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Medicover Year-end Report Highlights

Medicover, a prominent international healthcare and diagnostic services company, has released its financial results for the year ending December 2024, showcasing significant growth across various metrics. The report reveals a robust increase in revenue, profits, and operational efficiency, underscoring the company’s strong position in the healthcare sector.

Q4 Performance Summary

In the fourth quarter of 2024, Medicover reported a revenue of €555.8 million, marking a 20.3% increase from €461.9 million in the previous year. This growth was driven by an organic growth rate of 18.6%, illustrating consistent demand for healthcare services. The operating profit (EBIT) also saw notable growth, reaching €23.3 million, up from €19.0 million, achieving an operating margin of 4.2% compared to 4.1% in Q4 2023.

Despite these gains, the net profit for the quarter slightly decreased to €7.4 million, down from €8.6 million from the previous year, resulting in a margin of 1.3%. Medicover’s EBITDA for Q4 was €73.2 million, a solid increase of 10.2%, while the EBITDA margin stood at 13.2%, a decline compared to 14.4% the previous year. This decline in margin was chiefly attributed to administrative costs recognized in Q4 2023.

Annual Performance Overview

When considering the full fiscal year 2024, Medicover achieved a total revenue of €2,091.8 million, a rise of 19.8% compared to €1,746.4 million in 2023. The operating profit totaled €70.3 million, compared to €61.4 million in the previous year, indicating steady operational performance with an operating margin of 3.4%.

Net profit for the year amounted to €14.6 million, down from €18.4 million, reflecting a net margin of 0.7%. The company’s EBITDA increased by 16.9% to €284.9 million, with a slightly reduced EBITDA margin of 13.6% from 14.0% in 2023.

One of the standout figures was the net cash flow from operating activities, which reached €261.9 million, a significant increase compared to €205.0 million in 2023, showcasing the company’s effective cash management and operational strength.

Strategic Focus and Future Outlook

CEO Fredrik Rågmark expressed confidence in Medicover’s trajectory, emphasizing the importance of capacity utilization and operational efficiency in sustaining growth. He noted that the company is committed to investing in expanding service offerings, enhancing the hospital network, and achieving higher operational efficiency to sustain margin improvement.

Looking ahead, Medicover plans to explore a potential listing of its Indian hospital business, aiming to bolster growth in this promising market. The evaluation for this listing remains in the early stages, with expectations of completion spanning 12 to 24 months.

The board of directors also proposed a dividend distribution of €0.15 per share for 2024, up from last year's €0.12, reflecting the company’s commitment to returning value to shareholders.

Conclusion

With more than 47,000 employees and extensive operations in Poland, Germany, Romania, and India, Medicover is strategically poised for continued growth. The company’s impressive performance in 2024 positions it favorably to exceed its three-year financial targets by 2025, which include an expected organic revenue exceeding €2.2 billion.


As Medicover continues to navigate the evolving healthcare landscape, its unwavering dedication to quality service delivery and operational excellence remains crucial to sustaining its growth momentum.