Revenue of Medicover and Synevo in Romania reached EUR 89m for the first nine months of 2019

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Medicover healthcare and diagnostic services company has released the interim report for the first nine months of the year. Revenue grew by 25.3% compared to the same period previous year, reaching EUR 614.7m. In Romania Medicover is present through the network of Medicover medical clinics, Synevo laboratories and blood drawing points.

“Performance in the third quarter was very strong and market dynamics continue to be favourable in our main operations with good demand for private healthcare. A strength of the business is the diversification with geographies, different payor and service models, complementing each other”, says Fredrik Rågmark, CEO Medicover.

Revenue for the Healthcare Services division increased in the first nine months of the year by 30.6%, to EUR 324.5m. The favourable employment market, combined with good economic development supported by the markets in which Medicover operates, have led to an increase in the number of members and revenue obtained from the employer funded business. Also, the share of Fee-For-Service has increased, especially in Poland and Romania.

Revenue for the Diagnostic Services division grew by 20.0% in the first nine months of the year, reaching EUR 290.5m. The total number of laboratory tests performed during the period increased by 9.0%, to 79.9 million, with the increase being driven from private pay markets and weighted to higher value tests. Also, 71 blood drawing points have been inaugurated, the global network currently numbering a total of 627 blood drawing points.

In Romania, revenue increased for the first nine months of the year by 34.8% to EUR 89.0m. Romania represent 14.4% of the company’s total revenue and is the third largest market, after Poland and Germany.

The Romanian Healthcare Services division grew revenue by a very strong 65.8%, from EUR 26.6m in the first nine months of 2018 to EUR 44.1m at quarter end. The performance was driven by the acquisitions made last year, the Pelican Hospital in Oradea, the Phoenix Medical Centre in the Oltenia area and the Academica Medical Center in Bucharest.

Diagnostic services division in Romania generated revenue of EUR 44.9m for the first nine months of the year, an increase by 13.9%. The development was supported by the expansion of the national network.

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