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In the first half of 2019 Voxel performed 131,000 imaging diagnostic tests. Of which over 107,000 were magnetic resonance imaging (MRI), computed tomography (CT) and positron emission tomography (PET) tests. Revenues from these tests amounted to PLN 56m within six months.
CT, MRI and PET tests generate 59% of revenues
Voxel offers a wide range of imaging diagnostic tests, but specialises in the most advanced ones, i.e. CT, MRI and PET. These three types of tests accounted for 82% of all tests performed by the company in the first half of 2019. At the same time, they generated 59% of the company’s total revenues (in addition to imaging diagnostics, Voxel also generates revenues from teleradiology services, clinical/pharmaceutical research and production and sales of radiopharmaceuticals).
In total, during the first six months of 2019, the number of diagnostic tests performed by Voxel was 131,000, an increase of 13% year on year. In the first half of 2018, the number of tests performed by Voxel increased by 8%.
Voxel’s business is based on the NFZ
In the first half of 2019 65% of Voxel’s total revenues came from imaging diagnostics examinations reimbursed by the National Health Fund (NFZ). Commercial research, i.e. research carried out for public and non-public hospitals (which operate within the NFZ) and private medical companies, accounted for another 16% of revenues. Private patients accounted for 6% of total revenues.
At the end of June 2019, Voxel ran 13 CT, 17 MRI and 7 PET laboratories (of which 5 conducted research within the NFZ; laboratories in Katowice and Jelenia Gora had no contracts). In April 2019, Voxel finalised the acquisition of Hannah, which ran the TK and RM laboratories in the Szpital im. sw. Rodziny in Warsaw. Voxel hopes that due to the technically advanced (3T) RM system, it will be possible to carry out more commercial and private research in Warsaw.
At the same time, Voxel informed about its analysis of potential acquisition targets. Possible transactions may be executed in 2019 and 2020. The company may take over five MRI and one CT studios (all of which perform reimbursed examinations).