(Alliance News) - Medica Spa reported Tuesday that it closed 2023 with revenues of EUR80.0 million, up from EUR50.9 million in the previous year.

The revenue growth was mainly characterized by the contribution of the newly-acquired and newly-established companies, amounting to EUR18.9 million, from EUR7.4 million in 2022 to EUR26.3 million in 2023, and by a significant growth in like-for-like group revenue of 24 percent, amounting to EUR10.2 million, mainly concentrated in the Automation division, Acute & Aferesis and OEM.

In particular, the strong growth trend of the Acute & Aferesis business line continues, which grew on a like-for-like basis by 14% from EUR13.5 million realized in 2022, reaching with the contribution of the new companies a total turnover of EUR23.6 million,accompanied by a recovery in the Automation division.

The Consolidated Net Financial Position shows a debt of approximately EUR13.9 million, an increase of EUR9.6 million compared to EUR4.3 million as of December 31, 2022, and was mainly impacted by the significant reduction in the exposure to suppliers of the pre-existing subsidiary Spindial as of the date of acquisition, non-recurring investments dedicated to the construction of the factories in Medica Mediterranee and Medica USA and the renewal of the machine park in the former Slom workshop, and the financing of the start-up phase of the newly established companies.

The significant growth in sales that occurred in the second half of the year contributed significantly to the improvement in NFP from EUR15.5 million as of June 30, 2023.

Luciano Fecondini, chairman of Medica, said, "I am pleased with the significant growth in turnover in almost all divisions and, in particular, the recovery from the first half of the year in the Automation and Water division, and the contribution of the newly established companies Medica USA and Medica GmbH to group turnover. The completion of the plant in Medica Mediterranee, which is in addition to the one completed in Sarmed and the one under construction in Medica USA, makes us optimistic and confident of significant medium- to long-term revenue growth in the group. Financially, the second half of the year, which was less impacted by nonrecurring cash outflows, gave an important sign of recovery in terms of cash generation."

Medica's stock closed Tuesday unchanged at EUR16.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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