Dear shareholders,
We took over the management of Visiomed Group in April 2022. These last thirteen months have been a pivotal period during which the group has finally found financial stability and sustainable profitability.
Many strategic and operational objectives were achieved
:
For Smart Salem, with the opening of the second center at DIFC in September 2022, the third center at Dubai Knowledge Park in March 2023 and the launch of new diagnostic services;
For BewellConnect, with the creation of Bewellthy in January 2023, which now has a new reference shareholder in charge of ensuring its development;
For our ability to expand, with the creation of the joint venture that will bring together the Saudi activities of the group, in association with Abrar and Al-Ghazzawi Group, in February 2023.
From a financial point of view, we have broken with the historical
and equity lines, while structuring new resources within our group, finally allowing us to launch an accretive share buyback program after years of significant dilution.
We are thus building the year 2023 and the future of Visiomed Group on these new bases with a strong desire to anchor in the Middle East.
, a region experiencing very high economic and demographic growth rates and a veritable explosion of foreign direct investment. The United Arab Emirates also posted a growth rate of 7.6% in 2022 and Saudi Arabia has the highest economic growth rate of the G20 countries. We are therefore located in the right region at the right time.
Our know-how and our technologies, within Visiomed Group, give us a definite advantage
in terms of automated and digital processing of information and health data, reliability of medical examinations and speed of execution, experience and diversified offer for our patients. We therefore intend to build on these strengths to continue to develop our service offering and quickly reach new markets.
The diversification of the group’s offer has been launched since the second quarter of 2023
: Smart Salem centers now offer new services dedicated to occupational medicine, visa applications for home-based employees and soon to biometric data collection. Our strategy will be to aggregate all these adjacent administrative medical tests called “for purpose medical screening” made mandatory by UAE regulations.
Beyond these tests,
comprehensive and personalized health checkups are now offered by Smart Salem
representing a first step in the very dynamic segment of medical prevention and individualized care, the future of the health sector.
Our geographic expansion strategy is also ambitious
. By relying on the dynamism of the region and our know-how, we want to quickly penetrate new markets, by replicating our integrated “multi-service” model, first in Saudi Arabia with our partners and, tomorrow, in other countries. because the needs are great, in the Middle East but not only.
The agility of Visiomed Group and its rapid progress are made possible by a solid financial base and by the sustained growth in the number of medical tests carried out by the Smart Salem centers
. Driven by the ramp-up of the DIFC and Dubai Knowledge Park centers, the average number of tests/day rose from 333 in 2022 to 445 in the first quarter of 2023 and will approach 500 tests/day in May. We thus wish to reach 750 tests / day during the last months of the year in order to then continue to grow towards a maximum filling rate (capacity of 2,000 people per day) and have the objective of achieving growth of more by 50% compared to 2022.
Due to its strong growth, Smart Salem’s performance in terms of normalized profitability must be assessed on a dynamic and annualized basis (“run rate”):
For an annualized average of 750 tests/day (our target rate for the end of 2023), an annualized normalized EBITDA potential of around 14 MUSD;
For an annualized average of 1,000 tests/day, an annualized normalized EBITDA potential of around 20 MUSD;
For an annualized average of 2,000 tests / day (our maximum potential), an annualized normalized EBITDA potential of around 46 MUSD
[1]
.
All these fundamental aspects and our development plan are detailed in the new strategic presentation which is available on the Visiomed Group website and accessible by clicking here.
We hope that these few insights are likely to confirm your opinion of the group and our strategy and invite you to participate in the General Meeting of June 14, 2023, which will be an opportunity for us to initiate a direct exchange with our shareholders. Visiomed Group is moving fast and we want to continue this great adventure with you.
We thank you for your confidence.
William Bremond
– Chairman of the Visiomed Group Board of Directors
Thomas Picquette
– Managing Director of Visiomed Group
[1]
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