Medicine and artificial intelligence (pexels photo)
The demand for remote medical services has pushed Novolog to good quarterly financial results. Novolog is engaged in the marketing of medical products for hospitals, health funds, etc. When the corona crisis broke out, the demand for medical devices that allow treatment and tests far from hospitals increased, and this is where Novolog came into the picture and expanded its activities in the field.
Novolog also enjoys a continuous increase in the financial volume of the health basket, which increases the demand for medical equipment and supplies – which the company provides.
Novolog ended the quarter with an operating profit of NIS 17.3 million, an increase of 15% compared to the corresponding quarter last year. Adjusted EBITDA in the third quarter amounted to NIS 29.4 million, an increase of approximately 5% compared with the corresponding quarter last year. The net profit in the third quarter increased by about 15% and amounted to about NIS 11.1 million.
Iran Taos, CEO of Novolog: “We conclude another quarter with strong results and growth in all operational parameters at a pace consistent with the strategic plan presented by the company. The increase is noticeable in all divisions and we expect this trend to continue in the coming years.
“Several years ago, we identified the areas of digital health and home medicine as key growth engines in the company. These areas are becoming key players in the world of health and we continue to expand the range of services we offer our institutional and private customers.” .
The company’s data show that revenues in the third quarter amounted to NIS 330 million, compared with NIS 290.5 million in the corresponding quarter last year, an increase of 13.5%, which stems, among other things, from the consolidation of the financial results of Salos and AML.
Gross profit in the third quarter amounted to NIS 36.6 million, compared with NIS 33 million in the corresponding quarter last year, an increase of 11%.
General and administrative expenses in the third quarter amounted to NIS 18.7 million, compared with NIS 17.9 million in the corresponding quarter last year. The increase is due to the consolidation of the financial results of Salos and AML and an increase in expenses in favor of expanding the group’s operations.
Operating profit in the third quarter amounted to NIS 17.3 million, compared with NIS 15.1 million in the corresponding quarter last year, an increase of about 15%. Net income in the third quarter amounted to NIS 11.1 million, compared with NIS 9.7 million in the corresponding quarter last year.
Since the beginning of the year, the company’s revenues have amounted to NIS 956 million, compared with NIS 860 million in the corresponding period last year, an increase of 11%, which is mainly due to an increase in revenues in each division and the consolidation of Salos and AML’s financial results.
Operating profit in the first nine months of the year amounted to NIS 53.4 million, compared with NIS 46.7 million in the corresponding period last year, an increase of 14%. The net profit in the first nine months of the year amounted to NIS 35.4 million, compared with NIS 32.2 million in the corresponding period last year.
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