Integrated Diagnostics : IDH RELEASES 1Q2021 FINANCIAL RESULTS

1Q2021 EARNINGS RELEASE

London & Cairo | 2 June 2021

Integrated Diagnostics Holdings Plc

1Q 2021 Results Update

Wednesday, 2 June 2021

Integrated Diagnostics Holdings Plc reports record-breaking revenue and net profit growth in 1Q 2021 supported by a strong performance across entire service portfolio

(London and Cairo) Integrated Diagnostics Holdings ("IDH," "the Group," or "the Company"), a leading consumer healthcare company with operations in Egypt, Jordan, Sudan and Nigeria, released today its unaudited1 highlights of its financial and operational performance in the first three months of 2021, reporting revenues of EGP 1,130 million, up 126% year-on-year, and a net profit of EGP 339 million, up 230% year-on-year in 1Q 2021.

Financial Results

EGP mn	1Q 2021	1Q 2020	change
Revenues	1,130	500	126%
Cost of Sales	(491)	(257)	91%
Gross Profit	638	243	162%
Gross Profit Margin	57%	49%	7.8 pts
Operating Profit	535	159	236%
EBITDA2	586	203	189%
EBITDA Margin	52%	41%	11.3 pts
Net Profit	339	102	230%
Net Profit Margin	30%	21%	9.5 pts
Cash Balance	1,324	745	78%

Key Operational Indicators

	1Q 2021	1Q 2020	change
Branches	483	457	26
Patients ('000)	2,359	1,571	50%
Revenue per Patient (EGP)	479	318	51%
Tests ('000)	8,062	6,106	32%
Revenue per Test (EGP)	140	82	71%
Test per Patient	3.4	3.9	-12%

1. By the terms regulating the company's listing on the LSE, IDH is required to release reviewed financials at the half-year mark and audited full-year financials.
   Following the completion of IDH's dual-listing on the Egyptian Exchange in May 2021 complementary to its LSE listing, IDH will be required to release audited quarterly financials to satisfy EGX disclosure requirements starting the second quarter of 2021. All figures in this update are accordingly unaudited and provided from Management accounts.
2. EBITDA is calculated as operating profit plus depreciation and amortization.

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Introduction

1. Financial Highlights

• Revenue recorded EGP 1,130 million in 1Q 2021, up an impressive 126% year-on-year as IDH continued to build on the strong momentum from the second half of last year. The record-breaking performance in the first quarter of 2021 was primarily supported by IDH's Covid-19-related3 test offering and was both volume- and price-driven, as total tests performed expanded 32% year-on-year and average revenue per test increased 71% versus 1Q 2020. It is important to note that excluding revenues generated by IDH's Covid-19-related3 testing from the quarter's performance, consolidated revenue increased 20% year-on-year, in line with the Company's historical averages and displaying a sustained recovery in the Group's non-Covid-19 business.
• Gross Profit recorded EGP 638 million in the first quarter of the year, up 162% versus last year and with an associated margin of 57% versus 49% in 1Q 2020. Improved gross profitability was supported by strong top- line growth for the quarter, and the subsequent economies of scales related to some of the fixed costs such as direct salaries and wages for the period.
• Operating Profit grew by 236% year-on-year to EGP 535 million in 1Q 2021 with an associated margin of 47% versus 32% in the first quarter of last year. Solid operating profit growth came on the back of strong gross profitability for the three-month period and was further supported by a normalisation of provision booked for the quarter, which stood at EGP 5 million in 1Q 2021 versus the EGP 10 million booked in 1Q 2020 to account for expected credit losses in accordance with IFRS 9.
• EBITDA4 recorded EGP 586 million for 1Q 2021, up 189% year-on-year. EBITDA margin expanded to 52% in 1Q 2021 from 41% in 1Q 2020 on the back of strong top-line growth and improved operating leverage, and further supported by improving EBITDA results from both the Group's operations in Nigeria and Al-Borg Scan.
• Net Profit increased 230% year-on-year to EGP 339 million in 1Q 2021, as strong top-line growth filtered down to the Group's bottom-line. Net profit margin stood at 30% for the quarter versus 21% in 1Q 2020.
• As a reminder, IDH's board of directors has recommended a dividend distribution of US$ 0.049 per share, or US$ 29.1 million in aggregate, to shareholders in respect of the financial year ended 31 December 2020. This represents an increase of 4% compared to a final dividend of US$ 28 million in aggregate in the previous financial year.

1. Operational Highlights

• IDH's branch network stood at 483 branches as of 31 March 2021, up from 457 branches as of 31 March 2020.
• Total tests performed recorded 8.1 million in 1Q 2021, up 32% year-on-year. Higher test volumes were supported by both IDH's Covid-19-related3 test as well as its conventional test offering, with the latter increasing by 11% versus last year.
• Average revenue per test grew 71% year-on-year to EGP 140 in 1Q 2021. Excluding the generally higher value Covid-19-related tests, average revenue per test would have increased by a solid 8% versus last year.
• Total patients served reached 2.4 million in 1Q 2021, a 50% year-on-year increase. Meanwhile, average test per patient decreased to 3.4 in 1Q 2021 from 3.9 last year as more patients visit IDH's labs for single Covid- 19 tests (PCR, Antigen and Antibody).

