Egyptian HDI announces first quarter 2021 performance as strong as fourth quarter 2020

Medical diagnostics department Integrated Diagnostics Holdings (IDH) reported its performance for the first quarter (Q1) of 2021, noting that it was as strong as the fourth quarter of 2020.

The company added that this concerned in particular the volumes of PCR tests and other tests related to the novel coronavirus (COVID-19) pandemic.

The management of the HDI expects the same trend for 2021, stressing that PCRs could decrease from the fourth quarter of 2021 depending on the roll-out of the vaccination.

The company’s medium-term expansion plan includes adding 30-35 new pathology laboratory branches in Egypt per year. In addition, the group is expected to inaugurate Al Borg Scan’s third branch next month, as part of its plan to reach six branches by 2022.

Meanwhile, management expects the year-over-year (year-over-year) percentage growth in company revenue to be between late teens and early teens. in his twenties. At the same time, margins are expected to remain healthy, with an EBITDA margin above 40% in 2021.

Capex would remain within the normal range of 5.5% of sales. In addition, IDH secures a cash reserve for potential merger and acquisition (M&A) opportunities, which would be announced when possible.

IDC is currently trading at a 2021 P / E of 14.9x and EV / EBITDA of 8.0x. It experienced exceptional high and low performance in the fourth quarter of 2020, fueled by an adaptive service offering, in addition to strong demand for PCR and other related testing.

Revenue grew 71% year-over-year in the fourth quarter of 2020, registering 986 million EGP, while revenue related to COVID-19 contributed 41% to the revenue in the fourth quarter of 2020, noting that the contribution of PCRs alone was 31%.

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