Pihlajalinna - Better than expected

Pihlajalinna’s Q1 figures beat our estimates. Q1 revenue amounted EUR 140m (+5.2%) vs. EUR 137m/140m Evli/cons, while adj. EBIT landed at EUR 6.7m vs. EUR 5.6m/6.1m Evli/cons estimates. COVID-19 testing volumes continued to grow during Q1 but customer volumes of private clinics are still lagging behind.
  • Q1 revenue was EUR 140m vs. EUR 137m/140m Evli/cons estimates. Revenue increased by 5.2% y/y. COVID-19 testing volumes increased by 65% compared to the previous quarter. Customer volumes of private clinics were ~13% lower than in the comparison period.
  • Q1 adj. EBITDA was EUR 15.2m (10.9% margin) vs. EUR 14.4m/14.7m Evli/cons estimates.
  • Q1 adj. EBIT was EUR 6.7m (4.8% margin) vs. EUR 5.6m/6.1m Evli/cons estimates.
  • Q1 EPS was EUR 0.20 vs. EUR 0.15/0.17 Evli/cons.
  • The company reiterated its guidance and expects 2021 revenue to increase clearly and adj. EBIT to improve clearly compared to 2020.
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