currently contributes the majority of revenue at 95%. The Company’s radiology services continue to grow in contribution with revenue posting a 22% year-on-year growth in FY 2024. Pathology – 95% of Revenues1 Radiology – 5% of Revenues1,2 Through IDH’s br
Slide 6: Our Geographies
Our Geographies IDH currently operates the largest branch network amongst private providers in Egypt and boasts an established presence in four key markets in the Middle East and Africa Egypt Jordan Nigeria Saudi Arabia +43 +38% 26 -0.4% 12 +39% 2 1.4mn New branches vs. y-o-y revenue growth Branches
Slide 7: Our Patients
Our Patients IDH serves two principal types of patients: contract and walk-in Around 64% of total revenue generated across the two segments is paid in cash Contract Patients1 Walk-In Patients IDH’s contract clients include institutions who enter into one-year IDH’s walk-in clients, also referred to
Slide 8: FY 2024 Results Overview
FY 2024 Results Overview 8 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 9: Operating Environment (I/II)
Operating Environment (I/II) Across both Egypt and Nigeria, weakening currencies and high inflation weighed on consumers. Conditions have steadily improved with substantial declines in inflation during Q1 2025 across both markets. The EGP has lost further ground in Q2 2025 following Trump’s Inflatio
Slide 10: Operating Environment (II/II)
Operating Environment (II/II) IDH’s presence in two strong regional economies, Saudi Arabia and Jordan, enhances its position and provides a strategic advantage by anchoring growth in stable markets. Stable inflation in KSA over the past year Declining inflation in Jordan Inflation rate| % Inflation
Slide 11: A Record-breaking 2024 (I/II)
A Record-breaking 2024 (I/II) IDH sets all-time-highs across major KPIs while delivering solid progress on long-term strategy. EGP 5.7 bn EGP 2.2 bn EGP 1.7 bn EGP 1.0 bn Revenue in FY 2024 Gross Profit in FY 2024 EBITDA1 in FY 2024 Net Profit in FY 2024 ▲ 39% y-o-y revenue growth ▲ 43% y-o-y ▲ 49%
Slide 12: A Record-breaking 2024 (II/II)
A Record-breaking 2024 (II/II) IDH sets all-time-highs across major KPIs while delivering solid progress on long-term strategy. Strong top-line growth… …on the back of sustained increases in test volumes… Revenue| EGP mn Test Volumes| mn $168mn $333mn $188mn $135mn $126mn +12% Conventional Test Volu
Slide 13: Segment Performance (I/II)
Segment Performance (I/II) Both IDH’s contract and walk-in segments continue to see revenue growth in FY 2024 supported by both strategic price increases and higher volumes. Walk-in Segment Contract Segment Total FY23 FY24 Change FY23 FY24 Change FY23 FY24 Change Revenue (EGP mn) 1,495 2,005 34% 2,6
Slide 14: Segment Performance (II/II)
Segment Performance (II/II) IDH’s contract segment maintained its growth trend, remaining the major contributor to overall revenue and patient volumes in FY 2024 Revenue Split Patient Split 21% 20% 36% 35% FY FY FY FY 2023 2024 2023 2024 64% 65% 79% 80% Walk-in Contract Walk-in Contract Walk-in Cont
Slide 15: Regional Performance (I/II)
Regional Performance (I/II) IDH recorded robust revenue growth across Egypt and Jordan in EGP terms. Revenue |M-EGP| Gross Profit |M-EGP| EBITDA |M-EGP| +38% +45% +50% EGYPT 82.5% EGYPT 4,718 1,989 1,584 3,411 1,367 1,058 EGP 4,718 mn of Consolidated 587 Branches 40% 42% 31% 34% Revenue FY 2023 FY 2
Slide 16: Regional Performance (II/II)
Regional Performance (II/II) Patients |‘000| Tests |‘000| Test per Patient |‘000| Revenue per Test |EGP| +6% +9% +3% +27% EGYPT 7,994 8,457 33,372 36,410 130 4.2 4.3 102 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 -1% 3% +4% +44% JORDAN 2,424 2,507 358 372 368 6.5 6.8 249 FY 2023
Slide 17: Regional Performance: Local Currency
Regional Performance: Local Currency Revenue | M-LCY Gross Profit | M-LCY EBITDA | M-LCY 4,718 ▲38% 1,584 ▲50% Egypt 3,411 ▲45% 1,989 1,058 1,367 42% 31% 34% 40% FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 13.9 3.8 3.9 3.6 3.9 14.0 ▲ 2% Jordan ▼0.4% ▲ 6% 27% 28% 26% 28% FY 2023 FY 2024 FY 2023 F
Slide 18: Continued Ramp up at Al Borg Scan (I/II)
Continued Ramp up at Al Borg Scan (I/II) Al Borg Scan maintained its positive momentum from the beginning of the year, achieving continued operational and financial growth in 2024 EGP 224 MN 28% 16% 15% 13% FY 2024 revenues FY 2024 revenue contribution FY 2024 revenue contribution FY 2024 revenue co
Slide 19: Continued Ramp up at Al Borg Scan (II/II)
