16 Jan 2018 07:00
16 January 2018
Medica Group Plc
Pre-Close Trading Update
Medica Group Plc (LSE: MGP, "Medica" or the "Company"), the UK market leader in the provision of teleradiology services, announces a trading update for the twelve months ended 31 December 2017.
Revenues for the year are anticipated to increase approximately 18% year on year, driven by increased demand for NightHawk and Cross Sectional services, in line with the Company's strategy. The Company experienced some capacity constraints in the period and demand for NightHawk and Cross Sectional were modestly below expectations in Q4.
Recruitment momentum built throughout the year with a net 39 radiologists added during H2 2017 (H1 2017: 19 radiologists added). The total contracted radiologists (including radiographers and rheumatologists) as at 31 December 2017 was 306 radiologists (31 December 2016: 248).
Overall the Board expects the Company's performance to be slightly behind market expectations.
John Graham, Chief Executive Officer of Medica, commented:
"In 2017, we made good progress in our strategy to increase market penetration of our NightHawk and Cross Sectional services, which delivered double-digit revenue growth.
"Our market leading platform and reputation for high quality clinical governance positions us well to take advantage of the many growth opportunities we have identified as we look to further expand our offering.
"With the momentum we are seeing across service lines and anticipated additional recruitment we expect continued strong double digit growth in 2018, albeit from a modestly lower base."
Medica will publish final statutory results for the 12 month period ended 31 December 2017 on 12 March 2018.
-ENDS-
For further details contact:
Medica Group: | +44 (0)33 33 111 222 |
John Graham, Chief Executive Officer |
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Tony Lee, Chief Financial Officer |
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FTI Consulting | +44 (0)20 3727 1000 |
Brett Pollard |
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Ben Atwell |
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Victoria Foster Mitchell |
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Robert Winder |
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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.