Atrys Health (ATRY) Q1 2025 earnings summary

Executive summary

• Achieved strong organic growth across all business segments in Q1 2025, with revenue up 11.2% year-over-year to €57.2M.

• Announced succession plan: Marian Isach to be appointed CEO after June 2025 AGM, Santiago de Torres to become non-executive chairman, Isabel Lozano to remain as non-executive director, ensuring leadership continuity and internal talent promotion.

• Leadership transition aligns with best governance practices, separating executive and non-executive roles, and supports ongoing expansion and diversity goals.

• Delivered over 9 million medical acts in 2024, with a presence in Spain, Portugal, and Latin America.

Financial highlights

• Revenue reached €57.2M in Q1 2025, up 11.2% from Q1 2024 (10.9% at constant FX).

• Oncology revenue up 16.8%, Diagnostics up 16.6%, and Prevention up 3.5% compared to Q1 2024.

• Gross margin increased 3.5% to €36.1M, but gross margin rate declined 473 bps to 63.1% due to mix and higher drug costs in Oncology.

• EBITDA rose 6.9% to €8.4M; Adjusted EBITDA was €9.2M, nearly flat year-over-year.

• Operating cash flow grew 29.8% to €6.4M; Adjusted operating cash flow up 16% to €7.2M.

Outlook and guidance

• Expectation to recover Oncology Medical gross margin in Spain by year-end through retrospective tariff renegotiations.

• Leadership changes are designed to ensure continuity of the expansion plan and sustained growth, with a focus on international oncology strategy and telemedicine leadership.