
(Incorporated in
Company Number: 08338604
LSE Share Code: MDC
JSE Share Code: MEI
NSX Share Code: MEP
ISIN: GB00B8HX8Z88
LEI: 2138002S5BSBIZTD5I60
("Mediclinic", the "Company", or the "Group")
Q3 Trading Update
Summary
● |
Effectively navigating the COVID-19 pandemic; commenced government-led COVID-19 vaccination programmes at |
● |
|
Commenting today, Dr
"Through the third quarter of our financial year, a more severe second wave of COVID-19 cases has placed greater demand on our acute care capacity. We continue to effectively navigate the challenges this presents through the tireless efforts of our medical professionals and staff who deserve our sincere appreciation and thanks.
"Unlike early in the first wave, there have not been national restrictions on elective procedures and outpatient activity during Q3. Our ability during the period to continue with elective procedures, when and where we have capacity, as well as the unseasonable demand for our inpatient services in
The information on which this update is based represents the Group's latest financial estimates and has not been reviewed and reported on by Mediclinic's external auditors. All financial figures, unless explicitly stated, are adjusted1.
Continuing to navigate the COVID-19 pandemic
Mediclinic has been unwavering in its support of and collaboration with the relevant health authorities in tackling the COVID-19 pandemic ("the pandemic"). Having cared for over 30 000 COVID-19 patients, the Group is continually refining its treatment pathways to improve clinical outcomes and has significantly reduced the average length of stay for COVID-19 patients.
Across the world, major advances have been made in the development, manufacture and distribution of COVID-19 vaccines. Mediclinic is working with health authorities to support government-led vaccination roll-out plans and prioritisation schedules. Last week,
During Q3, the Group continued to adapt and address the operational challenges posed by the more severe second wave of the pandemic. In the absence of national restrictions suspending non-urgent elective procedures, capacity planning and the availability of services remained the responsibility of the divisions. As a result, in addition to the ongoing delivery of critical and urgent care, the Group's approach to providing elective procedures and outpatient treatments has remained fluid. Hospitals adapt their services to reflect the changing demands placed on individual and regional facilities and the availability of clinical personnel as the pandemic evolves. The Group expects the pressures and uncertainties to persist during the fourth quarter of the financial year. On
Financial performance
Unseasonably high levels of inpatient activity at Mediclinic Southern Africa and
The Group continues to observe similar trends to those experienced in the first half of the year in relation to personal protective equipment usage and consumable supply costs.
The ongoing operational and financial resilience of the Group was evidenced by cash and available facilities at the end of
Divisional summary
In
In the
Outlook
The pandemic has highlighted the global demand for quality healthcare services and the integral role played by private providers in supporting national governments and healthcare authorities. Ageing populations, a growing disease burden and digitalisation of healthcare are accelerating opportunities for expansion and advancement across the continuum of care. Mediclinic is also focused on several strategic projects, including virtual care solutions, in response to the pandemic and the evolving needs of its clients.
The uncertainty caused by the pandemic has reduced visibility on activity levels and therefore the Group remains cautious as to the full impact on near-term operating performance. As previously guided, the impact of national lockdowns and restrictions on non-urgent elective care results in the postponement of patient treatments. When capacity becomes available, the Group is well positioned to deliver the services and care required to address patient demand.
The Group's FY21 trading update is currently scheduled for
Q3 financial performance and key performance indicators
Note: All movements are approximate and for the Q3 FY21 period relative to the prior year period.
|
Q3 FY21 |
Group (GBP) |
|
Revenue movement |
2.5% |
EBITDA movement |
(8.0)% |
Reported EBITDA margin |
17.0% (Q3 FY20: 19.0%) |
|
|
Revenue movement |
(1.5)% |
EBITDA margin |
16.5% (Q3 FY20: 18.9%) |
Movement in inpatient admissions |
(2.5)% |
GBP/CHF average FX rate (YTD) |
1.19 (YTD Q3 FY20: 1.26) |
|
|
Revenue movement |
3.5% |
EBITDA margin |
21.0% (Q3 FY20: 19.4%) |
Movement in paid patient days |
(3.5)% |
GBP/ZAR average FX rate (YTD) |
21.54 (YTD Q3 FY20: 18.49) |
|
|
Revenue movement |
8.0% |
EBITDA margin |
13.5% (Q3 FY20: 18.3%) |
Movement in inpatient admissions and day cases |
1.0% |
Movement in outpatient cases |
(10.0)% |
GBP/AED average FX rate (YTD) |
4.71 (YTD Q3 FY20: 4.66) |
1 The Group uses adjusted income statement reporting as non-IFRS measures in evaluating performance and as a method to provide shareholders with clear and consistent reporting. The Group's non-IFRS measures are intended to remove from reported earnings volatility associated with defined one-off incomes and charges which were previously referred to as underlying.
2 Measures conversion of adjusted EBITDA into cash generated from operations.
Cautionary Statement
This announcement contains certain forward-looking statements relating to the business of the Company and its subsidiaries, including with respect to the progress, timing and completion of the Group's development; the Group's ability to treat, attract and retain patients and clients; its ability to engage consultants and general practitioners and to operate its business and increase referrals; the integration of prior acquisitions; the Group's estimates for future performance and its estimates regarding anticipated operating results; future revenue; capital requirements; shareholder structure; and financing. In addition, even if the Group's actual results or development are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of the Group's results or developments in the future. In some cases, forward-looking statements can be identified by words such as "could", "should", "may", "expects", "aims", "targets", "anticipates", "believes", "intends", "estimates", or similar. These forward-looking statements are based largely on the Group's current expectations as of the date of this announcement and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the Group's expectations could be affected by, among other things, uncertainties involved in the integration of acquisitions or new developments; changes in legislation or the regulatory regime governing healthcare in
The Group is providing the information in this announcement as of this date, and disclaims any intention to, and make no undertaking to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About
Mediclinic is a diversified international private healthcare services group, established in
The Group's core purpose is to enhance the quality of life.
Its vision is to be the partner of choice that people trust for all their healthcare needs.
Mediclinic is focused on providing specialist-orientated, multi-disciplinary services across the continuum of care in such a way that the Group will be regarded as the most respected and trusted provider of healthcare services by patients, medical practitioners, funders and regulators of healthcare in each of its markets.
At
The divisions' contributions to Group revenue for the financial year ended
The Company's primary listing is on the
Mediclinic also holds a 29.9% interest in Spire Healthcare Group plc, a leading private healthcare group based in the
For further information, please contact:
Investor Relations,
+44 (0)20 3786 8181
Media queries
FTI Consulting
+44 (0)20 3727 1000
+27 (0)21 487 9000
Registered address: 6th Floor,
Website: www.mediclinic.com
Corporate broker:
JSE sponsor (
NSX sponsor (
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the