Guide to adjusted profits 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.
1Q23 consolidated revenues reached PLN 97 million (down 3% yoy) slightly exceeding our forecast at PLN 90 million; the revenues from the core business grew yoy due to a material rise of average prices of services offered coupled with higher volumes. In 1Q22 testing for SARS-CoV-2 had an impact on the revenue level (c. 209,000 tests performed generated PLN 28 million). The Group’s EBIT hit PLN 19 million (up 10% yoy). Write-offs for inventories and costs of their release (SARS-CoV-2 tests) arrived at almost PLN 5 million while we assumed PLN 4 million and in result, the Group’s adj 1Q23 EBIT stood at PLN 24 million (up 39% yoy). Net financial costs at PLN 3 million were in line with our expectations and slightly higher yoy. The Group’s NI/ adj NI at PLN 12/ 17 million beat our expectations. The Group’s operating/ investing cash flows reached PLN 17/ -6 million in 1Q23 vs PLN 26/ -5 million in 1Q22. Net debt at the end of 1Q23 hit PLN 106 million (almost flat yoy). Alteris’s backlog for this year is estimated at PLN 70 million, in 2022 Alteris generated revenues at PLN 138 million. Vito-Med’s revenues from the hospital business at PLN 9 million exceeded last year’s sales by PLN 4 million (up 87% yoy). The gross loss on sales arrived at PLN 2 million. In December last year the neurological and stroke units were closed due to necessary modernization which resulted in the absence of patients at the beginning of this year. Since February the hospital revenues have started to rise with losses declining
