Romanian healthcare operator MedLife ups turnover 28% but records losses

MedLife, the biggest private medical services provider in Romania, recorded a consolidated turnover of EUR 112 million last year, up 29% over the previous year. However, the company moved to losses in 2016, which amounted to EUR 369,000, according to a financial report sent to the Bucharest Stock Exchange. In 2015, the company had a turnover of EUR 86.7 million and a net profit of EUR 2.2 million. The group’s bottom line was mainly impacted by one-off costs related to acquisitions and preparing the initial public offering for listing the company on the Bucharest Stock Exchange, as well as a provision related to a sum that the company has to recover from the National Health Insurance House – CNAS. These one-off costs totaled some EUR 2.85 million, according to the group’s estimations. The health care operator carried out a series of transactions last year. It acquired a 100% stake in Prima Medical and a 60% stake in Stem Cells Bank in March 2016. The same month, the company bought the firm Diamed Center. MedLife also acquired a 60% stake in Dent Estet Three in July 2016 and a 90% stake in CM Panduri in October last year. MedLife is controlled by its founders, the local family Marcu, who own a 51% stake. The International Finance Corporation (IFC) also holds a minority stake and Charlemagne Capital bought a 7.3% stake in the IPO MedLife carried out in December 2016. The company has a market capitalization of EUR 117 million. Romanian healthcare operator MedLife acquires private clinic network Anima editor@romania-insider.com