Recently, International Medical (000516), a leading private general hospital company in China, released its annual report and quarterly report. In 2023, the company will focus on integrating high-quality resources, accelerate the development of its main medical business, and continue to reach a new level in terms of operating scale, with new results in operating performance, with revenue reaching a record high of 4.618 billion yuan, and a revenue of 1.173 billion yuan in the first quarter, also hitting a record high in the same period in history.
From the perspective of a single quarter, the company's business has come out of the trough and its revenue has recovered, with revenue reaching 1.274 billion yuan in the fourth quarter of 2023, the first time in history that the revenue in a single quarter has exceeded 1.2 billion yuan. From the perspective of operating profit, the company's loss narrowed, with an operating loss of 185 million yuan in the fourth quarter of 2023, which is significantly smaller than that in 2023 and the fourth quarter of 2022.
Compared with the doubling of the number of outpatient and emergency services before the epidemic, the number of inpatient services has increased by nearly 4 times
In 2023, the number of international medical outpatient and emergency services will be 2,388,700, an increase of 54.43% compared with 2022, and the service scale will hit a record high, doubling compared with 2019 before the epidemic, and the number of inpatient services will be 185,800, a year-on-year increase of more than 70%, an increase of nearly 4 times compared with 2019 before the epidemic.
In 2023, International Medical will realize the simultaneous operation of three comprehensive medical campuses: Xi'an High-tech Hospital, Xi'an International Medical Center Hospital, and Xi'an International Medical Center Hospital North Campus.
In terms of hospitals, Xi'an High-tech Hospital provided 1,151,100 outpatient and emergency services, an increase of 32.71 percent over the same period last year, 64,600 inpatient services, an increase of 56.04 percent over the same period last year, 65,600 physical examination services, an increase of 35.26 percent over the same period last year, and 4,952 outpatient and emergency services on a daily basis, with 1,865 patients on the highest day. All key medical quality indicators reached record highs.
The outpatient and emergency services of Xi'an International Medical Center Hospital (including the North Campus) were 1,237,600, an increase of 108.07% over the same period last year, the number of inpatient services was 121,200, an increase of 92.69% over the same period last year, the number of physical examination services was 60,800, an increase of 80.32% over the same period last year, the highest daily outpatient and emergency services were 5,299, and the highest daily outpatient and emergency services were 3,937 patients.
The advantages of key specialties are prominent, and the construction of disciplines has reached a new height
The medical institutions under the International Medical Group have a complete range of disciplines and outstanding advantages in key specialties, and its Xi'an High-tech Hospital and Central Hospital have paid close attention to the construction of disciplines, and have been approved for provincial and municipal key specialty construction projects in multiple disciplines.
In 2023, the Department of Gastroenterology and the Department of Radiology of High-tech Hospital will be awarded the Xi'an Key Clinical Specialty Construction Project, and a plastic surgery hospital, an ophthalmology hospital, a number of special services and diagnosis and treatment centers such as digestive endoscopy, cardiopulmonary rehabilitation, diagnosis and treatment of pulmonary nodules, and VIP health management will be established to meet the diverse needs of patients, and the departments of urology, clinical psychology, and neurorehabilitation will increase the number of wards and further enhance the diagnosis and treatment capacity.
The Central Hospital established the Endocrine and Metabolic Disease Hospital, and newly opened 17 departments or units, including the Five Cardiovascular Departments and the Breast Disease Diagnosis and Treatment Center; the Department of Medical Oncology and the Department of Gastroenterology were certified as key clinical specialties in Shaanxi Province and Xi'an respectively; the Heart Failure Center was certified by the National Heart Failure Center, the Stroke Center was awarded the license by the Shaanxi Stroke Center, the Trauma Center was approved as the "Trauma Treatment Center Construction Unit of the China Trauma Treatment Alliance", and the Cancer Hospital was approved as the "National Standardized Tumor Nutrition Demonstration Ward" The Department of Respiratory and Critical Care Medicine passed the review of the "National Chronic Airway Disease Standardized Management Construction Project".