1. Covid-19-relatedtests include both Covid-19 tests (Polymerase Chain Reaction (PCR), Antigen, and Antibody) as well as other Covid-19-related tests which include a bundle of routine inflammatory and clotting markers such as Complete Blood Picture, Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin and C- reactive Protein (CRP), among others.
2. EBITDA is calculated as operating profit plus depreciation and amortization.

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• In Egypt, revenue expanded 117% year-on-year supported by both Covid-19-related5 and conventional test offering. Top-line growth was further bolstered by IDH's house call service which continued to record growing demand throughout the quarter, and contributed to around 25% of consolidated revenues in 1Q 2021.
• Al-BorgScan recorded a 122% year-on-year revenue expansion supported by a larger test offering, with the venture continuing to make growing contributions to consolidated revenue and EBITDA. Al-Borg Scan recorded an EBITDA of EGP 1.8 million in 1Q 2021, with an associated margin of 20%. EBITDA-level profitability is expected to continue improving as the venture further ramps up operations and new branches come online. On the latter front, Al-Borg Scan's third branch is set to commence operations before the end of June 2021.
• In Jordan, revenues more than tripled year-on-year supported by both Biolab's Covid-19-related test offering and a 29% year-on-year rise in conventional tests. As such, the country's share of consolidated top-line reached 17% in 1Q 2021 versus 12% this time last year.
• In Nigeria, revenues continued their steady expansion, growing 44% year-on-year on the back of rising patient demand. In line with management's expectations, EBITDA losses narrowed further to EGP 0.5 million (compared to a loss of EGP 2.4 million during the same period last year), and operations remain on track to turn EBITDA positive in 2021.

1. Management Commentary

Commenting on the Group's performance for the three-month period, IDH Chief Executive Officer Dr. Hend El- Sherbini said: "I am delighted to report that IDH started the new year building on the strong momentum from 4Q 2020 and leveraging an expanded service offering and delivery capabilities to drive exceptional top-linegrowth and improvements in profitability. In particular, our conventional test offering delivered a strong 20% year-on-yearrevenue growth, which is in line with our historical averages and signals a consistent recovery of our non-Covid-19business. Combined with the significant revenue generated by our Covid-19-related5 test offering, we recorded an impressive 126% increase in consolidated revenues versus the comparable quarter of last year."

"In Egypt and Jordan, we continued to record exceptional revenue growth mainly on the back of strong demand for our Covid-19-related5 offering, along with double-digit test volume and revenue growth in our non-Covid-19 business across both geographies as restrictions related to Covid-19 were eased. Volume growth continues to be supported by our multi-pronged expansion strategy which aims to widen and diversify our medical service offering, expand our geographical reach, and strengthen our digital offering and delivery capabilities to ensure that we provide access to as many patients as possible. On the latter, we continued to witness strong contributions coming from our home call service, which we successfully ramped up in both countries to provide additional support to patients during the Covid- 19 crisis. In 1Q 2021, our house call service contributed to 25% of Egypt's revenues versus 12% last year, and to 12% of Jordan's first quarter revenues versus the 10% contribution made this time last year. Across both countries we continue to record growing demand for the service, and in the first three months of the year we served nearly 316 thousand house call patients, more than double those served through the service in the first quarter of 2020. Moreover, the increased convenience offered by this service is also leading to higher tests per patient compared to the Group's average, with tests per house call patient standing at 5.2 in 1Q 2021, versus the Group's average of 3.4 for the quarter. Egypt's performance was further bolstered by our radiology venture, Al-Borg Scan, which reported a remarkable 122% year-on-year rise in revenues supported by the addition of the new PET-CT6 service to our roster coupled with contributions from Al-Borg Scan's second branch which was launched mid-way through the first quarter of last year. The new PET-CT service further strengthens our radiology diagnostic capabilities and guarantees patients access to the latest technology and diagnostic techniques available on the market. Finally, in line with our expansion

1. Covid-19-relatedtests include both Covid-19 tests (Polymerase Chain Reaction (PCR), Antigen, and Antibody) as well as other Covid-19-related tests which include a bundle of routine inflammatory and clotting markers such as Complete Blood Picture, Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin and C- reactive Protein (CRP), among others
2. Positron emission tomography-computed tomography

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strategy we inaugurated two new branches in Egypt since the start of year and are targeting the roll out of around 30 more in the remainder of 2021, including a third Al-Borg Scan branch which is expected to come online later this month."

