Atrys Health (ATRYS), a global provider of precision medical diagnoses and treatments and pioneer in state-of-the-art telemedicine and radiotherapy, has announced its forecasted results for the 2021 financial year.

In its last year in the BME Growth sub-market, Atrys increased its turnover by 285% to €121 million, and its EBITDA adjusted for non-recurring expenses to €24 million, more than two and a half times the €9.5 million recorded the previous year. Furthermore, the pro forma figures for the year were €165 and €36.4 million, respectively.

The gross margin for 2021 increased by 349% to €98 million, representing 81% of the overall turnover compared to 70% in 2020.

Atrys plans to continue with its organic and inorganic growth strategy in the 2022 financial year and has set a target of increasing its pro forma turnover by 33.1% to €220 million. Its target for pro forma adjusted EBITDA is €50 million, representing an increase of 37.4% on the 2021 figure.

As part of its strategy to drive inorganic growth, Atrys made four acquisitions in 2021: in February, it acquired the Portuguese group, Lenitudes; in March, the Swiss company, Radio-onkologie Amsler AG, which specialises in advanced cancer treatments; in June, it successfully completed its takeover bid for ASPY in a transformational operation accepted by 99.75% of the occupational risk prevention company’s shareholders, and in August it formalised the acquisition of the Portuguese genetic diagnosis company, Genetyca ICM. Atrys also acquired SIMM, the Barcelona-based nuclear medicine company, in January 2022.

Atrys carried out three capital increases to strengthen its balance sheet and facilitate mergers and acquisitions, which were well received by the financial sector and the capital markets. The company has been supported throughout the period by its principal shareholders: Inveready, Grupo Onchena, Global Porfolio Investment, Excelsior Times, Mutua Madrileña and Caser, and it has also received significant initial investments from groups such as the Norwegian Government Pension Fund Global (Statens pensjonsfond utland).

A capital increase of €16.5 million was agreed in March for the acquisition of the Portuguese group Lenitudes S.P.G.S.A.

Similarly, a capital increase of €219 million was carried out in May to help finance the takeover bid for ASPY Global Services S.A. The offer was accepted by 99.75% of its shareholders, and by the end of the 2021 financial year, ATRYS had 100% control of the business.

Finally, a capital increase of €1.6 million was carried out to fund the acquisition of Swiss company Radio Onkologie Amsler A.G. in July 2021.

The group’s net debt as of 31st December was €124 million compared to €50 million at the end of 2020, excluding any financial leasing liabilities.

In December, the company successfully refinanced its debt with a €130 million loan from CDPQ (Caisse de dépôt et placement du Québec), ING and Deutsche Bank, extending the maturity to the end of the 2028 financial year and obtaining an additional €50 million to make further acquisitions. In doing so, Atrys streamlined its liabilities into a process that attracted considerable over-demand from international entities.

Following this refinancing, 85% of Atrys’ gross debt will mature in December 2028, giving the group a flexible debt structure based on various instruments.

It should be noted that the group improved its liquidity by 101%, from €17.4 million in the 2020 financial year to €35.1 million by 31st December 2021.

In his assessment of these results, the company’s CEO, Santiago de Torres, said that “2021 reflects the transformational leap of the organisation following two years of intense inorganic growth. The fact that we’ve quadrupled our turnover and almost tripled EBITDA in a year that was still feeling the after-effects of the pandemic endorses our strategy. Moreover, thanks to our organic growth and strategic acquisitions, we’ve been able to close 2021 with a successful restructuring of our bank debt and open 2022 by listing on the continuous market. This year, we plan to push forward with our organic and inorganic growth plan to continue consolidating and strengthening our multiple business lines and creating value for our shareholders, as we have done since we first listed on the BME Growth exchange in 2016”.

The net accounting result for the 2021 financial year was €-23.2 million due to the increased depreciation (+248% vs 2020) and financial expenditure (+126% vs 2020) associated with the intense acquisition process and subsequent expansion of the group’s portfolio. In addition, the result was affected by the €26.9 million of non-recurring expenses, such as the Share Incentive Plan (€11 million), the expenses related to refinancing the group’s debt and funding for the acquisition of Lenitudes and Aspy (€8.5 million), the direct costs incurred from the four acquisitions finalised in 2021 (€3.2 million) and the expenses associated with optimising the group’s cost structure and listing on the Spanish primary market (€4.2 million).

Atrys’ growth in recent years has seen it become a global leader in Spanish language telemedicine, a pioneer in high-precision oncological radiotherapy in Europe with centres in Spain, Portugal and Switzerland, the third biggest occupational risk prevention company in Spain in terms of market share, and the first independent pathological and molecular anatomy laboratory in Spain. The company, which operates in seven countries in Europe and Latin America, currently carries out over 300,000 oncological procedures and has more than 600 medical specialists who make more than six million remote medical diagnoses a year. In 2021, its growth and size allowed it to form significant strategic alliances with several health groups, including the Champalimaud Foundation, Sanitas, Grupos Lusíadas and the Sant Joan de Déu maternity and children’s hospital in Barcelona, among others.