Atrys Health (ATRY) Q3 2024 earnings summary

Executive summary

• 9M 2024 revenue reached €155.6M, up 5.8% YoY and 7.2% at constant currency; adjusted EBITDA rose 31.7% to €31.2M.

• Operating cash flow increased 60.8% to €18.3M, supported by higher EBITDA and lower growth CAPEX.

Financial highlights

• EBITDA rose 33.1% to €26.2M; adjusted EBITDA excludes non-recurring expenses of €4.9M, versus €4.0M in 9M 2023.

• Gross profit increased 4.2% to €102.6M, with a 65.96% gross margin, down 99 bps YoY.

• CAPEX totaled €7.97M, down 4.6% YoY; adjusted operating cash flow rose 51.4% to €23.2M.

• LTM revenue reached €210.5M in September 2024, up 8.3% as reported and 9.4% at constant currency.

Segment performance

• Diagnostics revenue grew 5.0% to €48.6M, or 9.5% at constant currency; laboratory revenue increased 30.9% with the Madrid lab ramp-up.

• Oncology revenue rose 7.6% to €45.6M; medical oncology grew 11.6%, driven by Mexico, while radiotherapy faced fewer public-health patient referrals.

• Prevention revenue increased 5.1% to €61.4M, driven by 4% more medical examinations and a 2% rise in average ticket.

• By geography, Spain grew 5.1% to €115.7M, Portugal 0.1% to €9.3M, and LatAm 10.6% to €30.6M, or 18.6% at constant currency.