Quality through specialisation

Pressrelease

All time high result and two major start-ups completed

  • Adjusted EBIT is GHP’s best quarterly result to date despite the negative effects of the pandemic and the terminated contract in UAE
  • Two major start-ups during the quarter greatly strengthen GHP's position and lay the foundation for future growth
  • Capio has declared the offer for GHP unconditional, which means that this is GHP's last quarterly report as a listed company

Due to Capio declaring its offer unconditional, today's conference call has been cancelled.

First quarter 2022

  • Sales revenues increased to SEK 411.4 (392.9) million
  • Organic growth decreased to 3.9% (7.1%)
  • Adjusted EBITDA increased to SEK 64.5 (60.9) million
  • The adjusted EBITDA margin increased to 16.2% (15.5%)
  • Adjusted EBIT increased to SEK 36.3 (34.4) million
  • The adjusted EBIT margin was 9.1% (8.8%)

Adjusted EBIT and EBITDA exclude start-ups and capital gains/losses.

CEO’s comments
This will be GHP's last quarterly report as an independent listed company as Capio has declared its bid unconditional. Since GHP started over 15 years ago, we have focused on building a healthcare group with the highest quality and efficiency based on a strategy of specialization and decentralization. Today we have about 1000 employees and 23 clinics, all of which are leaders in their specialty and geography, as well as a unique business model where we offer care through a subscription model. This will now have a new home and new opportunities within Capio. Furthermore, we have shown that you can absolutely combine high quality, satisfied employees, societal benefits and good returns, this regardless of what will be said in the upcoming election campaign.

The year began with a lot of operational disruption due to high levels of sick leave and self-isolation rules as a result of the pandemic. The efficiency of our clinics is largely based on smoothly functioning teamwork and high volumes of patients. When some staff are unable to come into work and when patients are unable to visit our clinics, this has a considerable impact on us. The situation changed for the better during the latter half of the quarter and our clinics are now running at full steam once again.

Thanks to the strong end to the quarter, our adjusted EBIT is the best quarterly result to date. This is pleasing to note bearing in mind that we have now terminated our management agreement in the UAE and we have also had certain external costs linked to the takeover bid.

The effects of the pandemic were obvious in the Focus segment in January and parts of February. The unpredictability created by the pandemic over the past two years has, however, taught us to be very adaptable. As a result, we were quickly able to deal with the high influx of patients that arose during the second half of the quarter quickly and most of our business operations improved their financial results during the period.

As we announced previously, start-ups of new clinics will be an important building stone for delivering our goal of 15% organic growth. During the quarter, two of our largest start-ups welcomed their first patients. Our new spine and orthopaedic clinic in Malmö began to receive patients in January, as planned, and started up three full-scale operating theatres in March. As the operating theatres are now in use, and we’re seeing very high demand from customers and patients at the same time, we can now put the most costly start-up period behind us in Malmö. We are even starting to plan to open the fourth operating theatre, which would make the unit one of our two largest clinics. Our new centre in Gothenburg for general surgery, urology and gastroenterology welcomed its first patients in March. During the first quarter, we staffed the centre with skilled specialists and employees in order to fulfil our ambition of becoming a leader in terms of both quality and size in the Västra Götaland region.

In the Solutions segment, we have intensified our preparations ahead of the upcoming collaboration with Bliwa. The plan is to assume full responsibility for the quality, cost and care for all aspects of health insurance for Bliwa’s customers by the summer. We have also continued to work with our investment in Qurant, where we plan to launch our combined occupational health care and health insurance product during the second quarter. This product will be significantly more focused on preventive work and early intervention than traditional products and help companies with all health care needs at the cost of a regular health insurance.

In conclusion, I would like to thank all employees and owners for the trust you have shown over the past 8 years. It is a privilege to have this role and I am very proud of what we have achieved together.

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