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Unilabs Reports Third Quarter 2015 Financial Results

Del

Unilabs, one of Europe’s leading providers of clinical laboratory testing and medical diagnostic imaging services, announced further growth today, reporting that for the quarter ending 30 September 2015, revenue was €152.8m, compared to €141.7m in Q3 2014. The results show a significant and positive organic sales growth of 4.5% (CER†) leading to EBITDA growth vs Q3 2014 of 12.9%. This marks the 5th successive quarter of revenue growth, EBITDA growth and cost savings.

Other significant milestones in the last quarter include:

  • Organic growth in net sales is up 7.0% (4.5% CER) driven by new customer wins and volume increases in both Laboratory and Imaging from existing business
  • Securing retendered imaging contract in Norway with an annual revenue of €40M
  • Second lab acquired in Portugal, expanding Unilabs’ local presence
  • Further acquisitions planned for Q4 and continued negotiation with medium sized companies

Unilabs has the most comprehensive portfolio of diagnostic services in Europe, with a broad range of more than 2,500 diagnostic tests. It is a leading supplier of clinical laboratory testing and medical diagnostic imaging services for public and private health services and other customer groups across 10 European markets as well as operating in both Latin America (Peru) and the Middle East (Dubai). With more than 200 diagnostic contracts, Unilabs has over 125 laboratories & 350 customer service locations. In 2014, its laboratories carried out over 100 million laboratory tests and over 1 million radiology exams providing swift and accurate results to allow a wide range of healthcare professionals to make key treatment decisions.

Jos Lamers, Chief Executive Officer at Unilabs said, “Our Q3 results show further positive growth in what is so far an extremely successful year. Our focus for the rest of 2015 remains on winning new customers based on our quality & service levels instead of price reductions. We believe this will ultimately drive further sales growth with a positive impact on the bottom line. In addition, our cost leadership initiative has already exceeded the 2015 full year plan after 9 months.”

Unilabs Group
€millions   Q3 Reported   Q3 CER
2014   2015   % change 2015 CER   % change
Revenues 141.7 152.8 7.8% 149.3 5.3%
Adjusted EBITDA 19.7 22.4 14.1% 22.1 12.3%
Adjusted EBITDA margin 13.9% 14.7% 81 bps 14.8% 92 bps

Commenting on the financial performance Chief Financial Officer Karl-Erik Clausen said, “The reported 7.8% growth in revenue (versus Q3 2014) has been driven by new customer wins and volume increases in both Laboratory & Imaging. Another significant factor is that we have been successful in securing the retender of our imaging contracts in Norway (€40M in annual revenue).”

Organic Growth

Organic growth in net sales continued its positive trend with an increase of 7.0% (4.5% CER) compared to Q3 2014.

Strong organic growth was driven by:

  • Continued customer wins leading to volume growth in Switzerland
  • Positive growth in our imaging business in Denmark
  • Successful implementation of contracts like the Norrbottens läns landsting (NLL – Public Heath Department) in Sweden
  • Healthy development of high margin disciplines such as Companion Diagnostics (CDx), Drug Development Services (DDS) and Pathology

Cost Savings

The results reported today show €3.6m of cost savings in Q3. This means that the strategic cost saving initiative has already exceeded its full year plan of €10m after 9 months - it is now anticipated to deliver €14M by the end of the 2015.

The most recent savings have been driven by continued lab consolidation, implementing efficient procedures in our laboratories, procurement savings & the initial results of our benchmarking projects. Following the success of the cost leadership initiatives in 2014-2015, further cost reduction targets are being set for 2016 and beyond.

Merger and Acquisition Activities

Three acquisitions have already closed in 2015. This quarter, a second laboratory has been acquired near Porto, Portugal, which has reinforced our presence in this key market for Unilabs. Further acquisition targets in France and across Europe will close in Q4. Several discussions with medium-size targets in different regions are ongoing.

Overview and outlook

Summarising the results from this quarter and the outlook for the remainder of 2015, Mr Lamers commented, “Every week we hear stories from our employees and customers who tell us about how our services remain at the heart and start of effective treatment decisions that positively impact people’s health & wellbeing. As a company, we are extremely motivated by this critical contribution to healthcare and the financial performance of our business is a reflection of the work all our people do to deliver a great service. We expect the current success to continue into the final quarter of 2015.”

-ends-

*EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

†CER: Constant Exchange Rates

Notes to Editors

About Unilabs

Unilabs aspires to be at the heart and start of all effective treatment decisions. With over 125 laboratories and a broad catalogue of more than 2,500 diagnostic tests, Unilabs is one of Europe’s leading providers of clinical laboratory testing and medical diagnostic imaging services. Headquartered in Geneva, the Unilabs Group services sectors ranging from private and public healthcare providers to local governments, from pharmaceutical companies to the general public.

Unilabs mediates care. In 2014, its laboratories carried out over 100 million diagnostic tests ensuring swift, accurate diagnosis of patient samples, 5,000 IVF procedures and over 1 million radiology exams.

The importance of medical diagnostics is expanding; as focus shifts from treatment to prediction and prevention, and innovations in molecular and genetic testing continue to emerge, Unilabs aims to be at the heart of this healthcare transformation.

Unilabs Group employs more than 5,000 people worldwide, successfully operating laboratory and medical diagnostic imaging facilities in 12 countries. Its network of facilities provides it with one of the broadest geographic footprints of any clinical laboratory and medical diagnostic services provider in Europe.

For more information about Unilabs, please visit www.unilabs.com.

Forward Looking Statement

This press release contains various “forward-looking statements” that reflect management’s current view with respect to future events and anticipated financial and operational performance. Forward-looking statements as a general matter are all statements other than statements as to historical fact or present facts or circumstances. The words “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “risk,” “should,” “will” and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements may include, among other things, statements relating to: our future financial position; our strategy and outlook; our liquidity, capital resources and capital expenditure; our planned investments; acquisition opportunities in the markets in which we currently, or may in the future, operate; expectations as to future growth in demand for our products and services; demographic trends; general economic trends and other trends in our industry; the impact of regulations on us and our operations; the competitive environment in which we operate; the outcome of legal proceedings; extreme weather conditions in the markets where we operate; failure to comply with privacy laws; and failure to comply with environmental health and safety laws. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurances that such expectations will prove to be correct and such statements are not guarantees of future performance because they are based on numerous assumptions. Forward-looking statements are based on information available at the time those statements are made and management's good faith belief as of that time with respect to future events and are subject to known and unknown risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a further discussion of such risks please see the risks discussed under the caption “Risk Factors” beginning on page 26 of the Offering Memorandum dated July 10, 2013 (the “OM”) in connection with our offering of senior secured notes and second lien PIK toggle notes (collectively, the “Notes”). You should not place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as at the date on which it is made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact information

For further information or to arrange an interview with Unilabs CEO Jos Lamers and/or CFO Karl-Erik Clausen:
Clark Health Communications
Sophie Dyer
T: +44 (0)207 492 1900
E: unilabs@clarkhealthcomms.com
Further investor relations information is available by registering at www.unilabs.com/investors

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