Diagnostyka (DIA) Q4 2024 earnings summary

Executive summary

• Served over 25 million patients in 2024, performing 161.3 million tests, a 14.8% increase year-over-year, with a CAGR of approximately 12% since 2011.

• Revenue grew 23.6% year-over-year to PLN 1.97 billion, driven by organic growth and targeted acquisitions.

• Recurring EBITDA rose 32.8% year-over-year to PLN 508.7 million, with margin improving by 2.0pp to 26.1%.

• Successful IPO on the Warsaw Stock Exchange in February 2025, raising nearly PLN 1.7 billion and achieving a market capitalization of PLN 5.0 billion as of April 2025.

• Expanded diagnostic imaging and launched the Longevity+ preventive healthcare program.

Financial highlights

• Revenue from contracts with customers (excluding COVID-19-related revenue) increased by 23.1% year-over-year, driven by organic growth of 20.7%.

• Net profit attributable to owners of the Parent reached PLN 223.3 million, up 80.9% year-over-year; total net profit increased 78.4% to PLN 232.0 million.

• Operating expenses grew at a slower rate (20.1% y/y) than revenue, supporting operating leverage.

• Free cash flow reached PLN 426.3 million, with a FCF/EBITDA ratio of 85.3%.

• Dividend of PLN 3.13 per share paid for 2023; policy targets 50% payout of net profit.

Outlook and guidance

• Q1 2025 saw strong price increases and stable volume growth, with budget performance in line with expectations.

• Management expects continued growth in 2025, leveraging organic expansion and further acquisitions.

• Strategic focus on expanding diagnostic imaging, optimizing the laboratory network, and scaling Longevity+.

• Market CAGR for private diagnostics and imaging projected at 9–11% through 2030.

• 2025 capex (excluding M&A) forecasted in line with expectations.