Q1 2026 Medicover AB Earnings Call Transcript
Key Points
- Medicover AB (FRA:5M0B) reported strong organic growth of 10.3% in Q1 2026, marking the fifth consecutive quarter of improved margins.
- The company achieved a robust performance in Diagnostic Services, with revenues exceeding EUR 200 million and a 9.9% growth rate.
- India showed significant momentum with a 34.4% growth in local currency, driven by strategic recruitment and increased average revenue per occupied bed.
- The company's leverage decreased to 2.9, indicating improved financial stability.
- Fee-for-service revenue increased across all markets, reflecting a successful shift in business strategy.
- The company faced negative headwinds, including severe weather conditions in Central Eastern Europe, impacting revenue growth in the first two months of the quarter.
- The exit from Hungary affected a smaller part of Medicover AB's revenues.
- The German market experienced the last quarter of reform impact, which had a challenging effect on operations.
- The new hospital in Hyderabad contributed to an increased loss from EUR 2.2 million to EUR 3.8 million in the quarter.
- Diagnostic volumes were affected by external factors, including weather and geopolitical tensions, leading to a subdued performance in Q1.
Welcome to the Medicover Q1 2026 report presentation. (Operator Instructions) Now I will hand the conference over to the speakers, CEO, John Stubbington and CFO, Anand Patel. Please go ahead.
Morning, everybody. Welcome to our Q1 presentation. I think we've had a good first quarter. It's been a consistent and solid sort of position. We've got good momentum going on in the business with strong organic growth at 10.3%. This is our fifth consecutive quarter of improved margins year-over-year which we're delighted with. There's been a few negative headwinds that have hit us. I don't think we need to talk about that too much. I think as a team we've sort of navigated that well, and it shows the strength of our model. It's pleasing to see the position that we've come out with despite all of that. India's shown some strong momentum. We expected that.
We talked about that a lot in previous quarters in terms of what we'd done to be able to get a
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