Pihlajalinna - Q3 in line with our expectations

Pihlajalinna’s Q3 result was broadly in line with our expectations. Q3 revenue amounted to EUR 123.9m vs. EUR 125m/122.2m Evli/cons, while adj. EBIT landed at EUR 8.7m vs. EUR 8.4m/7.2m Evli/cons estimates. EPS was EUR 0.20 vs. our EUR 0.20.
  • Q3 revenue was EUR 123.9m vs. EUR 125.0m/122.2m Evli/cons estimates. Revenue increased by 1.0% y/y.
  • Q3 adj. EBITDA was EUR 17.2m (13.9% margin) vs. EUR 17.3m/16.0m Evli/cons estimates.
  • Q3 adj. EBIT was EUR 8.7m (7.0% margin) vs. EUR 8.4m/7.2m Evli/cons estimates.
  • According the company, the demand for healthcare services recovered but the pandemic and restrictions reduced customer flows the most in fitness centers, private clinics and dental clinics. Revenue from corporate customers increased by 9.4% and revenue from the public sector was stable.
  • The volume of COVID-19 testing began to grow significantly in August and testing operations grew Q3 revenue by EUR 3.4m.
  • The company didn’t provide a guidance for 20E at this point, due to the weak visibility caused by the virus.
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