Romania's MedLife turns to net loss in 2023

MedLife’s operating profit dropped to 93.9 million lei last year, from 94.2 million lei in 2022, it said in an unaudited financial report filed with the Bucharest Stock Exchange, BVB.

MedLife’s consolidated turnover amounted to 2.2 billion lei in the twelve months through December, jumping by an annual 25% on the back of growth from almost all of the group's business lines.

Clinics, hospitals, and corporate sectors experienced revenue growth rates of 35%, 27%, and 17%, respectively. Laboratories and dental clinics also saw increases of 15% and 2%. However, pharmacies experienced a decrease due to adjustments in the drug portfolio aimed at improving operational efficiency, MedLife said.

Last year, the group completed several acquisitions, including the Muntenia Hospital, the majority stake in local peer Provita, and a 56% stake in Brol Medical Center from the western city of Timisoara.

The group’s operating expenses rose from 1.71 billion lei at end-2022 to 2.13 billion lei at the end of last year.

Established in 1996, MedLife is among Romania’s largest healthcare providers, with 35 hyperclinics, 68 clinics, 15 hospitals – located in Bucharest, Arad, Sibiu, Brasov, Cluj, Ploiesti and Pitesti, 39 laboratories, 21 pharmacies and 18 dental clinics. The group has also more than 170 private clinic partners around Romania.

Blue-chip MedLife’s shares traded 0.76% lower at 3.93 lei on the Bucharest bourse as of 1158 CET on Thursday.

(1 euro=4.96914 lei)