Results adjusted for (i) write-offs for CardioCube/ Vito-Med/ fixed assets and inventories (PLN 1/1/4 million), discount costs and valuation of loans and receivables in 2021 (PLN 3 million), (ii) costs of closedown of laboratories testing for SARS-CoV-2 and Scanix facilities (PLN 3 million) and write-offs for inventories and fixed assets (PLN 5 million) in 2022, and (iii) write-offs for inventories (PLN 7 million) for 2023E.
Voxel’s 1Q23 non-consolidated revenues should reach c. PLN 70 million (up 54% yoy). We forecast 1Q23 revenues at RP/Scanix/Exira/Vito-Med/ Alteris at PLN 3/7/3/9/12 million vs PLN 2/6/2/32/35 million in 1Q22. We expect the Group’s consolidated revenues to arrive at PLN 90 million (down 10% yoy) with a decline stemming from the absence of testing for SARS-CoV-2 (209,000 tests performed in 1Q22 generated PLN 28 million). We forecast the Group’s 1Q23 EBIT at PLN 17 million (down 4% yoy) including PLN 4 million for write-offs for SARS-CoV-2 tests inventories, though their value will depend on the expiration dates of tests. Next write-offs are likely to appear in 2Q23 (we assume PLN 3 million).
We expect a rising trend in the medical staff’s remuneration (PET and SPECT) to continue as well as rent growths (both will result in a cost qoq growth in 1Q23 and 2Q23 as well). We expect higher yoy net financial costs and forecast PLN 10 million of 1Q23 NP (down 12% yoy). After adjusting for one-offs 1Q23 NP should exceed PLN 13 million (up 14% yoy). Vito-Med hospital may generate further losses which we assume at PLN -2 million in the discussed period. The Company has been restructuring the hospital business in order to increase revenues keeping the current level of employment and existing equipment base intact yet considering other options as well.
