(Alliance News) - Medica Spa reported Monday that it ended 2023 with a net profit of EUR2.5 million, down 38 percent year-on-year from EUR in 2022.

Revenues rose 57 percent to EUR80.0 million from EUR59.9 million in 2022. Revenue growth was mainly characterized by the contribution of the newly acquired and newly formed companies, amounting to EUR18.9 million from EUR7.4 million in 2022 to EUR26.3 million in 2023, and by significant like-for-like group revenue growth, mainly concentrated in the Automation division, Acute & Aferesis and OEM.

LEbitda rose to EUR11.7 million from EUR11.2 million while Ebit declined to EUR4.6 million from EUR5.3 million in 2022, in part due to Spindial's intesive business capital model, which requires significant investments in medical equipment resulting in increased depreciation.

The Consolidated Net Financial Position shows a debt of EUR13.7 million, up EUR9.4 million from EUR4.3 million as of December 31, 2022, and was mainly impacted by the significant reduction in exposure to suppliers of the pre-existing subsidiary Spindial as of the acquisition date, non-recurring investments dedicated to the construction of the factories in Medica Mediterranee and Medica USA and the renewal of the fleet in the former Slom workshop, and the financing of the start-up phase of the newly established companies.

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

Medica's stock closed Monday at par at EUR16.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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