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Press release

Atrys Health doubles its turnover in the first half of 2022 to 90.8 million euros

21 September 2022
  • Adjusted EBITDA grew from 11.6 million in the first six months of 2021 to 21.8 million from January to June, up 87%.
  • Pro-forma revenues for the first half of the year were 106 million euros and pro-forma adjusted EBITDA was 25.9 million euros, in line with guidance 2022.
  • The company has upgraded its corporate rating from ‘BB-’ in June 2020 to ‘BB’.
  • During this period, Atrys carried out the acquisition of 100% of Bienzobas for which it successfully completed a share capital increase aimed at qualified investors for an amount of 72 million euros.
  • The acquisition of Bienzobas and the performance of the business areas during the first half of the year allow the company to maintain its guidance for 2022.

Atrys Health (ATRY), a global 360º medical services company specializing in precision medical diagnosis and treatment and a pioneer in state-of-the-art telemedicine and radiation therapy, has announced its first half 2022 results, which reflect robust growth in key financial metrics.

In its first financial year as a member of the Main Market of the Spanish Stock Exchange, Atrys posted earnings of 90.8 million euros, 117.7% above the 41.7 million euros recorded in the same period of 2021. Adjusted EBITDA grew to 21.8 million euros in the first half of 2022, up 87% from 11.6 million euros year on year.

Gross Margin for the first half of 2022 amounted to 76.6 million, up 141,6%, from 76% to 84.3% of turnover, due to the complete incorporation of the Prevention area into the Group in the first half of 2022.

Adjusted Operating Cash Flow for the period was 17.4 million, an increase of 113% year on year.

On a pro-forma basis, considering the full-year impact of the acquisition that Atrys has carried out thus far in 2022, turnover was 106 million euros and adjusted EBITDA was 25.9 million euros, in line with the 2022 Guidance. It forecasts pro-forma turnover of 220 million euros and adjusted EBITDA of 50 million euros.

The results are part of a new phase for the company, following its incorporation in February to the Main Market, after six years on the BME Growth market, in which Atrys increased its market capitalization 40-fold. This milestone has enabled the company to bring in new investors, both domestic and international, and to drive its organic and inorganic growth plan, generating shareholder value.

Specifically, during the first half of 2022, Atrys acquired 100% of Bienzobas, a leading company in Spain in the provision and management of medical oncology services with a growing presence in Mexico and Portugal. The incorporation of the company allows Atrys to complete and consolidate a 360º Oncology model, increasing its healthcare offer to patients, insurers and hospital groups. The acquisition also marks Atrys’ entry into Mexico, its eighth international market, in addition to its presence in Spain, Switzerland, Portugal, Chile, Brazil, Colombia and Peru.

To boost its growth, in June Atrys successfully completed a share capital increase targeted at qualified investors in the amount of 72 million euros, which involved the entry into its capital of various Spanish Family Offices, and which was also subscribed by reference shareholders, such as Onchena, Mayoral and Caser.

The combination of Atrys’ growth strategy and the steady improvement of its financial solvency have led to the upgrade of the company’s corporate rating from ‘BB-’ to the current ‘BB’, which was awarded in July 2022 by EthiFinance Ratings, an independent European rating and advisory firm. EthiFinance Ratings also considers Atrys’ creditworthiness trend to be stable.

Santiago de Torres, Executive President of the company, said: “The results for the first half of 2022 confirm our path of high growth and steady improvement in solvency and investor confidence in our long-term strategy focused on value creation. Undoubtedly, February’s leap to the Main Market marked the beginning of a stage in which we will push forward our organic and inorganic growth plan in new geographic areas. For Atrys, which operates in a sector with a tailwind such as healthcare, it is essential to strengthen the business areas to continue offering patients the best service in prevention and health promotion, precision diagnostics and advanced oncology treatment”.

Atrys currently performs more than 6 million medical diagnoses per year, and since 2016 has grown from performing 3,000 oncology procedures to 115,000 today. This evolution is explained by the strong growth experienced by the company in recent years: Atrys is present in eight markets; it has become the first global telediagnosis company in Spanish; it has made 14 strategic acquisitions; it has consolidated a team of 2,400 professionals in Spain, Portugal, Switzerland and Latin America and has formed a large European network of oncology centres to offer the most advanced treatments to patients. In recent months, Atrys has entered into a partnership with the Hospital Sant Joan de Déu Barcelona to manage the nuclear medicine area of the SJD Pediatric Cancer Center; it has also strengthened its alliance with Sanitas BUPA to create a new Advanced Oncology Institute in Madrid and has signed a collaboration agreement with the Champalimaud Foundation for the application of protocols and methodologies of excellence in advanced radiotherapy, non-invasive therapeutic procedures and research, under joint scientific management.