Continued Ramp up at Al Borg Scan (II/II) Radiology's contribution rose to 4.8% in FY 2024 versus 4.5% in FY 2023. Revenues Evolution (EGP, mn) Number of Patients (000’s) 224 198 ▲45% 161 155 ▲ 23% FY 2023 FY 2024 FY 2023 FY 2024 Number of Scans (000’s) Business Revenue/Scan (EGP) 263 ▲ 22% 216 854
Slide 20: Echo-Lab (Nigeria)
Echo-Lab (Nigeria) Echo-Lab reported a 39% year-on-year revenue increase for during FY 2024 in NGN terms, largely attributed to a 60% rise in the average revenue per test. Volumes continued to be impacted by suppressed purchasing power in the country as inflation remains high. Monthly Revenue June 2
Slide 21: FY 2024 Profitability Overview
FY 2024 Profitability Overview Through a comprehensive cost optimisation exercise, the Company has successfully kept cost pressures in check despite facing higher inflation and weakening local currencies across several markets. IDH's proactive inventory management and robust supplier Thanks to its h
Slide 22: Revenue – EBITDA Bridge
Revenue – EBITDA Bridge FY 2024 IDH Revenue - EBITDA Bridge | EGP mn 5,720 (1,257) (1,452) (8) (114) (102) (66) (151) 1,697 (873) 22% 25% 0.1% 2% 2% 1% 3% 15% 30% Revenue Raw Mat. Salaries Rent Transport. Maintenance Utilities Advertising Other Adj. EBITDA FY 2023 IDH Revenue - EBITDA Bridge | EGP m
Slide 23: Net Profit Surpasses EGP 1.0 billion
Net Profit Surpasses EGP 1.0 billion FY 2024 IDH EBITDA – Net Profit Bridge | EGP mn 1,697 303 (26) 145 (197) (483) 1,008 (431) Controlling for FOREX gains in FY 2024, NP would have grown 85% y-o-y with a NPM of 12% vs 9% in FY 2023. Adj. EBITDA Depr and Amort. Interest Income Forex FVTPL Interest E
Slide 24: Solid Financial Position
Solid Financial Position The Group maintains a solid financial position, with a sound balance sheet owing to its strong cash balance allowing for consistent dividend payouts Consolidated Cash Balance | EGP mn Net Cash Balance* | EGP mn Gross Fixed Assets | M-EGP 226 1,716 3,111 2,565 835 (358) 31 De
Slide 25: FY 2024 Capital Expenditure
FY 2024 Capital Expenditure IDH CAPEX recorded EGP 190 mn in FY 2024, including both, core recurring CAPEX items and non-recurring capex related to the expansion of Al-Borg Scan’s network. This figure represented 3.3% of FY 2024 total revenues. 2.2% 0.3% 0.03% 0.7% % of Group New Branches & Warehous
Slide 26: Fixed Gross Assets Bridge
Fixed Gross Assets Bridge IDH Fixed Gross Assets Bridge by Account | M-EGP 357 3,111 41 1 (4) 18 46 65 2,565 2 21 9.5% of total FY 2024 revenue (2.6% excluding BG scan and EGP 546 mn translation) IDH HQ Mega Lab Renovation Wayak Payment on… Balance 31/12/2023 Warehouse New Branches Al-Borg Scan Tran
Slide 27: Outlook and Strategies (I/II)
Outlook and Strategies (I/II) In IDH’s home and largest market of Egypt, the Company’s priorities for the coming year remain unchanged. Starting May, the Company saw a strong acceleration in revenues and volumes which has since carried through into the remainder of the year. Declining inflation is e
Slide 28: Outlook and Strategies (II/II)
Outlook and Strategies (II/II) Heading into 2025, the Group’s focus will remain on executing its Saudi ramp-up strategy, leveraging its expanded ownership stake to accelerate growth. In Jordan and Nigeria, areas of focus remain unchanged as the Group looks to drive volumes up and boost profitability
Slide 29: Investment Highlights
Investment Highlights 29 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 30: Investment Highlights
Investment Highlights IDH is an attractive investment opportunity with compelling fundamentals, present in fast- growing, under-served markets 1 Operating in highly fragmented markets characterised by strong structural growth drivers and high barriers to entry ✓ Deploys an asset-light business model
Slide 31: Fast-Growing, Underserved Markets
Fast-Growing, Underserved Markets 31 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 32: Favorable Industry Dynamics
Favorable Industry Dynamics IDH’s home market of Egypt is underpinned by robust structural growth drivers Lab tests per capita (2023) High Disease Burden Operating in a still under- 23.2 penetrated market The Egyptian population is marked by a high incidence of lifestyle- related medical conditions,
Slide 33: Favorable Industry Dynamics
Favorable Industry Dynamics IDH’s markets are characterised by high barriers to entry Economies of Scale Accreditation of Brand & Reputation Market Reach Key Stakeholder Facilities Relationships IT-enabled platform, Attracting patients Patients are loyal to Fragmented markets Building a scalable cri
