2nd Jun 2020 11:52
(Alliance News) - Integrated Diagnostics Holdings PLC Tuesday reported a drop in profit and revenue for the first quarter of 2020, but the consumer healthcare firm has still kept an optimistic outlook for the rest of the year.
For the three months to the end of 2020, earnings before interest, taxes, depreciation and amortisation were 14% lower at EGP203 million, around GBP10.1 million, down 14% from EGP236 million the same period the year before.
Meanwhile, revenue declined by 8% to EGP500 million from EGP546 million the prior year, due to lower volumes in the contract segment, as well as the Covid-19 outbreak starting near the end of the quarter.
Integrated Diagnostics said that total patients in the quarter was 1.6 million down 21% year-on-year as the number of contract patients fell by 31%, more than offsetting a rise in walk-in patients by 16%.
Average revenue per test was EGP82, reflecting a 26% increase.
"Overall, I am pleased with the group's performance during the first quarter of the year where the defensive nature of our business and the resilience of our company has allowed us to navigate a challenging environment. In the midst of varying degrees of lockdowns and curfews across our geographies due to Covid-19, IDH was able to maintain largely steady revenues when normalising for the 100 Million Healthy Lives campaign in 1Q 2019," said Chief Executive Officer Hend El-Sherbini.
"In the coming months, our focus will remain on safety and business continuity and minimizing the impact of Covid-19 as we navigate through this unprecedented global crisis. As such, the group has put on hold any expansion plans during the second quarter, including at Al Borg Scan. In the longer term, management remains fundamentally optimistic about the outlook for our business beyond the current crisis," El-Sherbini added.
Shares in Integrated Diagnostics Holdings were down 1.0% at USD3.55 on Tuesday in London.
By Dayo Laniyan; [email protected]
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