Clinica Baviera (CBAV) Q3 2024 earnings summary

Executive summary

• Acquired 100% of UK-based Optimax for €10.8 million plus an estimated €4.3 million variable payment, aiming for a 24-month turnaround to align margins with group standards and strengthen European leadership in refractive surgery.

Financial highlights

• Consolidated 9-month revenues reached €189 million, up 16% year-over-year; EBITDA was €53 million (+8%); net profit €28 million (+4%).

• Proforma results (excluding UK and acquisition costs): revenues €186 million (+13%), EBITDA €56 million (+13%), net profit €31 million (+14%).

• Q3 revenues by country: Spain €131.1 million (+12%), Germany €40.5 million (+16%), Italy €14 million (+16%), UK €3.3 million.

• Q3 EBITDA by country: Spain €39.9 million (+11%), Germany €12.4 million (+10%), Italy €1.9 million (-1%), UK -€0.97 million.

• Net financial position at 30/09/2024: €24.2 million, down from €47.2 million at year-end 2023.

Outlook and guidance

• Management expects a 24-month period to adapt the UK business and achieve group-standard margins, aiming to accelerate growth and reinforce leadership in European refractive surgery.