Moscow, Russia - November 30, 2010. - The Medsi Group of Companies and its subsidiaries (“Medsi” or “the Group”), a leading national provider of medical and healthcare services in Moscow and other regions, has today published its unaudited consolidated financial results for the third quarter of 2010.
Main financial results
- Revenues up 8.2% year-on-year to US$33.1 million
- OIBDA up 28 times year-on-year to US$2.8 million
- The OIBDA margin up 8 percentage points year-on-year to 8.4%
- The net loss fell to US$0.6 million, compared with net loss of US$1.9 million in Q3 2009
Main operating results
- The number of visits up 3.7% year-on-year to 772,000,
- The number of services provided up 9.1% year-on-year to 1,368,000
- The average cheque up 4.1% year-on-year to US$42.8
- The overall clinic area up 16.2% year-on-year to 46,087.6 square meters
Commenting on the results for the third quarter of 2010, Medsi President Igor Salita said: “The Group’s rapid development continued in the third quarter. Despite the unusual weather and environmental conditions in Moscow in July and August, we managed to increase all of our main indicators year-on-year. Revenues rose by 8.2%, while OIBDA increased by 28 times due to consistent efforts to optimize operating costs and ensure that a number of recently opened clinics are profit-making.
In the third quarter we continued to actively expand our sales channels targeting private customers by launching the “Health for Friends” program. The project, which brought another 5,000 new clients to us, confirmed the vast potential of a direct sales channel for individuals.
Meanwhile, we widened the range of services provided and made a major step towards enhancing the quality of our medical service. Using the medical center at Belorusskaya as a base, we launched an orthopedic surgery division. In addition, we established an institute of chief specialists, which will introduce new treatment methods in clinics and control the quality of services provided. We also began preparing for the certification of the Group’s clinics to the international JCI standard, which will guarantee that our clients receive world-class service.
To stimulate future growth of the Group, we updated our brand in the third quarter, unveiling a new logo and company style, and conducting an advertising campaign on TV, radio and elsewhere. These changes ensure that alongside our rapid development Medsi continues to meet every client’s needs and communicate with them effectively.
We hold leading positions on the Russian market for private medical services and believe we can strengthen them further in the future.”