Regulatory News:
SHL Telemedicine Ltd. (NASDAQ: SHLT; SIX Swiss Exchange: SHLTN)
(“SHL” or the “Company”), a leading provider and
developer of advanced personal telemedicine solutions, announced
today its results for half-year 2023, emphasizing stable revenues
and strategic growth initiatives.
In H1 2023, SHL maintained stable revenues while making
significant strategic advancements across all operations. The
Company made substantial investments in Germany, where it launched
the Doctors’ Virtual Visits services and then witnessed a steady
increase in the adoption of the service. In the US, the Company
witnessed the growing utilization and distribution of the
SmartHeart® ECG platform by top-tier strategic customers, with
ongoing rollouts to CVS MinuteClinic locations. Moreover, the
Company’s long-standing operations in Israel remained robust and
profitable.
H1 2023 Financial Highlights: *All comparable
previous periods figures are in constant currency1.
- Total revenues rose to USD 29.0m, a slight increase from USD
28.8m in 1HY2022.
- Revenues from the Company’s operation in Israel increased by 3%
compared to 1HY2022, with revenues standing at USD 21.6m.
- Revenues from the Company’s operation in Germany amounted to
USD 6.8m, slightly down from USD 7.0m in 1HY2022 but up from USD
6.7m in 2HY2022.
- Adjusted EBITDA2 for the Company was USD 0.4m, similar to USD
0.6m in 2HY2022 and down from USD 3.1m in 1HY2022, mainly due to
increased investment in Germany and in USA as well as Nasdaq®
listing expenses.
- Cash on hand and short-term cash investments as of June 30,
2023, remain robust at USD 29.4m.
- Net loss was USD 2.1m, compared to a net loss of USD 0.1m in
1HY2022.
Strategic Developments and Upcoming Highlights:
- In the US, SHL has adjusted its strategy to prioritize
direct-to-consumer sales of the SmartHeart® ECG, viewing it as a
move of considerable strategic importance. The direct-to-consumer
sales are anticipated to begin in the second half of 2023, and SHL
will utilize its extensive network of US cardiologists for remote
ECG evaluations. In parallel, the Company is optimistically
awaiting the results from the HELP-MI clinical trial conducted by
Mayo Clinic which they believe will hold significant value for its
B2B plan of introducing the SmartHeart® platform to hospital
systems.
- The Company continues to see growing utilization of its
SmartHeart® platform by its Tier1 strategic customers including
through the deployment of SmartHeart® in the CVS Minute
Clinics.
- The Company is eagerly anticipating the outcomes of clinical
trials led by Mayo Clinic and Imperial College London, both
relating to the utilization of SmartHeart® 12-lead ECG technology
for remote monitoring of post-MI (heart attack) patients at home,
examining the reduction in the rate of visits to Emergency
Department and hospital readmissions. Preliminary results showcased
at the Imperial Vulnerable Plaque and Patient Meeting 2023 (VPM)
indicate significant benefits, reinforcing SHL's position in the
field.
- In Israel, SHL's B2C subscription activity is showing growth,
and the Company has begun introducing new products and services
this year, despite local political challenges, thus expanding the
use of both its B2C and B2B infrastructures.
- The Company recently launched the Doctors’ Virtual Visit
service in Germany providing this offering to approximately 12.4
million individuals insured by BARMER and AOK Plus. The Company
continues to witness a consistent increase in the adoption of the
service and believes it will serve as promising new growth engine
for its operation in the German market.
- During April 2023, the Company’s ADR’s commenced trading on the
Nasdaq®.
Erez Nachtomy, CEO of SHL, commented: “This half-year
showcases our resilience and adaptability in the face of market
challenges. Our consistent performance in Israel, the promising
Virtual Visit growth engine in Germany, alongside our strategy
prioritization in the US underline our commitment to innovation and
excellence. Our investments in technology and strategic
relationships, especially with esteemed entities like CVS, Henry
Schein, and the Mayo Clinic, position us at the forefront of
telemedicine. As we navigate the evolving healthcare landscape, our
primary focus remains delivering unparalleled value to our
customers and stakeholders while championing the transformative
power of telemedicine."
