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Atrys Doubles Losses to 45 Million in 2023, but Increases Income by 27.3%

Atrys Health reports 2023 losses of 45 million euros, nearly doubling from the previous year, despite a 27.3% increase in revenue to 202 million euros and a 28.2% rise in adjusted EBITDA to 42.6 million euros. The losses are attributed to expenses from company growth, acquisitions, and structural optimization. Atrys aims for double-digit growth in both revenue and adjusted EBITDA for 2024.




Atrys Health recorded attributable losses of 45 million euros in 2023, which is almost doubling those recorded a year earlier, although it increased its income by 27.3%, to 202 million euros, and its results by 28.2%. adjusted gross operating profit (Ebitda), up to 42.6 million euros, as reported by the company.

The firm has specified that the result for the year from continuing operations was negative by 30.8 million euros, due to the expenses associated with the strong inorganic growth of the company, the amortization of the acquisitions carried out and the optimization of the structure. of the group executed in fiscal year 2023.

Atrys has highlighted that the results for 2023 are in line with the announced guidance and reflect the “solid” performance of the company in all its business segments, while it has focused its efforts on organic growth in all its business areas.

Thus, Atrys has grown at a double-digit rate, specifically 27.3%, reaching a turnover of 201.6 million euros in 2023 . The gross margin for 2023 stood at 137.2 million, 13.3% more than the previous year. For its part, adjusted EBITDA increased to 42.6 million euros, which represents an improvement of 28.2% compared to the previous year.

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Atrys expects double-digit growth in both turnover and adjusted EBITDA

Despite the current situation of high inflation, the company has maintained its adjusted EBITDA margins on turnover, with special emphasis on the improvement of margins in the diagnostic area, with the investment in genetics and pathology laboratories , and the prevention area, thanks to the automation of its processes and the optimization of the network of centers. At a pro forma level, the company recorded “solid” organic growth of 11.6%, up to 201.9 million euros.

The 2023 financial year has been marked by the divestment of Conversia, the company’s compliance subsidiary , and the sale of Atrys Switzerland, strategic decisions for the company that allow it to focus its activity on its core business . On the other hand, investment in Capex decreased by 13.3%, to 13.1 million euros.

Of the total investment made, four million corresponded to expansion Capex, mainly associated with the opening of a new pathology laboratory in Madrid , the escalation of the business in Mexico with the opening of the oncology treatment centers in Polanco and Celaya, equipped with mixing centers, as well as the Nuclear Medicine center at the Pediatric Cancer Center, at the Sant Joan de Déu Hospital in Barcelona.

Looking ahead to fiscal year 2024, Atrys will focus its efforts on continuing to grow organically and consolidate its leadership as a global company. Under this premise, the healthtech company has set the objective of continuing to grow at double digits, specifically more than 10%, both in turnover and in adjusted EBITDA.

Business areas of Atrys

By business areas, Atrys’ medical oncology segment is consolidating itself as a leader in Spain and strengthening its position in Latin America, according to the firm. Specifically, the turnover of the oncology area increased by 9.4% , on a comparable basis, in fiscal year 2023, thanks to the good performance of the medical oncology activity in Spain, the opening of new centers in Mexico, the implementation of new treatments, the network of alliances with large companies such as the MAC Group and BUPA in Latin America, or with the Lusíadas Group in Portugal, with the aim of strengthening activity in oncological diagnosis and treatment in the Portuguese market.

On the other hand, the diagnostic area led the growth, with a turnover 17.5% higher than the previous year , on a comparable basis, motivated by the opening of the new pathology laboratory in Madrid and the nuclear medicine center in the Sant Joan de Déu Hospital in Barcelona, ​​firmly committed to technological resources to improve diagnostic activity.

In relation to the prevention segment, an increase of 6.8% in revenue has been recorded, promoted by the optimization of its network of centers, diagnostic automation, and the introduction of new medical services with a focus on promoting prevention. health, resulting in an improvement in the customer renewal rate.


(Featured image by  Stock Birken via Unsplash)

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Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.