This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program. 3.0. This is an excerpt from the Polish version of DM BOŚ SA’s research report.
Voxel
Sector: Health care & biotechnology Market Cap: US$ 76.2 m Fundamental rating: Hold (→) Bloomberg code: VOX PW Market relative: Underweight (→) Av. daily turnover: US$ 0.02 m Price: PLN 34.00 12M range: PLN 34.00-55.60 12M EFV: PLN 46.4 (→) Free float: 51%
Recommended action
We expect weaker 2Q22 financial results both, in a qoq and yoy perspective due to the fact that (i) testing for SARS-CoV-2 almost stopped, (ii) the hospital generated losses, (iii) write-offs (related to the absence of testing for SARS-CoV-2) were made, and (iv) Alteris posted poor results. We believe quite a high demand is observed in the diagnostic segment (for PET and SPECT scans).
2Q22 financial results preview
In 2Q22 we assume Voxel performed 71,000 procedures altogether, (up 13% yoy) including 26,000 (up 11% yoy)/ 40,000 (up 12% yoy)/ 4,000 (up 27% yoy) CT/ MRI/ PET procedures. We estimate Voxel’s 2Q22 non-consolidated revenues at PLN 48 million (up 17% yoy). We forecast 2Q22 revenues of RP/ Scanix/ Exira/ Vito-Med/ Alteris to reach PLN 2/ 6/ 3/ 6/ 17 million. We expect the Group’s consolidated revenues to arrive at PLN 76 million in 2Q22 (down 30% yoy); the revenues decline stems probably from drastically shrinking numbers of SARS-CoV-2 testing (below 500 tests vs 115,000 in 2Q21). The Group’s 2Q22 EBIT should reach PLN 11 million (down 59% yoy). We expect the pressure on salaries and inflation cost growth. Vito-Med’s hospital should generate further losses which we forecast at PLN -5 million in the discussed period including write-offs at c. PLN -2 million. The Company has been restructuring the hospital business in order to increase revenues keeping the current level of employment and existing equipment base intact. We expect flat yoy net financial costs (they should rise in 3Q22) and forecast 2Q22 NI at PLN 7 million.
Financial forecasts
We uphold our financial forecasts for Voxel.
Analyst: Sylwia Jaśkiewicz, CFA
GPW’s Analytical Coverage Support Programme 3.0