Conference Call at 4 pm CET The Company will host a
conference call for investors, journalists and analysts to discuss
the Half-Year 2023 results today at 4 pm CET. The conference call
will be hosted by Erez Nachtomy, CEO, and Amir Hai, CFO and will be
held in English.
Dial-in numbers: From Europe: +41 (0)58 310 50 00 From
UK: +44 (0) 207 107 06 13 From USA: +1 (1) 631 570 56 13 From
Israel: Toll free: 1 80 921 44 27 / Local: +972 3763 1173 The
conference call is scheduled to last approximately 45 minutes.
The presentation is available on:
www.shl-telemedicine.com/reports The Half-Year Report 2023 is
available on: www.shl-telemedicine.com/reports SEC submission of the Half-Year Report and presentation
is available on:
https://www.shl-telemedicine.com/sec-filing/
About SHL Telemedicine SHL Telemedicine is engaged in
developing and marketing personal telemedicine systems and the
provision of medical call center services, with a focus on
cardiovascular and related diseases, to end users and to the
healthcare community. SHL Telemedicine offers its services and
personal telemedicine devices to subscribers utilizing telephonic
and Internet communication technology. SHL is listed on the SIX
Swiss Exchange (SHLTN, ISIN: IL0010855885, Security No.: 1128957)
and on the Nasdaq Stock Exchange (SHLT, ISIN: US78423T2006, CUSIP:
78423T200). For more information, please visit our web site at
www.shl-telemedicine.com.
Financial calendar 7 December 2023, Annual General
Meeting. Tel Aviv, Israel
For more financial information: For a comprehensive
understanding of the Company’s financial reports and related
management’s discussion and analysis for applicable periods, please
visit the Company’s profile at https://www.sec.gov/edgar or the
Company’s full report on its site:
www.shl-telemedicine.com/reports
Key Figures for
1H2023
Key figures (as reported):
in USD million (except per share
amounts)
HY2023
HY2022
% change
Revenues for the period
29.0
30.9
(6)
Revenues
Revenues
- Germany
6.8
7.1
(4)
- Israel
21.6
23.0
(6)
- Rest of the World
0.6
0.8
(25)
EBIT
(4.4)
(1.0)
EBITDA*
(0.9)
2.4
Net profit (loss)
(2.1)
0.1
EPS (Basic loss)
(0.14)
0.00
Operating cash flow
(3.3)
1.7
* EBITDA: operating profit excluding depreciation and
amortization expenses of USD 3.5m, and USD 3.4m in the comparable
period
Adjusted key figures (in constant currency): In the table
below, HY2022 results have been presented at HY2023 exchange rates.
Management believes that this presentation enables a more
meaningful comparison between the periods due to the significant
fluctuations in NIS/USD/EUR exchange rates during the period.
In USD million
HY2023
HY2022
% change
Revenues
29.0
28.8
1
Revenues
- Germany
6.8
7.0
(3)
- Israel
21.6
21.0
3
- Rest of the World
0.6
0.8
(25)
Adjusted EBIT**
(3.1)
(0.1)
Adjusted EBITDA ***
0.4
3.1
**Adjusted EBIT: Please see the EBITDA, Adjusted EBITDA and
Adjusted EBIT Table below. ***Adjusted EBITDA: Please see the
EBITDA, Adjusted EBITDA and Adjusted EBIT Table below.
