AUSTRALIAN CLINICAL LABS LIMITED 1H FY22 | 1H FY21 | Growth | ||||
AUD in millions | Actual | Prospectus | Pro forma | Prospectus | 2H FY21 | |
Total Revenue | 538.0 | 307.4 | 75.0% | 61.2% | ||
333.8 | ||||||
Medlab Related Transaction Costs | (1.3) | - | - | |||
EBITDA | 239.3 | 83.4 | 112.8 | 186.9% | 112.1% | |
EBITDA margin AASB 16 | 44.5% | 27.1% | 33.8% | 1,734 bps | 1,067 bps | |
EBITDA margin AASB 117 | 35.7% | 13.0% | 20.9% | 2,273 bps | 1,477 bps | |
EBIT | 191.0 | 39.0 | 68.6 | 389.8% | 178.6% | |
NPAT | 130.3 | 23.0 | 466.4% | 200.7% | ||
43.3 |
Key highlights:
• | Total Revenue of 538.0m, 61.2% ahead of 1H FY21 |
• | 1H FY22 non-COVID revenue growth of 2.8% vs. 1H FY21 returning to trend |
• | EBITDA of $239.3m, 112.1% ahead of 1H FY21, EBITDA margin (AASB 16) of 44.5%, ahead of 1H FY21 |
personal• | of 33.8% |
EBIT of $191.0m, 178.6% ahead of 1H FY21, significant operating leverage delivered EBIT margin of |
35.5%, ahead of 1H FY21 of 20.5%
- Southern Sun Clinics Pty Ltd.
______________________________________________________________________________________________________________
Page 1 of 3
- Continued operational management with disciplined cost control and further efficiencies realised
During the half, ACL continued to play a central role in the response to safeguarding the community against the COVID pandemic. The rapid and substantial increase in capacity that was achieved in response to the peak period over Christmas and New Year was made possible by the significant prior investment in the core business.
onlyAcquisition of Medlab Pathology
The successful completion of the Medlab acquisition on 20 December 2021 was a highlight during the period. Medlab has a complementary geographic footprint delivering a doubling of market share (based on collection centres) in Australia's largest market, NSW to 20.4% and has provided a strong market entry platform in the third largest market, QLD with 6.5% market share (by collection centres).
ACL is now focused on several opportunities to grow the combined businesses of ACL, Medlab and SunDoctors. The key growth areas include expanding the service offering and growing the community pathology business across NSW and QLD. In addition, ACL will be focused on growing the specialist anatomical pathology offering with an increased focus on Dermatology and Gastroenterology and competing more effectively for commercial
usecontracts and other national tenders.
The Medlab integration and expected synergies are running ahead of schedule with the majority of synergies expected to be achieved within 12 months and a run rate EBIT contribution of >$20m now expected by December 2022. The synergies are expected from duplicated systems and laboratories, labour efficiencies, consumables and economies of scale.
Chief Executive Officer and Executive Director, Melinda McGrath, said:
personal"During the past two years, Clinical Labs has played an essential role in Australia's response to COVID during what was at times a challenging operating environment. At the same time the team have delivered growth in our
core business, driven operational improvements across the organisation while simultaneously completing two cquisitions. These achievements are a testament to the commitment and resilience of the ACL team.
"The strong result achieved in 1H FY22 demonstrates the value of the significant prior investment in the business which resulted in further operating leverage, efficiencies, improved productivity and increased automation and digitisation.
"There exist several opportunities to continue to grow the business including via our commercial offering and our established clinical trials business.
"We have strong foundations in technology and systems and a highly experienced performance-driven management team to execute our well-defined growth strategy."
Outlook for 2H FY22
During the 2H FY22, ACL anticipates testing for COVID to continue to moderate as the response to COVID transitions to an endemic virus. The pace with which COVID testing moderates will depend on several factors including future outbreaks, new variants, vaccination take up and effectiveness and government policy relating to
Forlockdowns and travel.
Assuming no significant outbreaks, ACL anticipates the rebound in non-COVID testing to continue as restrictions n essential surgeries ease and hospitals return to full capacity.
ACL does not plan to provide guidance for FY22 at this time.
Investor and Analyst Results Briefing
ACL Chief Executive Officer and Executive Director, Melinda McGrath, and Chief Financial Officer, James Davison, will host a webcast for investors and analysts today at 11am (Melbourne time).
Participants can register for the webcast by accessing this link:
https://us02web.zoom.us/webinar/register/WN_VFOKmI6JQwWmQnHefOqDmQ
An archive of the briefing will be available afterwards at: https://investors.clinicallabs.com.au/
Page 2 of 3
- ENDS -
This announcement was authorised for release to ASX by the Board of Directors of ACL. For further information regarding this announcement, please contact:
Investors | Media |
only | |
Davina Gunn | Sue Cato |
Investor Relations | Media Relations |
Email: investors@clinicallabs.com.au | Email: cato@catoandclive.com |
Phone: +61 (0) 400 896 809 | Phone: +61 (0) 2 8306 4244 |
About Australian Clinical Labs | |
use |
ACL is a leading Australian private provider of pathology services. Our 86 NATA accredited laboratories perform a diverse range of pathology tests each year for a range of clients including doctors, specialists, patients, hospitals and corporate clients. ACL is one of the largest private hospital pathology businesses nationally. ACL is focused on its mission of combining talented people, and medical and scientific leadership, with innovative thinking and technologies to empower decision making that saves and improves patients' lives.
Forward looking-statements
This announcement may contain forward-looking statements which are statements that may be identified by words personalsuch as "may", "will", "would", "should", "could", "believes", "estimates", "expects", "intends", "plans", "anticipates", "predicts", "outlook", "forecasts", "guidance" and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions and on a number of best estimate assumptions regarding future events and actions that, at the date of this announcement, are expected to take place. No person who has made any forward-looking statements in this announcement (including the Company) has any intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, other than to the extent required by law. Such forward-looking tatements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and management of the Company. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-
looking statements. For
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AUSTRALIAN CLINICAL LABS LIMITED ACN 645 711 128
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Consolidated financial report
For the half-year ended 31 December 2021
This half-year report is to be read in conjunction with the consolidated financial report of Australian Clinical Labs Limited for the year ended 30 June 2021
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