(Alliance News) - Garofalo Health Care Spa reported Monday that first-quarter revenues rose 15 percent year-on-year to EUR92.3 million from EUR80.4 million in the same period last year.

On a like-for-like basis, that is, excluding for 2023 the contribution for three months of GVDR, revenues were up 10 percent from the first quarter of 2022, to EUR88.5 million from EUR80.4 million. These results mainly benefit from the increase in business to private patients by about 16 percent and out-of-region by about 14 percent, "elements that testify to the strong attractiveness of the group's facilities in a context characterized by a trend of increasing care needs," the company explained.

Adjusted Ebitda rose to EUR18.8 million or 31 percent from EUR14.3 million while operating income grew 78 percent to EUR14.0 million from EUR7.8 million.

Ebit benefited from lower net nonrecurring costs of EUR1.9 million, mainly due to significantly lower Covid-19 extra-costs in the quarter compared to those reported in the previous year and the partial reimbursement in the quarter of Covid-19 extra-costs incurred by some group companies from costs incurred in previous years, totaling EUR1.3 million from EUR300,000 in the first quarter of 2022.

This result also reflects depreciation and amortization for the year of approximately EUR5.0 million, up by EUR400,000 from 2022, mainly due to the change in the scope of consolidation as well as value adjustments and other provisions of EUR800,000, down from EUR1.0 million in 2022.

Pre-tax income rises 76 percent to EUR11.8 million from EUR6.7 million in the previous year while net income increases to EUR8.7 million from EUR5.1 million.

As of March 31, 2023, GHC's Net Financial Position was EUR148.3 million, given by cash of EUR33.1 million and financial debt of EUR181.4 million.

During the first quarter, the group invested a total of EUR3.9 million compared to EUR3.1 million in the first quarter of 2022. In particular, about EUR1.2 million is related to expansion investments, mostly related to the extraordinary project of the Raffaele Garofalo Institute.

GHC's stock is up 2.3 percent at EUR4.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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