We raise our financial forecasts for the Company and our 12M EFV goes up by 24% to PLN 59.2 per share (from PLN 47.7) which results in an upgrade of LT fundamental recommendation to Buy from Hold and ST relative market bias to Overweight from Neutral. We believe 1Q23 recurring results should be strong. A yoy comparison will be 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 SARS-CoV-2 tests in 1Q23 (we assume PLN 4 million).
In 1/2/3/4Q22 Voxel performed c. 72,000 (up 20% yoy)/ c. 76,000 (up 15% yoy)/ c. 77,000 (up 4% yoy)/ c. 82,000 (up 12% yoy) diagnostic tests. We expect the volume of diagnostic tests in 1Q23 to reach c. 87,000 (up 20% yoy) and assume the high demand for MRI, PET and SPECT scans to continue with a rising number of CT scans (we expect c. 50,000 (MRI), c. 4,000 (PET), c. 4 (SPECT), and c. 29,000 (CT) scans). According to our estimates, the diagnostic procedures performed by Rezonans Powiśle with Scanix and Exira should reach c. 17,000 (up 4% yoy) and c. 143 (up 18% yoy), respectively