Cardiva Plans to Increase Profit by 17% in 2023, up to €14 Million

Cardiva anticipates a year of growth. The Spanish company that manufactures and markets medical products estimates to increase its profit by 16.7% in 2023 compared to 2022, reaching €14 million, according to Carlos Ibares, Cardiva’s director of corporate strategy.

The company of Basque origin plans to close in 2023 with a turnover of more than eighty million euros, “in the low range”, according to Ibares. If this goal is achieved, Cardiva would increase its 2022 sales by €10 million, the year in which it had a turnover of €70 million.

The Bilbao company points out that the growth is due to the future of the traumatology division, a segment it entered at the end of last year, and the good results of the traditional divisions and operations carried out in recent months. In traumatology, Cardiva hopes to reach a market share of 15% in Spain in its first full year of activity.

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Cardiva acquired 70% of the Italian company IQ Medical for €12.6 million last March

The company values ​​continuing to grow with new acquisitions this year and is analyzing possibilities in the cardiology area in Italy, a country it entered in 2017 through the start-up of a subsidiary and in which it closed its last corporate operation.

Last March, Cardiva acquired 70% of the Italian company IQ Medical for €12.6 million. Thanks to the operation,  the Spanish company will have the possibility of supplying products to private hospitals managed by IQ Medical, which are expected to grow rapidly. The Transalpine company will access public hospitals where until now it had no presence and Cardiva did. Both companies will function independently.

IQ Medical, located in the Lazio region, has as its business base the commercialization of biomedical devices. Its main products are focused on the therapeutic areas of cardiology, surgery, and consumer goods.

Cardiva has invested €4 million in the trauma area in the last year

Regarding investments, Ibares refers to the area of ​​traumatology, in which the company has disbursed four million euros in the last year, with the aim of reaching €6 million in 2023.

The other investments are related to the acquisition of IQ Medical and the start-up of a new logistics warehouse in San Agustín de Guadalix (Madrid), which has involved a disbursement of three million euros and which Cardiva trusts will be operational by the end of 2023.

Cardiva is a company founded in 1989 by Ignacio Vega, who holds the position of president of the company. The group has factories in Malaga and Kunshan (China), as well as a logistics base in Lezama and subsidiaries in Portugal and Italy.

Currently, the company markets more than 4,000 products and its teams treat more than 300,000 patients each year. The group’s workforce is made up of 180 employees. The majority of Cardiva’s capital rests with Ignacio Vega and he is accompanied by Covadonga Vega, Sebastián Yarza, and Carlos Ibares as shareholders.

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(Featured image by James Yarema via Unsplash)

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