Medilines Distributors Inc. reported a 13 percent improvement in net income for the first nine months of 2022 to P111.93 million from the P99.34 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it registered a 58 percent jump core income to P112 million in the third quarter of 2022 from P70 million year-on-year while net income turned around to P30.97 million from a net loss of P0.71 million.

Unaudited net sales for the first nine months rose 27 percent to P1.21 billion this year from P953.58 million in 2021 while surging 154 percent to P352.76 million in the third quarter of 2022 from P138.49 million in the same period last year.

Margins also showed improvement amid the volatile economic landscape. Gross profit margin remains stable at 19 percent for both the nine months of 2022 and 2021, while core income margin has increased to 9 percent from 7 percent during the nine months of 2022.

For the nine months ending 2022, a majority of the revenue contribution, 56 percent, still comes from the sale of Cancer Therapy equipment.

However, Medilines has grown its dialysis consumables by 50 percent, recording net sales of P193 million in the nine months of 2022 compared to P127 million in the nine months of 2021.

This resulted in the increase of Dialysis Consumables’ revenue contribution to 16 percent from only 13 percent year on year.

Dialysis Equipment sales also increased by 7 percent, posting net sales of P122 million compared to P114 million during the first nine months of 2021.

The same modest growth can be seen in Diagnostic Imaging, posting net sales of P213 million, or 5 percent growth, from P203 million during the nine months of 2021. Dialysis Equipment and Diagnostic Imaging segments contributed 10 percent and 18 percent, respectively.

As of the first nine months of 2022, Medilines has already completed the Cancer Therapy project in Bicol Regional Training and Teaching Center in Legazpi, Albay.

There are still five on-going projects comprised of the remaining 48 percentof the net sales recognizable for the Cancer Therapy product segment until the first half of 2023.

For Dialysis Center projects, there are still three on-going deliveries of bulk Dialysis Machines worth P59 million. Delivery of machines will be completed by the end of the year.

Meanwhile, Diagnostic Imaging has completed the delivery of four equipment to three hospitals located in Luzon and Mindanao. There are still five machines for delivery till year end worth P142 million.

In the coming years, Medilines will continue to position itself in line with the Government’s focus in enhancing our healthcare facilities.

“There will be significant opportunity in the healthcare industry which will drive the growth of the Company for the coming years. Such will further solidify Medilines’ leadership in said market,” said Medilines Chairman Virgilio Villar.