GENEVA--(BUSINESS WIRE)--Unilabs, one of Europe’s leading providers of clinical laboratory testing and medical diagnostic imaging services, closed Q1 above expectations in a robust start to the new financial year and also confirms it is on track to deliver 2016 targets. A combination of increased organic growth, cost savings and valuable contract renewals saw the company hit record sales levels and secure its seventh consecutive quarter of growth. When comparing Q1 results for 2016 with Q1 2015 it should be noted that Easter fell in Q1 in 2016 but Q2 in 2015.
| Unilabs Group | |||||||||||
| €millions | Q1 Reported | Q1 CER | |||||||||
| 2015 | 2016 | % change | Q1 2016 CER | % change | |||||||
| Revenues | 167.6 | 171.9 | 2.5% | 174.2 | 3.9% | ||||||
| Adjusted EBITDA | 26.5 | 29.1 | 9.5% | 29.5 | 11.1% | ||||||
| Adjusted EBITDA margin | 15.8% | 16.9% | 108 bps | 16.9% | 109 bps | ||||||
| Free cash flow | 11.9 | 25.3 | 111.9% | 25.3 | 111.9% | ||||||
| Organic revenues (a) | 166.8 | 169.3 | 1.5% | 171.6 | 2.9% | ||||||
| Organic Adjusted EBITDA (b) | 26.6 | 28.7 | 7.8% | 29.1 | 9.4% | ||||||
(a) Excludes acquisitions made within the prior 12 months
(b) Excludes acquisitions made within the prior 12 months; Adjusted for non-recurring, restructuring/acq. costs
Q1 highlights included:
- Strong organic growth in Switzerland (+8.2% vs last year) and France (+5.1% vs last year). In addition, strategic customer contracts - specifically in companion diagnostics and laboratory services in Sweden – were secured.
- The continued over-performance of Unilabs’ ambitious 2016 cost leadership programme – set to save more than €15M across the laboratory and radiology businesses – including key projects within the clinical chemistry EU tender implementation in France, laboratory network consolidation in Switzerland and laboratory efficiencies in Sweden
- Ongoing mergers and acquisitions pipeline development to expand Unilabs’ geographical coverage and breadth of service offering
Commenting on the Q1 results, Jos Lamers, Chief Executive Officer at Unilabs said: “2016 has kicked off with a solid first quarter for Unilabs. Our efforts in driving organic growth and cost leadership continue to build a solid foundation for future growth, top and bottom line. Our Pan-European network and the breadth of services we offer, help us win new customers and successfully expand existing partnerships. With an increased demand for our services and our employees passionate to provide outstanding service to customers, we look forward to continuing our robust performance in Q2 and through 2016.”
Unilabs is a leading supplier of clinical laboratory testing and medical diagnostic imaging services for public and private health services and other customer groups in 10 European countries, Peru and Dubai. Facilitating more than 109 million diagnostic tests and 1.4 million radiology exams in 2015 alone, Unilabs has the most comprehensive portfolio of diagnostic services in Europe, offering a broad range of more than 2,500 different tests, from cancer detection and radiology exams, through to IVF procedures and genetic testing. Swift and accurate results enable healthcare professionals and their patients to monitor and make vital treatment decisions in the management of a range of medical conditions.
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*EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization.
†CER: Constant Exchange Rates.
Notes to Editors
About Unilabs
Unilabs aspires to be at the heart and start of all effective treatment decisions. With over 115 laboratories, 44 imaging units and a broad catalogue of more than 2,500 diagnostic tests, Unilabs is one of Europe’s leading providers of clinical laboratory testing and medical diagnostic imaging services. Headquartered in Geneva, the Unilabs Group services sectors ranging from private and public healthcare providers to local governments, from pharmaceutical companies to the general public.
Unilabs mediates care. In 2015, its laboratories carried out over 109 million diagnostic tests ensuring swift, accurate diagnosis of patient samples, and over 1 million radiology exams. The importance of medical diagnostics is expanding; as focus shifts from treatment to prediction and prevention, and innovations in molecular and genetic testing continue to emerge, Unilabs aims to be at the heart of this healthcare transformation.
Unilabs Group employs more than 5,000 people worldwide, successfully operating laboratory and medical diagnostic imaging facilities in 12 countries. Its network of facilities provides it with one of the broadest geographic footprints of any clinical laboratory and medical diagnostic services provider in Europe. For more information about Unilabs, please visit: www.unilabs.com. Follow us on Twitter: @Unilabs.
Forward Looking Statement
This press release contains various “forward-looking statements” that reflect management’s current view with respect to future events and anticipated financial and operational performance. Forward-looking statements as a general matter are all statements other than statements as to historical fact or present facts or circumstances. The words “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “risk,” “should,” “will” and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements may include, among other things, statements relating to: our future financial position; our strategy and outlook; our liquidity, capital resources and capital expenditure; our planned investments; acquisition opportunities in the markets in which we currently, or may in the future, operate; expectations as to future growth in demand for our products and services; demographic trends; general economic trends and other trends in our industry; the impact of regulations on us and our operations; the competitive environment in which we operate; the outcome of legal proceedings; extreme weather conditions in the markets where we operate; failure to comply with privacy laws; and failure to comply with environmental health and safety laws. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurances that such expectations will prove to be correct and such statements are not guarantees of future performance because they are based on numerous assumptions. Forward-looking statements are based on information available at the time those statements are made and management's good faith belief as of that time with respect to future events and are subject to known and unknown risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a further discussion of such risks please see the risks discussed under the caption “Risk Factors” beginning on page 26 of the Offering Memorandum dated July 10, 2013 (the “OM”) in connection with our offering of senior secured notes and second lien PIK toggle notes (collectively, the “Notes”). You should not place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as at the date on which it is made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
