SHL TELEMEDICINE LTD. Press release
SHL announces full year results 2017
Tel Aviv / Zurich, 27 March 2018 - SHL Telemedicine Ltd. (SIX Swiss Exchange: SHLTN), a leading provider and developer of advanced personal telemedicine solutions, today announced the results for 2017.
Highlights:
- Revenues from ongoing operations were 37.0m, up 3.9% compared to 2016.
- After several years of losses, the company is profitable again with a net profit of $ 2.4 m compared to a net loss of $ 11.1m in 2016.
- SHL has moved from cash-drains to a positive free cash flow of $ 10.5 m in 2017.
Revenues for the year totalled $ 37.0m, compared to $ 35.6m in 2016. Revenues in constant currency remained stable in 2017. In Israel revenues were impacted by a slight decline of 2%, due to a decrease in the subscriber base and in institutional patients in the chronic disease monitoring programs. Revenues from German operations and other territories remained stable. The NIS (Israeli Shekel) devalued by 10% against the USD year over year and the EUR increased by 14%.
In 2017, SHL has decided to record revenues from performance based contracts separately as "change in revenues estimates". Such revenues were $ 0.4m in 2017 compared to a net amount of $ 4.9m in 2016.
Yoav Rubinstein, CEO of SHL Telemedicine, said: "With a lot of hard work, we have completed the turn-around. SHL is back on solid footing. We have stabilized revenues and made significant progress in terms of profitability and cash-flows. This allows us to now look again at options how to grow the business. Such options include expanding our programs in Israel and Germany by implementing new technologies and targeting new customer segments. Also, we will continue to roll out smartheartTM and applicable knowhow to other global territories including, amongst other, China and the US."
Thanks to continued streamlining of businesses and efficiency improvements, SHL's gross margin expanded to 51.9% in 2017 compared to 46.4% in 2016 excluding change in revenue estimates. This resulted in an EBITDA of $ 8.6 m compared to $ 1. 0m in 2016. Extraordinary income includes $ 3.3m from the Jiuchuan case.
SHL has moved from cash-drain to generating cash with a positive free cash flow of $ 10.5m in 2017. By year-end, after an early repayment of a long term loan in Germany, current maturities of long terms loans in Israel and interest payments of $ 12.2m, cash and cash equivalents totalled $ 10.4m compared to $ 10.5m at the end of 2016.
The annual report 2017 is available on:
www.shl-telemedicine.com/about-us/investorrelations/financial-reports-pres-2018
Key figures
in USD million (except per share amounts) | 2017 | 2016 | % change |
Revenues for the year | 37.0 | 35.6 | 3.9% |
Change in revenue estimate | 0.4 | 4.9 | (91.8%) |
Revenues
| 37.4 16.7 20.5 0.2 | 40.5 20.7 19.6 0.2 | (7.6%) (19.3%) 4.6% - |
EBIT (LBIT) | 4.1 | (4.8) | n.a |
EBITDA | 8.6 | 1.0 | 760% |
Net income (loss) | 2.4 | (11.1) | n.a |
EPS (LPS) | 0.23 | (1.06) | n.a |
Free cash flow | 10.5 | (1.8) | n.a |
FY17 results conference call
A conference call for investors, journalists and analysts to discuss the Full Year Results 2017, hosted by Yoav Rubinstein, CEO, and Yossi Vadnagra, CFO, will take place today, 27 March 2018, at 10:00am CET.
Dial-in numbers:
From Europe | +41 (0)58 310 50 00 |
From UK | +44 (0) 207 107 06 13 |
From USA | +1 (1) 631 570 56 13 |
From Israel | Toll free: 1 80 921 44 27, Local: +972 3763 1173 |
Financial calendar
12 April | AGM, Tel Aviv, Israel |
13 September | Half-year report 2018 |
For further information, please contact:
Martin Meier-Pfister, IRF Communications, phone: +41 43 244 81 40, shl@irfcom.ch
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