The North Campus of the Central Hospital will be officially opened in 2023, and 19 departments will be newly established, including the Department of Minimally Invasive Spine, the Department of Neurological Rehabilitation, the Department of Rehabilitation Spa, the Psychiatric Hospital, the Department of Infant Medicine, the Department of Pediatric Internal Medicine, the Department of Palliative Medicine, and the Department of Cardiopulmonary Diseases. The Orthopedic Hospital was successfully approved as a municipal key clinical specialty.
Strengthen the transformation of new technological achievements and innovate medical service models
International Medicine adheres to the principle of exquisite technology and high-quality service as the carrier to create a high-level comprehensive medical service platform and fully protect the medical and health needs of the masses.
During the reporting period, the company's proton project construction made new progress, the proton therapy center was fully capped, and the core component of the treatment system, the cyclotron, has been successfully launched by the manufacturer. Yttrium-90, stem cells and other cutting-edge medical technologies and treatment projects continue to land.
During the year, the high-tech hospital successfully carried out 50 new technologies and projects, successfully filed 25 national and provincial restricted technologies, was approved for 10 scientific research projects, completed 6 provincial and municipal project acceptance, 2 stem cell projects for filing and academic review, and was approved for 19 national, provincial and municipal continuing education projects.
The central hospital has successfully carried out 112 new technologies and new businesses, completed 7 national-level restricted technology filings, completed 22 provincial-level restricted technology filings, added 3 national-level technologies, and the Department of Urology took the lead in completing the first transrectal high-energy focused ultrasound prostate cancer ablation in Northwest China, and the Department of Cardiovascular Surgery successfully carried out the first minimally invasive implantation of artificial heart in Northwest China.
The North Campus of the Central Hospital has carried out 40 new technologies and projects, among which the clinical research and application of the world's first technology "movable artificial cervical spine implantation" has excellent efficacy, and has won unanimous praise from patients and fellow scholars.
The medical services of International Medicine focus on patient satisfaction, innovate medical service models, and continuously improve patients' medical experience. The high-tech hospital has optimized the outpatient layout to provide a more convenient medical environment by setting up a "24-hour one-stop service center", the central hospital has provided convenient services such as online consultation, self-service billing, and convenient outpatient services with the help of the "Internet hospital" platform, and the north branch of the central hospital has integrated the guidance form, prescription form, and inspection order into one through the implementation of paperless outpatient measures, which greatly shortens the waiting time of patients.
Share buybacks and executive increases in the company's future can be expected
Based on the firm confidence in the company's intrinsic investment value and future development prospects, International Medical also launched a share repurchase plan at the same time, which intends to repurchase the company's shares in a total amount of not less than RMB 100 million (inclusive) and not more than RMB 150 million (inclusive) in a centralized bidding transaction, and the repurchase price will not exceed RMB 9.16 per share (inclusive), and the repurchased shares will be used for cancellation to reduce the company's registered capital. The repurchase plan shall be implemented within 12 months from the date of approval by the general meeting of shareholders. Based on the highest price and the maximum repurchase amount, the number of shares repurchased by the company reached 16.37 million shares, and the number of shares repurchased was 26.78 million shares based on the highest repurchase amount and the closing price on April 25.
From January 31 to February 2 this year, the company's chairman, vice chairman and senior management collectively increased their holdings of 537,900 shares of the company, reflecting the confidence of the company's directors and senior management team in the company's future development and the recognition of the company's long-term investment value.
From the perspective of brokers, Soochow Securities said that with the ramp-up of beds and the growth of revenue scale in 2024, the company's future profit trend is expected to improve. Huachuang Securities also gave a target price of 9.4 yuan per share for the company's shares, an increase of nearly 70% compared with the closing price on April 25.
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