Medilines posts 53% net income growth, remains ‘bullish’ this year

MEDILINES Distributors, Inc. recorded P214 million in core income for 2022, up 53% from the previous year driven by higher revenues, the listed medical equipment distributor said on Tuesday.

In a disclosure, the company said revenues increased 24% to P1.9 billion mainly due to the distribution and delivery of its cancer therapy devices totaling at P1.1 billion. Its linear accelerator devices were delivered to major hospitals in the Philippines.

“We are happy with our 2022 results which is a banner year for the company,” Medilines President and Chief Executive Officer Patricia V. Yambing said in a statement.

Medilines said that its dialysis segment saw a 76% year-on-year growth on the back of an increase in its distribution.

“The expansion of its dialysis consumables line of products is one of the pillars of Medilines’ growth strategy,” the company said.

Sales of its diagnostic imaging equipment grew by 5% to P306 million as imaging devices were distributed to multiple healthcare facilities.

“We remain bullish with the industry for this year, and we believe that we are in the right position to take on more opportunities as we sustain our leadership in the medical equipment and consumables distribution market,” Ms. Yambing added.

Meanwhile, the company is planning on participating in the government’s plan to improve healthcare facilities and expand dialysis wards in state-owned hospitals.

“Our focus remains on business strategies that will deliver profitable and sustainable growth over time. We are looking at a steady growth in 2023, as the government implements its Philippine Health Facility Development Plan,” Ms. Yambing said.

Medilines shares increased by 3.39% or two centavos to close at P0.61 each on Tuesday. — Adrian H. Halili