SHL Telemedicine reports first quarter 2012 financial results

  • Revenues for the quarter of USD 6.9 million
  • EBITDA for the quarter of USD 0.6 million
  • LBIT for the quarter of USD 0.6 million
  • Net loss for the quarter of USD 1.5 million
  • Positive shift in Germany

 

Tel Aviv/Zurich, 30 May 2012– SHL Telemedicine Ltd. (SIX Swiss Exchange: SHLTN),
a  leading  provider  and  developer  of  advanced  personal  telemedicine  solutions,  today
announced results for the first quarter of 2012.

Erez Alroy, Co-CEO of SHL, commented: “Our results for the first quarter of 2012 are
in  line  with  our  assessments. They  reflect the transition  period  evidenced  in  Germany
concurrently with the cessation  of  revenues  from  Philips  US. We  are  very  pleased  to
have signed recently a major contract with IKK Südwest in Germany, and to have won a
multi-year tender with AOK BAYERN, one of the two largest health insurers in Germany,
for the provision of telemedicine services to insured with Chronic Obstructive Pulmonary
Disease (COPD). We expect revenues and financial performance to pick up gradually as
we begin executing these new contracts.”

Strategic shift in Germany
Within  two  months,  SHL  was  able  to  secure a major  contract  with a health  insurer  in
Germany  and  win  a  second  significant tender.  In  March,  SHL  entered  into  a
comprehensive  large  scale  agreement  with  IKK  Südwest  for  the  provision  of
telemedicine  services  to  the  IKK’s  insured  who  suffer  from  chronic  conditions,
specifically heart patients. In May, SHL won a multi-year tender with AOK BAYERN, one
of  the two  largest  health  insurers  in  Germany,  with  over  4 million insured, for  the
provision  of  telemedicine  services  to  those  suffering  from  COPD. The  agreement  is
expected to be closed early Q3.

Download the PDF to read the full financial results:

Q1 2012 Final Results