Diagnostyka reports 33% growth in Recurring EBITDA in 2024
Diagnostyka, the leader in the medical diagnostics market in Poland, summarizes its financial results for 2024. Last year, revenue from contracts with customers amounted to PLN 1,950 million, representing a 23% y/y increase. Recurring EBITDA1) grew by 33% y/y, reaching PLN 508.7 million. The testing volume increased by 15% y/y to 161.3 million tests. These excellent financial results are the effect of consistently implemented strategy based on organic growth, strategic acquisitions, and disciplined financial management.
We have completed another successful year, in which we achieved very good financial results and completed key investments strengthening our position as a leader in laboratory diagnostics. The past year was also a time of further investments in diagnostic imaging and intensive preparations for the launch of Poland's first comprehensive diagnostics clinic, which is already operating at Jutrzenki 100 Street in Warsaw. We are confident that 2025 will bring further development of the Diagnostyka Group and open new opportunities for us, both in terms of organic growth and acquisitions
In the past year, Diagnostyka opened modern diagnostic imaging facilities in Warsaw and Bielsko-Biała, as well as a new gynecological cytology laboratory in Warsaw. These investments have significantly increased the Company’s capabilities in providing key medical services. A particularly important milestone was the completion of a new headquarters in Łódź, which houses a central analytical laboratory and Poland’s largest pathomorphology facility, enabling the processing of up to 3 million tests per month.
Expansion in the diagnostic imaging market is one of the key pillars of our development strategy. In 2024, we completed acquisitions of Diagnostyka-Teleradiologia24 and Livmed companies, and increased our stake in Diagnostyka Wyrobek, gaining control over it. These actions significantly strengthened our position in this segment. At the beginning of April this year, Eurodiagnostic also joined the Group. In line with our strategy, we plan further acquisitions in the diagnostic imaging segment
In response to the growing awareness of the importance of health prevention, Diagnostyka is developing a new business segment – comprehensive diagnostics. Its central element is the Longevity+ platform, offering a subscription-based model with a wide range of tests and consultations – from laboratory and genetic to imaging – supporting patients’ health and longevity. The first Longevity+ comprehensive diagnostics center was opened in Q1 2025, at the central laboratory on Jutrzenki 100 Street in Warsaw.
We are consistently increasing the scale of our business operations while improving profitability and EBITDA margins. We benefit from a growing market, increasing public awareness regarding health prevention, and demographic trends, which provides potential for further organic growth. We maintain an attractive growth trajectory, which confirms the effectiveness of our development strategy. The high Free Cash Flow to EBITDA conversion at 85.3% and strong cash flows give us financial comfort and flexibility necessary for further development, both in terms of organic growth and acquisitions
In 2024, the Group’s revenue from contracts with customers increased by 22.8% to PLN 1,950 million, and after excluding the impact of COVID-19 from 2023, by 23.1% y/y. This excellent result was primarily driven by dynamic organic growth, which reached 20.7%, fueled by both an increase in the volume of tests performed (14.8%) and an increase in the average price of tests sold (7.3%). Recurring EBITDA increased by 32.8% y/y to PLN 508.7 million in 2024, mainly due to consistent revenue growth, which, with operational cost control, allowed for an increase in the Recurring EBITDA margin2) by 2.0 percentage points to 26.1%. Net profit increased by 78.4% y/y to PLN 232 million, and net profit attributable to shareholders of the parent company increased by 80.9% to over PLN 223 million.
The Supervisory Board of Diagnostyka positively reviewed the Management Board’s recommendation regarding the distribution of net profit for 2024, including the allocation of PLN 111.7 million for dividend payment to shareholders, corresponding to a dividend of PLN 3.31 per share. The Company’s body authorized to make decisions on profit distribution, including dividend payment, is the General Meeting.
We want to be a dividend-growth company, combining dynamic development with regular profit sharing with shareholders. The intention of the Management Board is to recommend dividend payments at the level of 50% of net profit attributable to shareholders of the Parent Company, with the possibility of increasing this level in years of exceptionally good financial results. The final decision will belong to the General Meeting, which will each time take into account the Group's financial situation, legal and credit obligations, and strategic goals
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