Medica Group PLC Pre-Close Trading Update (9338B)
16 January 2018 - 6:00PM
UK Regulatory
TIDMMGP
RNS Number : 9338B
Medica Group PLC
16 January 2018
16 January 2018
Medica Group Plc
Pre-Close Trading Update
Medica Group Plc (LSE: MGP, "Medica" or the "Company"), the UK
market leader in the provision of teleradiology services, announces
a trading update for the twelve months ended 31 December 2017.
Revenues for the year are anticipated to increase approximately
18% year on year, driven by increased demand for NightHawk and
Cross Sectional services, in line with the Company's strategy. The
Company experienced some capacity constraints in the period and
demand for NightHawk and Cross Sectional were modestly below
expectations in Q4.
Recruitment momentum built throughout the year with a net 39
radiologists added during H2 2017 (H1 2017: 19 radiologists added).
The total contracted radiologists (including radiographers and
rheumatologists) as at 31 December 2017 was 306 radiologists (31
December 2016: 248).
Overall the Board expects the Company's performance to be
slightly behind market expectations.
John Graham, Chief Executive Officer of Medica, commented:
"In 2017, we made good progress in our strategy to increase
market penetration of our NightHawk and Cross Sectional services,
which delivered double-digit revenue growth.
"Our market leading platform and reputation for high quality
clinical governance positions us well to take advantage of the many
growth opportunities we have identified as we look to further
expand our offering.
"With the momentum we are seeing across service lines and
anticipated additional recruitment we expect continued strong
double digit growth in 2018, albeit from a modestly lower
base."
Medica will publish final statutory results for the 12 month
period ended 31 December 2017 on 12 March 2018.
-ENDS-
For further details contact:
Medica Group: +44 (0)33 33 111 222
John Graham, Chief Executive
Officer
Tony Lee, Chief Financial
Officer
FTI Consulting +44 (0)20 3727 1000
Brett Pollard
Ben Atwell
Victoria Foster Mitchell
Robert Winder
About Medica
Medica is the UK market leader by revenue in the provision of
teleradiology services, providing outsourced interpretation and
reporting on MRI (magnetic resonance imaging), CT (computerised
tomography) and plain film (x-ray) images. The Company currently
offers three primary services to hospital radiology departments:
NightHawk, an out-of-hours service, routine cross-sectional
(Routine CS) reporting on MRI and CT scans, and routine plain film
(Routine PF) reporting on x-ray images.
Medica has developed a bespoke secure IT platform that provides
market-leading linkage between a hospital's Radiology Information
System (RIS) and Consultant Radiologists who contract with Medica.
Direct RIS access ensures that the full wider patient information
is available and reviewed with every report.
The Company contracts with the largest pool of consultant
radiologists outside of the NHS and has been trusted to provide
more than 1.3 million examinations annually across its customer
base of more than 100 NHS Trusts and various private hospital
groups and diagnostic imaging companies. For more information
please visit www.medicagroup.co.uk
About teleradiology
Teleradiology is the electronic transmission of radiological
patient images, including plain film (x-rays), CT scans and MRI
scans, from one location to another for the purposes of diagnostic
interpretation and reporting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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