Consolidated revenues reached PLN 109 million (up 23% yoy) exceeding our forecast at PLN 100 million by 9%; a yoy growth of the core revenues stemmed from higher volumes coupled with higher pricing of NFZ-reimbursed diagnostic services and improved yoy sales dynamic in Alteris. SG&A costs went up by 6% yoy. The gross margin on sales was in line with our expectations.
The Group’s EBIT hit PLN 26 million (up 22% yoy). Net financial costs fell to PLN 1.4 million (down 48% yoy).
The Group’s NI for the parent company reached PLN 19 million beating our expectations by 5%. The Group’s adj NI on continuous operations at PLN 23 million exceeded our expectations by 26%. The Group reported a one-off loss at c. PLN 4 million on a disposal of non-financial fixed assets (replacement of the medical equipment which was not amortized in full) in 1Q24.
In 1Q23 a one-off write-off for inventories (mainly goods used in laboratory tests) amounted to c. PLN 5 million. The Group’s operating/ investing cash flows reached PLN 14/ -17 million vs PLN 17/ -6 million in 1Q23. At the end of 1Q24 net debt hit PLN 85 million.
