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Manila Bulletin devider Business devider The Stock Market devider Medilines' core profit jumps 53% in 2022

Medilines' core profit jumps 53% in 2022

Published May 2, 2023 07:01 am
Medilines Distributors Inc., a publicly-listed medical equipment supplier, reported a 53 percent jump in core earnings to P214 million last year. In a disclosure to the Philippine Stock Exchange, the firm said the hike in bottom-line was primarily due to a 24 percent growth in revenues, a strong drive for operational efficiency, and a bigger focus won the growth of its Dialysis product segment. The company posted P1.9 billion in revenues, more than half of which was driven by the distribution and delivery of Cancer Therapy equipment worth a total of P1.1 billion. Linear Accelerators were delivered to major public hospitals around the Philippines, namely: Region 1 Medical Center in Pangasinan, Mariano Marcos Memorial Hospital and Medical Center in Ilocos, Philippine Children’s Medical Center in Quezon City, Rizal Medical Center in Pasig City, and Vicente Sotto Memorial Medical Center in Cebu City. Diagnostic Imaging equipment, which contributed 16 percent of the Company’s top-line, grew by 5 percent, achieving sales of P306 million in 2022. CT Scans, MRI, Fluroscopy, C-Arm, Ultrasound, and Cathlab, were delivered to Philippine Children’s Medical Center in Quezon City, Army General Hospital in Taguig, San Pedro Jose L. Amante Emergency Hospital in San Pedro, Calamba District Hospital in Calamba, Cotabato Regional Medical Center in Cotabato, Amai Pakpak Medical Center, and Sultan Kudarat Provincial Hospital in Isulan. Medilines’ Dialysis segment showed notable increase in its distribution of the consumables product line, reflecting an astounding growth of 76 percent year-on-year. The expansion of its dialysis consumables line of products is one of the pillars of Medilines’ growth strategy. “We are happy with our 2022 results which is a banner year for the Company. We remain bullish with the industry for this year, and we believe that we are in the right position to take on more opportunities as we sustain our leadership in the medical equipment and consumables distribution market,” said Medilines President and CEO Patricia V. Yambing. The company sees a huge opportunity in the healthcare industry. “Our focus remains on business strategies that will deliver profitable and sustainable growth over time. We are looking at a steady growth in 2023, as the government implements its Philippine Health Facility Development Plan (PHFDP),” she added. For 2023, Medilines is preparing itself to aid the Government’s focus in improving healthcare facilities. The Department of Health (DoH) last year has already announced the implementation of the PHFDP which aims to create regional specialty centers across the country. The government is also looking to expand its dialysis wards in state-owned hospitals to support the widening coverage of the Philippine Health Insurance Corporation’s (PhilHealth) dialysis treatments.
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