Apex Radiology closes deal for new headquarters on Lady Musgrave
Image Plus Consultants Limited, a company which trades as Apex Radiology more than doubled asset value at the end of third quarter ended November 2024. For Q3, total assets stood at J$1.5 billion when compared to J$651.5 million for the corresponding period in the prior year.
The significant growth of 130 per cent per cent or J$848.8 million due primarily to increases in property plant and equipment as a result of the acquisition of land at 33 Lady Musgrave Road in the third quarter, for the future relocation of the Winchester Road branch and the future headquarters of the company.
Contributing to asset growth also was the purchase in Q2 the company of two ultrasound units as well as the parts acquired for the repair of a129Pro and Ocho Rios branch CT units, returning them to operations.
The company also purchased two mammography units and their accompanying Uninterrupted power supply (UPS) units in Q2, as well as the uninterrupted Power Supply (UPS) unit for the Magnetic Resonance Imaging (MRI) system in Q3. 2.
Property and plant values also went higher with Right of Use Asset associated with the lease of the company’s Ocho Rios location.
Image Plus Consultants Limited reported profit before tax of J$41.6 million, with imaging volumes reduced by 75 per cent to 40,323 scans, a decrease of 9 per cent or 3983 scans
Revenues for the third quarter, declined by 5.9 per cent to $296.8 million when compared to the third quarter in the prior year.
Revenues for the nine months to November 2024 was $835.6 million, representing a decline of $33.8 million or 3.9 per cent when compared to the similar period in 2023.
Scan volume for the nine-month period to November 30, 2024, was 40,323 cases when compared to 44,306 cases for the same period in the prior year.
This represented a decline of 9 per cent, which was heavily influenced by lower scan volumes in Q2 when CT studies were impacted by machine downtime across three of locations.
Management states that although the affected CT units returned to full functionality in the third quarter, the outturn was not sufficient to bring the YTD volumes in line with prior year.
Direct costs for both the third quarter and 9 months YTD were contained below prior year by 12.1 per cent or $13.5 million and 7.9 per cent or $24.6 million respectively, however administrative and operating expense margin for the nine months to November 2024 stood at 57.5 per cent vs 46.0 per cent over the prior period.
A 75 per cent increase in depreciation and amortization costs along with other factors resulted in the Company recording a Net Profit of J$26.2M for Q3 FY2025 and a Net Profit of J$41.6M for the nine months to November 30, 2024. This represents a reduction of $35.3M and J$122.6M respectively over the prior periods.
Management said revenue rebound in Q3 was assisted by newer modalities of MRI and Mammography continue to show increased volumes and now contribute 9 per cent and growing to overall scan count.
Trade and other receivables at J$252M represent only a 4% increase over the prior period. There was a reduction in other receivables as the prepayments associated with lab equipment were capitalized. There was no deterioration in the ageing buckets of the trade receivables at J$232M, as the largest payor continues to settle per written commitments and in keeping with detailed payment timelines.
Total equity for the nine months to November 30, 2023, grew by J$643 million to J$1.03 billion. The year over-year growth reflected the increase in share capital of $465 million from the proceeds of the company’s 2022 IPO and the growth in retained earnings.
Image Plus Consultants was founded by Dr McDonnough and Dr Lilieth Ann Robinson Bridgewater in 1996. The company since, has expanded from its single location at 2a Molynes Road to four locations across Jamaica. Its multiple systems include CT (computerised tomography) devices, ultrasound devices, four X-ray devices, fluoroscopy and nuclear medicine. It was listed on the Jamaica Stock Exchange in 2023.
Contributing to asset growth also was the purchase in Q2 the company of two ultrasound units as well as the parts acquired for the repair of a129Pro and Ocho Rios branch CT units, returning them to operations.
The company also purchased two mammography units and their accompanying Uninterrupted power supply (UPS) units in Q2, as well as the uninterrupted Power Supply (UPS) unit for the Magnetic Resonance Imaging (MRI) system in Q3. 2.
Property and plant values also went higher with Right of Use Asset associated with the lease of the company’s Ocho Rios location.
Image Plus Consultants Limited reported profit before tax of J$41.6 million, with imaging volumes reduced by 75 per cent to 40,323 scans, a decrease of 9 per cent or 3983 scans
Revenues for the third quarter, declined by 5.9 per cent to $296.8 million when compared to the third quarter in the prior year.
Revenues for the nine months to November 2024 was $835.6 million, representing a decline of $33.8 million or 3.9 per cent when compared to the similar period in 2023.
Scan volume for the nine-month period to November 30, 2024, was 40,323 cases when compared to 44,306 cases for the same period in the prior year.
This represented a decline of 9 per cent, which was heavily influenced by lower scan volumes in Q2 when CT studies were impacted by machine downtime across three of locations.
Management states that although the affected CT units returned to full functionality in the third quarter, the outturn was not sufficient to bring the YTD volumes in line with prior year.
Direct costs for both the third quarter and 9 months YTD were contained below prior year by 12.1 per cent or $13.5 million and 7.9 per cent or $24.6 million respectively, however administrative and operating expense margin for the nine months to November 2024 stood at 57.5 per cent vs 46.0 per cent over the prior period.
A 75 per cent increase in depreciation and amortization costs along with other factors resulted in the Company recording a Net Profit of J$26.2M for Q3 FY2025 and a Net Profit of J$41.6M for the nine months to November 30, 2024. This represents a reduction of $35.3M and J$122.6M respectively over the prior periods.
Management said revenue rebound in Q3 was assisted by newer modalities of MRI and Mammography continue to show increased volumes and now contribute 9 per cent and growing to overall scan count.
Trade and other receivables at J$252M represent only a 4% increase over the prior period. There was a reduction in other receivables as the prepayments associated with lab equipment were capitalized. There was no deterioration in the ageing buckets of the trade receivables at J$232M, as the largest payor continues to settle per written commitments and in keeping with detailed payment timelines.
Total equity for the nine months to November 30, 2023, grew by J$643 million to J$1.03 billion. The year over-year growth reflected the increase in share capital of $465 million from the proceeds of the company’s 2022 IPO and the growth in retained earnings.
Image Plus Consultants was founded by Dr McDonnough and Dr Lilieth Ann Robinson Bridgewater in 1996. The company since, has expanded from its single location at 2a Molynes Road to four locations across Jamaica. Its multiple systems include CT (computerised tomography) devices, ultrasound devices, four X-ray devices, fluoroscopy and nuclear medicine. It was listed on the Jamaica Stock Exchange in 2023.
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