Swissmed enjoys 42% sales growth in 2009

2010-03-10

Swissmed, the listed healthcare provider in Poland, reported a 15.4% y-o-y increase in consolidated sales revenues in the fourth quarter of 2009, to PLN 10.5m (€2.7m). Sales growth thus slowed considerably compared with the 51% y-o-y increase registered in the January-September period. Even so, in 2009 as a whole revenues surged by a hefty 42% and topped PLN 45.3m.
At the same time, Swissmed plunged into a loss of PLN 1.6m (€0.4m) in Q4 compared with a small profit a year earlier. This prevented the company from swinging into profit for the year as a whole, despite substantial improvements in Q1-Q3.
Revenues from outpatient services rose by 15.3% y-o-y in Q4, and by 27.9% in 2009 as a whole, to PLN 16.9m (€4.3m). Of this, commercial patients accounted for 80% thanks to 36.4% growth in revenues, while National Health Fund (NFZ) contracts contributed 20% on the back of a 2.8% increase in revenues compared with 2008.
Revenues from hospital services rose by 8.9% y-o-y in Q4 and by 45.3% in the year as a whole, to PLN 26.5m (€6.8m). Of this, National Health Fund (NFZ) contracts contributed 83% thanks to a 67.8% surge in revenues compared with 2008. Commercial patients accounted for 17% following a drop of 12.8% on the year before.