We maintain our 12M EFV at PLN 59.2 per share and keep our recommendations: LT fundamental Buy and ST relative Overweight intact. 1Q23 recurring figures are strong and beat our expectations. A yoy comparison is distorted due a material impact of testing for SARS-CoV-2 in 1Q22 (PLN 28 million/ PLN 2 million on sales/ EBIT) and write-offs for tests and costs of their release at PLN 5 million in 1Q23, while we assumed PLN 4 million.
In 1Q23 the Group’s diagnostic segment performed altogether c. 111,000 diagnostic tests (up 4% yoy) including c. 33,000 CT scans (up 3% yoy), c. 61,000 MRI scans (up 22% yoy), c. 4,000 PET scans (up 19% yoy), and c. 4,000 SPECT scans (up 19% yoy). 1Q23 net revenues from diagnostic services reached PLN 73 million (up 56% yoy and 6% qoq). Unconsolidated revenues stand at PLN 70 million (up 54% yoy) and are fully in line with our forecast at PLN 70 million. Revenues at RP/ Scanix/ Exira/ Vito-Med/ Alteris stood at PLN 3/ 7/ 3/ 9/ 11 million vs our expectations of PLN 3/ 7/ 3/ 9/ 12 million and PLN 2/ 6/ 2/ 32/ 35 million in 1Q22
