Press Release | 23


Medilines Reports Outstanding Performance for 2022

It’s another banner year for Medilines as the Company recorded twenty-four percent (24%) growth in revenues year-on-year with Php1.96 billion sales as of December 31, 2022; while its core net income grew by fifty-two percent (52%) year-on-year with Php215 Million.

Amidst a persistent positive performance, Medilines maintains its record of sharing its growing income through yearly declaration of dividends. It has recently approved the declaration of cash dividends of 15% of the Company’s net income after tax for the year ended December 31, 2022.

The renowned medical device distributor maintains a stellar product portfolio that addresses specific healthcare needs, consisting of cancer therapy machines, dialysis machines, and diagnostic imaging machines. In the year 2022, majority of the Company’s revenues comprised of its cancer therapy segment, which grew by twenty-five percent (25%) year-on-year with Php1.2 billion sales.

With the Company’s twenty-one (21) long years of focusing solely on machines, it is worth noting that its new dialysis consumables segment has recorded the highest sales growth out of all its product segments, posting revenues of Php280 million for the year ended December 31, 2022, equivalent to forty-two percent (42%) growth year-on-year and quadruple growth versus 2020.

The Government’s initiative to advance and expand medical facilities in the Philippines was the primary driver to the Company’s growth in sales last year and is also a key factor to the Company’s positive business outlook in the years to come.

The Health Facilities Enhancement Program’s plan to build Specialty Centers throughout different regions in the country is on track. Among the highly specialized care that these centers offer include renal care, lung care, cancer care, and cardiovascular care, all of which can be addressed by Medilines’ portfolio of medical devices.

Further, the current Administration’s support to increase the accessibility to dialysis treatments via the increase in number of dialysis centers across the nation bodes well for the growth of Medilines’ dialysis portfolio. Together with the recent news of PhilHealth’s approval to expand its hemodialysis coverage from 90 sessions to 156 sessions, Medilines continues to rely on its dialysis consumables segment for growth in the years to come.

“As long as our portfolio of medical devices continues to address and complement the most pressing healthcare needs of our country, we remain confident that Medilines’ business outlook stays positive,” says Medilines President, Patricia Yambing.

This press release may contain “forward-looking statements” which are subject to a number of risks and uncertainties that could affect the MEDIC’s business and results of operations. Although MEDIC believes that expectations reflected in any forward-looking statements are reasonable, it can give no guarantee of future performance, action or events.