"Meanwhile, in Nigeria, we reported a 44% year-on-year rise in revenues supported by a higher test and patient volumes and an optimised service mix. EBITDA losses continued to narrow in line with our expectations, and we remain on path to turn EBITDA positive in 2021. Finally, in Sudan our results were heavily impacted by the Sudanese government's decision to float the Sudanese pound in February, and the subsequent sharp devaluation versus the Egyptian pound. However, management's continued ability to raise prices in step with inflation saw us deliver a robust 74% year-on-year expansion in revenue in local currency terms."

"Looking ahead, while the Company's immediate focus remains on continuing to play a frontline role in helping governments across our footprint combat the ongoing Covid-19 pandemic, IDH's longer-term outlook remains strong as evidenced by the recovery of our conventional business witnessed in the first quarter of 2021. Our priorities for the remainder of 2021 and beyond remain unchanged as we focus on driving new growth and delivering further value to our patients supported by the underlying strength of our business and the industry we operate in, and our clearly defined growth strategy. Our multi-pronged approach to sustainable growth continues to revolve around the expansion and diversification of our test portfolio, geographical reach, and digital offering to ensure that we provide access to high-quality diagnostic services to as many patients as possible. In parallel, we are also pressing forward with our expansion plans into new geographies. More specifically, we are seeking value-accretive acquisition opportunities in African, Middle Eastern, and South Asian markets where our business model is well-suited to capitalise on healthcare and consumer trends similar to those prevailing in our existing markets. To support our expansion ambitions, in May 2021 we secured a USD 45 million loan from the International Finance Corporation (IFC). Through this new eight-year debt financing agreement, we are once again reinforcing our commitment to the healthcare sector across emerging markets, delivering on our shared strategy with the IFC and aligned ESG goals to provide communities with the tools they need to better their lives."

"In light of IDH's strong performance in the first quarter of the year and management's view of a sustained recovery going forward, we are upgrading our guidance for full-year revenue growth of over 20% with a consolidated EBITDA margin in line with 2020 levels. Having set strong foundations on which to build our next phase of growth by penetrating new patient segments, expanding our branch network, and enhancing our service roster and delivery capabilities, we are excited to continue growing sustainably and unlock our full potential well beyond the end of the Covid-19 crisis."

"Finally, we are very excited with our debut on the Egyptian Exchange in May 2021 as the first dual-listed healthcare company on the EGX and LSE. The dual listing sees us gain access to a larger pool of geographically diversified investors and in turn offer local retail and institutional investors as well as global emerging markets specialists, who regularly invest through the EGX, an attractive opportunity to capitalise on IDH's solid growth prospects."

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Analyst and Investor Call Details

An analyst and investor call will be hosted at 2pm (UK) | 3pm (Egypt) on Thursday, 3 June 2021. You can access the call by clicking on this link, and you may dial in using the conference call details below:

• Event number: 163 179 6207
• Event password: tFeNhYkD352

For more information about the event, please contact: [e-mail]

About Integrated Diagnostics Holdings (IDH)

IDH is a leading consumer healthcare company in the Middle East and Africa with operations in Egypt, Jordan, Sudan and Nigeria. The Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan) and Echo-Lab (Nigeria). A long track record for quality and safety has earned the Company a trusted reputation, as well as internationally recognised accreditations for its portfolio of over 2,000 diagnostics tests. From its base of 483 branches as of 31 March 2021, IDH will continue to add laboratories through a Hub, Spoke and Spike business model that provides a scalable platform for efficient expansion. Beyond organic growth, the Group's expansion plans include acquisitions in new Middle Eastern, African, and East Asian markets where its model is well-suited to capitalise on similar healthcare and consumer trends and capture a significant share of fragmented markets. IDH has been a Jersey-registered entity with a Standard Listing on the Main Market of the London Stock Exchange (ticker: IDHC) since May 2015 with a secondary listing on the EGX since May 2021 (ticker: IDHC.CA).

Shareholder Information

LSE: IDHC.L

EGX: IDHC.CA

Bloomberg: IDHC:LN

Listed on LSE: May 2015

Listed on EGX: May 2021

Shares Outstanding: 600 million

Contact

Nancy Fahmy

Investor Relations Director

T: [phone] | M: [phone] | [e-mail]

Forward-Looking Statements

These results for the quarter ended 31 March 2021 have been prepared solely to provide additional information to shareholders to assess the group's performance in relation to its operations and growth potential. These results should not be relied upon by any other party or for any other reason. This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as "according to estimates", "aims", "anticipates", "assumes", "believes", "could", "estimates", "expects", "forecasts", "intends", "is of the opinion", "may", "plans", "potential", "predicts", "projects", "should", "to the knowledge of", "will", "would" or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Group.

Forward-looking statements reflect the current views of the Group's management ("Management") on future events, which are based on the assumptions of the Management and involve known and unknown risks, uncertainties and other factors that may cause the Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause the Group's actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.

The Group's business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Group does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.

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