23 Jan 2020 07:00
23 January 2020
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 an unaudited trading update for the year ended 31 December 2019.
Revenue for the year was £46.5m, an increase of approximately 19% year-on-year, driven by increased demand for NightHawk and routine cross-sectional services, in line with the Company's strategy. The Company also expects to maintain the adjusted EBITDA (1) margin at the same level as reported at the half-year results.
Overall, the Board expects the Company's performance to be in line with market expectations for the year to 31 December 2019.
The total number of contracted radiologists (including radiographers and rheumatologists) as at 31 December 2019 was 435 (31 December 2018: 362).
Dr. Stuart Quin, Chief Executive Officer of Medica, commented:
"Since joining Medica in September 2019, I have seen first-hand the high-quality service the Company provides for its customers and the patients they serve. This service is the foundation of our market leading position and growth for the full year. It also provides the platform on which we can continue to invest to further build shareholder value in 2020 and beyond."
Medica will provide an update on its strategic priorities and publish its full year results for the 12-month period ended 31 December 2019 on 23 March 2020.
(1) Adjusted EBITDA is a non-IFRS measure and is calculated as operating profit before depreciation, amortisation, exceptional items, and share based payments.
For further information, please contact:
Medica Group Stuart Quin, Chief Executive Officer Tony Lee, Chief Financial Officer
| +44 (0)33 33 111 222 |
Investec Bank plc Sara Hale Daniel Adams Cassie Herlihy
| +44 (0)20 7597 5970 |
FTI Consulting Victoria Foster Mitchell Robert Winder
| +44 (0)20 3727 1000 |
About Medica Group PLC
Medica is the UK market leader in the provision of teleradiology services, providing outsourced interpretation and reporting of 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 reporting on MRI and CT scans, and routine plain film reporting on x-ray images.
Medica contracts with the largest pool of consultant radiologists performing remote-access teleradiology in the UK. This enables the company to offer a fast, responsive service both during the day and importantly supporting urgent out-of-hours reporting. The company is trusted to provide more than 1.5 million examinations annually across its customer base of NHS Trusts, private hospital groups and diagnostic imaging companies.
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 where the wider patient medical history is available, it can be reviewed by the consultant as part of every report. For more information please visit www.medicagroup.co.uk.
About Teleradiology
Teleradiology is the remote 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.