We maintain our 12M EFV at PLN 97.7 per share and keep our recommendations: LT fundamental Buy and ST relative Overweight intact. 4Q23 financial results are strong and in line with our expectations (with a lower ND and some revenues from surplus services to be settled this year). They are supported by a volume yoy growth and higher pricing of diagnostic tests. The Group’s FY23 NI on continuous operations reached PLN 82 million.
In 4Q23 the Group performed altogether 107,000 diagnostic tests (up 8% yoy) including c. 33,000 CT scans (up 5% yoy), c. 65,000 MRI scans (up 10% yoy), c. 4,000 PET scans (up 7% yoy), and c. 4,000 SPECT scans (up 16% yoy). Net revenues from diagnostic services reached PLN 83 million (up 21% yoy). Unconsolidated revenues at PLN 79 million (up 20% yoy) turned out to be slightly above our forecast at PLN 74 million. Quarterly revenues at RP/ Scanix/ Exira/ Alteris reached PLN 3/ 8/ 3/ 40 million vs PLN 3/ 7/ 3/ 30 million expected by us and PLN 3/ 8/ 3/ 59 million a yer ealier.