EBITDA, Adjusted EBITDA and Adjusted EBIT Tables (HY2022
results are presented in HY2023 exchange rates)
EBITDA:
in USD Thousand
HY2023
HY2022
Operating loss
(4.4)
(1.1)
Plus:
Depreciation and amortization expenses
3.5
3.2
EBITDA
(0.9)
2.1
HY2023
HY2022
Operating loss – EBIT
(4.4)
(1.1)
Plus:
Cost of share-based payments
0.8
0.9
Non-recurring expenses
0.5
0.1
Adjusted EBIT
(3.1)
(0.1)
HY2023
HY2022
EBITDA
(0.9)
2.1
Plus:
Cost of share based payments
0.8
0.9
Non-recurring expenses
0.5
0.1
Adjusted EBITDA
0.4
3.1
Reconciliation of Adjusted EBITDA and Adjusted EBIT to net
profit as required by the rules of the U.S. Securities and Exchange
Commission with respect to non-GAAP financial measures (HY2022
results are presented also in HY2023 exchange rates)
HY2023
HY2022
HY2022(CC)
Net profit (loss)
(2.1)
0.1
(0.1)
Financial income, net
(3.0)
(1.3)
(1.2)
Tax expenses
0.7
0.2
0.2
Depreciation and amortization expenses
3.5
3.4
3.2
EBITDA
(0.9)
2.4
2.1
Cost of share-based payment
0.8
1.0
0.9
Non- recurring expenses
0.5
0.1
0.1
Adjusted EBITDA
0.4
3.5
3.1
The Company believes Adjusted EBITDA and Adjusted EBIT provide
useful information regarding the Company’s financial and operating
performance. Adjusted EBITDA and Adjusted EBIT are not U.S. GAAP
measures. You should not construe Adjusted EBITDA and Adjusted EBIT
as alternatives to operating profit or cash flows from operating
activities determined in accordance with U.S. GAAP or as a measure
of liquidity. Adjusted EBITDA and Adjusted EBIT are not defined in
the same manner by all companies and may not be comparable to other
similarly titled measures of other companies.
Forward Looking Statements: This announcement contains
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, specifically Section 27A
of the U.S. Securities Act of 1933, as amended, and Section 21E of
the U.S. Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, are
forward-looking statements, including, the Company’s anticipation
with respect to changes in its results of operations from prior
periods. Readers are cautioned that forward-looking statements are
not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors that could cause actual
results to differ materially from historical results or any future
results expressed or implied by forward-looking statements. Factors
that can cause actual results to differ from expectations and those
contained in forward-looking statements include those risks
described in Item 3.D. “Key Information—Risk Factors” contained in
the Company’s Registration Statement on Form 20-F filed with the
U.S. Securities Exchange Commission (the “SEC”) on March 28, 2023
and in its subsequent filings and submissions with the SEC,
including, but not limited to, the Company’s ability to operate and
comply with the complex and evolving regulations in the highly
regulated healthcare industry; the continued development, consumer
acceptance and market adoption of the Company’s products and
services in the relatively new, unproven and volatile and rapidly
changing telehealth market; the Company’s ability to develop and
introduce new products and solutions and enhancements to existing
ones; the significant and increasing levels of competition in the
telemedicine market; the impacts of COVID-19 and future pandemics
and epidemics; the Company’s ability to continue to attract and
retain key employees and personal in the highly competitive
healthcare industry; the loss or breach of the Company’s
proprietary rights and data security and privacy risks; political,
judicial, legal, economic and military conditions in Israel and the
surrounding region; global economic and financial market conditions
and the Company’s ability to adapt to and comply with the different
business and market factors, conditions, requirements and laws and
regulations in the various countries in which the Company operates
internationally; currency fluctuations; labor disputes; the
Company’s ability to manage growth and integrate acquired
businesses and expanding operations; the Company’s ability to
obtain adequate levels of insurance to cover potential losses; the
Company’s dependence on key suppliers and sub-contractors and other
third parties; and other matters and risks not yet known to the
Company or not currently considered material by it. You should not
place undue reliance on these forward-looking statements. All
written and oral forward-looking statements, attributable to the
Company, or persons acting on its behalf, are qualified in their
entirety by these cautionary statements. Unless required by law,
the Company undertakes no obligation to publicly update or revise
any forward-looking statements.
1Constant currency – to enable meaningful comparison between
1HY2023 and 2022 results, 2022 results are also presented at
1HY2023 exchange rates which are calculated as annual average based
on the average monthly exchange rates of each of the USD and the
EUR versus the NIS, as published by the Bank of Israel. The
management believes that this presentation enables a more
meaningful comparison between the periods due to the significant
fluctuations in NIS/USD/EUR exchange rates during the period. 2
Please see the EBITDA, Adjusted EBITDA and Adjusted EBIT Table
below, and Reconciliation Table of Adjusted EBITDA and Adjusted
EBIT to net profit each presented below as required by the rules of
the U.S. Securities and Exchange Commission with respect to
non-GAAP financial measures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230921320711/en/
For further information please contact: Fabienne Farner,
IRF, Phone : +41 43 244 81 42, farner@irf-reputation.ch
SHL Telemedicine (NASDAQ:SHLT)
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