Medicover & Synevo revenues in Romania up 34.9 pct in first nine months of 2019

Anca Alexe 07/11/2019 | 14:45

In the first nine months of the 2019, the revenues of international healthcare and diagnostics company Medicover increased by 25.3% compared to the same period of the previous year, reaching EUR 614.7 million. In Romania, Medicover is present through a network of Medicover medical clinics and Synevo laboratories and collection centers.

“Performance in the third quarter was very strong, the dynamics in the markets on which we are active are still favorable for our operations, with a sustained demand for private health services. A strong point for us is represented by the geographical diversity, that of the types of customers and the types of services that complement each other,” said Fredrik Rågmark, the CEO of Medicover.

The revenues of the Medical Services division increased in the first nine months of the year by 30.6 percent, to EUR 324.5 million. The good conditions on the labor market, combined with the economic development supported by the markets in which Medicover operates, have led to an increase in the number of subscribers and the income from activities financed by the employers. Also, the share of Fee-For-Service has increased, especially in Poland and Romania.

The revenues of the Diagnostic Services Division increased by 20 percent in the first nine months of the year, reaching a value of EUR 290.5 million. The total number of laboratory tests performed during this period increased by 9 percent, to EUR 79.9 million, with more significant increases on markets with a high share of direct payment medical services. The share of higher value tests has also increased. Also, 71 harvesting centers were inaugurated, the global network currently numbering 627 harvesting centers.

In Romania, revenues increased by 34.8 percent in the first nine months to EUR 89 million euros. Romania contributes 14.4 percent of total Medicover earnings. Romania is the third market in terms of revenue share, after Poland and Germany.

The revenues of the Romanian Medical Services division increased strongly by 65.8 percent, from EUR 26.6 million in the first nine months of 2018, to EUR 44.1 million at present. The performance was boosted by the acquisitions made last year, when the company took over the Pelican Hospital in Oradea, the Phoenix Medical Center in the Oltenia area and the Academica Medical Center in Bucharest.

The Diagnostic Services Division in Romania generated revenues of EUR 44.9 million in the first nine months of the year, up 13.9 percent. The evolution was supported by the expansion of the network’s national presence.

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