Slide 34: IDH is a Consumer-Facing Service Provider
IDH is a Consumer-Facing Service Provider The mechanics of healthcare markets in developing economies are markedly different from those in many Western healthcare industries IDH serves the private healthcare A hospital outpatient clinic or Perceived quality and safety market, where notably patients
Slide 35: Scalable Business Model
Scalable Business Model 35 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 36: Asset-light Business Model
Asset-light Business Model IDH’s “Hub, Spoke and Spike” business model enables the Company to organically expand its reach in highly- fragmented markets with underserved diagnostic services demand Mega Lab: “Hub” • The Mega Lab, the largest automated lab in Egypt, serves as IDH’s diagnostic “Hub,” e
Slide 37: Our Mega Lab
Our Mega Lab IDH’s Mega Lab is the only CAP-accredited facility in Egypt, demonstrating the excellence of IDH’s patient care and confidence in the laboratory’s practices Capabilities Capacity • Mega Lab machines are capable of conducting a wide range of tests. • IDH’s Mega Lab doubled testing capaci
Slide 38: Key Supplier Relationships
Key Supplier Relationships IDH leverages its bargaining power with suppliers to maximize value in a business that is fundamentally about economies of scale. Combined with the long-tenure nature of its supplier contracts, this provides significant protection against short-term price fluctuations. Dyn
Slide 39: Strong Growth and Financial Position
Strong Growth and Financial Position 39 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 40: Key Financial Performance Indicators
Key Financial Performance Indicators Since the Company’s IPO on the LSE in 2015, IDH has delivered consistent top- and bottom-line growth supported by a steady increase in volumes and strategic price increases across the Group’s service offering Revenues | EGP mn - CAGR Gross Profit, GPM | EGP mn, %
Slide 41: Regional Performance (I/II)
Regional Performance (I/II) Across its footprint, the Company deploys tailored expansion strategies which enable it to continue driving growth irrespective of the prevailing macroeconomic environment Revenue |M-EGP| Adjusted EBITDA |M-EGP| CAGR: 21% CAGR: 16% EGYPT 4,108 4,718 2,206 EGYPT 1,613 1,90
Slide 42: Regional Performance (II/II)
Regional Performance (II/II) IDH’s growing and increasingly attractive offering has enabled the Group to drive sustained volume expansion across its footprint. Similar strategies are being deployed in Saudi Arabia to ensure the rapid ramp up of the venture. Patients | ‘000 Tests | ‘000 CAGR: 5% CAGR
Slide 43: Growth Strategies
Growth Strategies 43 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 44: Future Growth Strategies
Future Growth Strategies IDH’s growth strategies rely on leveraging its competitive advantages to achieve four strategic goals Expand Customer Reach Expand Geographically Beyond opening laboratories in new In addition to organic expansion, the Company geographies, IDH is reaching out to new continue
Slide 45: Expanding Customer Reach – Growing In Egypt
Expanding Customer Reach – Growing In Egypt The Group enjoys ample growth room in Egypt thanks to its market leading position and extensive reach, attractive underlying fundamentals, and favourable regulatory environment Reach and penetration Solid Fundamentals Universal Healthcare Act New growth op
Slide 46: Diversifying Service Offering – Al Borg Scan Ramp-Up
Diversifying Service Offering – Al Borg Scan Ramp-Up IDH’s radiology venture, Al Borg Scan, continues expanding its top line on the back of increased test volumes and average revenue per test 2018 7 branches EGP 550mn 768k Covering Cairo from East to West Revenue Scans Performed Fastest growing chai
Slide 47: Diversifying Service Offering – Al Borg Scan Expansion Updates
Diversifying Service Offering – Al Borg Scan Expansion Updates Al Borg Scan operates seven branches, one of which was inaugurated in 2023. The Group also recently earned the prestigious ACR (American College of Radiology) accreditation for Al Borg Scan’s Nuclear Medicine and ultrasound units. Ration
Slide 48: Al Borg Scan Maintains Growth Trajectory
Al Borg Scan Maintains Growth Trajectory IDH’s Egyptian radiology venture, Al Borg Scan, continues expanding its top-line and expanding its contribution to Egypt revenues, driven by sustained increases in test volumes and higher revenue per test Revenue | EGP mn Scans Performed | ‘000 Patients Serve
