Dr. Karlene McDonnough Chairman board of directors of Image Plus Consultants limited has released the follow company financial statements for the third quarter ended November 30, 2022.
Balance Sheet Growth
At end of Q3 FY22/23, assets stood at J$651.5M when compared to J$391M for the first nine months of FY21/22. Since audited FY 21/22 results, assets have grown by J$204.1M and liabilities by J$55.7M.
In addition to the new fluoroscopy unit acquired since the start of the financial year, in November 2022 the Company re-located its Ocho Rios operations to a new larger space in White River North Commercial Complex; the company invested in leasehold improvements at the new location to meet service delivery needs.
With almost double the square footage the Ocho Rios branch now has accommodations for increased patient volumes and the new modalities of mammography and magnetic resonance imaging (MRI); both to be offered starting in FY 23/24.
Trade receivables stand at more than double the FY21/22 comparative period figure given the increased volume of business in non-cash related pay or settlements.
Management continues to actively manage these receivables and there has been improvement in the ageing profile. As opportunity allows the Company has optimized cash in hand and made financial investments.
Growth in Revenues & Expenses
At J$802.8M revenues at the end of nine months now exceed revenues for the full FY 21/22 and reflect growth of J$247.9M in revenue since the second quarter. Year over year for the comparative period, there has been a 43.7% increase in revenues.
The rate of revenue growth slowed somewhat since Q2 as a result of the Ocho Rios relocation exercise (all operations at that branch were closed for 4 days whilst CT and X-ray services were down for an additional 7 days when the branch reopened as we awaited relocation of the 3-phase power supply required to operate these units). Management is confident that the move and resulting downtime is an investment that will redound significantly to the benefit of all stakeholders in the months ahead.
Despite this downtime the company’s case count remains very healthy at 40,949 representing YTD an increase of over 17% compared to the comparative period in prior year. The number of cases at nine months represent 88.3% of the full financial year 21/22 case count.
Expenses grew 12.7% over the last financial year driven by higher than normal costs in Q3. In the main these costs were associated with one-off marketing expenditure for the re-printing of all billboards, directional and office signs for the Ocho Rios branch.
Traditionally too, Q3 costs are expected to be a little higher as we have expenditure associated with referring physician appreciation and end of year performance incentives for our team members.
Outlook to Financial Year End
At J$179.7M, the net profit before tax exceeds the full financial year 21/22 performance (PBT after adjustment for directors’ fees paid of J$66.5M was J$179.6M). The outturn is also an increase of 163.9% over the comparative period in the prior year. Performance is anticipated to continue on this path and the directors remain optimistic about the performance outlook given the strategic plans that the team continues to execute.
Prudent management remains a focus so that the company continues to perform even with the potential for economic changes in the short term. The board uses this opportunity to thank our hardworking team for their efforts, referring physicians and their patients for the trust and confidence placed in us and our shareholders for the opportunity to provide an attractive return on their investment.
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