24 Jan 2019 07:00
24 January 2019
Medica Group Plc
Post-Close Trading Update
Medica Group Plc (LSE: MGP, "Medica" or the "Company"), the UK market leader in the provision of teleradiology services, announces a post-close period trading update for the year ended 31 December 2018.
The Company has achieved revenue for the year of £39.0m, an increase of 15.6% year on year, driven by increased demand for NightHawk and Cross-Sectional services, in line with the Company's strategy. The Company also expects to maintain the EBITDA margin of around 30% as seen at the H1 report. The Board expects the Company's performance for 2018 to be in line with market expectations.
The total number of contracted radiologists (including radiographers and rheumatologists) as at 31 December 2018 was 362 radiologists (31 December 2017: 306).
John Graham, Chief Executive Officer of Medica, commented:
"In 2018, Medica continued to deliver double-digit revenue growth as we execute our strategy to increase customer penetration of our NightHawk and Cross Sectional services. Additionally, during 2018 we continued to generate cash and had zero net debt at the year-end.
The combination of our market leading platform, strong cohort of radiologists and our reputation for high quality clinical governance means that Medica is well positioned to help our customers meet their requirements for teleradiology services.
In 2019 we expect that the business will continue to grow at a similar rate to that seen in 2018 giving us confidence to increase investment to support future growth opportunities."
Medica will publish final statutory results for the year ended 31 December 2018 on 25 March 2019.
-ENDS-
For further details contact:
Medica Group: | +44 (0)33 33 111 222 |
John Graham, Chief Executive Officer | |
Tony Lee, Chief Financial Officer | |
FTI Consulting | +44 (0)20 3727 1000 |
Brett Pollard | |
Ben Atwell | |
Robert Winder |
About Medica
Medica is the UK market leader by revenue in the provision of teleradiology services, providing outsourced interpretation and reporting on MRI (magnetic resonance imaging), CT (computerised tomography) and plain film (x-ray) images. The Company currently offers three primary services to hospital radiology departments: NightHawk, an out-of-hours service, routine cross-sectional (Routine CS) reporting on MRI and CT scans, and routine plain film (Routine PF) reporting on x-ray images.
Medica has developed a bespoke secure IT platform that provides market-leading linkage between a hospital's Radiology Information System (RIS) and Consultant Radiologists who contract with Medica. Direct RIS access ensures that the full wider patient information is available and reviewed with every report.
The Company contracts with the largest pool of consultant radiologists outside of the NHS and has been trusted to provide more than 1.3 million examinations annually across its customer base of more than 100 NHS Trusts and various private hospital groups and diagnostic imaging companies. For more information please visit www.medicagroup.co.uk
About teleradiology
Teleradiology is the electronic transmission of radiological patient images, including plain film (x-rays), CT scans and MRI scans, from one location to another for the purposes of diagnostic interpretation and reporting.