Slide 49: House Call Services (Egypt and Jordan)
House Call Services (Egypt and Jordan) IDH’s house call services, offered in both Egypt and Jordan, is becoming a primary contributor to top-line, averaging 16% compared to a pre-pandemic contribution of 9% House call services witnessed rising demand during the Covid-19 pandemic Expands Reach Fee-Ba
Slide 50: Expanding Customer Reach – State-sponsored Initiatives
Expanding Customer Reach – State-sponsored Initiatives IDH’s nationwide presence and strong brand equity position it well to benefit from state-sponsored campaigns to increase awareness of preventative healthcare with diagnostic testing Duration Revenue Generated 8 months EGP 84 mn Nov ‘18 – Jun ‘19
Slide 51: Expanding Customer Reach – IDH Awareness Campaigns
Expanding Customer Reach – IDH Awareness Campaigns Parallel to state-sponsored initiatives, IDH also runs its own awareness campaigns focusing on specific diseases on a monthly basis and offering discounts on related testing IDH’s PCR Offers and Campaigns Discounts on PCR PCR testing for testing for
Slide 52: Diversifying Service Offering – New Investment in Wayak
Diversifying Service Offering – New Investment in Wayak IDH launches new subsidiary “Wayak” to offer data-driven healthcare services, utilising data analytics and artificial intelligence to capitalise on IDH’s database of over c.13 million patients Wayak Services Medication to be Service provider On
Slide 53: Growing Geographic Footprint– Investment Rationale
Growing Geographic Footprint– Investment Rationale IDH’s regional expansion strategy targets acquisitions in African, Middle Eastern and Asian markets where it can deploy its proven business model and generate accretive value Growing economies and strong Similar healthcare market structure to demogr
Slide 54: Growing Geographic Footprint – Nigeria Expansion
Growing Geographic Footprint – Nigeria Expansion* In December 2017, IDH further expanded its geographical footprint with an investment in Nigeria, a value-accretive acquisition in a large, fragmented and underpenetrated diagnostic services market where our business model is well-suited to capitalise
Slide 55: Nigeria Branch Roll-Out and Renovations
Nigeria Branch Roll-Out and Renovations Opebi Branch Renovation and Rebranding New Victoria Island Branch Area 11 Branch Renovation and Rebranding Benin Branch Renovation & Rebranding 55 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 56: Growing Geographic Footprint – KSA Expansion
Growing Geographic Footprint – KSA Expansion In October 2022, IDH and Biolab signed a JV agreement with Izhoor, a company owned by Fawaz Alhokair, to launch a full-fledged pathology diagnostic services provider in Saudi Arabia. In December 2024, IDH purchased Izhoor’s full stake in the new venture,
Slide 57: Strong Leadership & Governance
Strong Leadership & Governance 57 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 58: Governance
Governance A World-Class Board of Directors The majority of members of IDH’s Board of Directors are non-executive and offer significant experience in the healthcare market, MENA region and investment activities Lord St John of Bletso 1 Prof. Dr. Hend El Sherbini Sherif El Zeiny Non-Executive Chairma
Slide 59: Governance
Governance IDH is committed to implementing best practices in corporate governance through the expertise of both the individual Directors and outside parties Anti-Bribery and Anti Corruption Internal Audit Procedures While not required to comply with UK Policy (ABAC) Corporate Governance Code, IDH a
Slide 60: Sustainability
Sustainability Founded on the principle of providing quality medical assistance and services to better the lives of individuals and the community at large, IDH views corporate responsibility initiatives as an extension of its core purpose with the aim of improving communities in which it does busine
Slide 61: Appendix
Appendix 61 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 62: IDH Development Story
IDH Development Story Over 40 years of industry experience, complemented by strategic expansion to develop a strong market position across products and geographies. Today IDH has built a scalable platform that is positioned for further strong growth 1979 1990 2008 2011 2012 2013-14 Establishment of
Slide 63: IDH
INTEGRATED DIAGNOSTICS HOLDINGS IDH
Integrated Diagnostics Holdings — FY2024 Earnings Presentation on 6ix