Download presentation
Presentation is loading. Please wait.
Published byDaniela Jackson Modified over 9 years ago
1
Med Imagem Acquisition August 2007
2
1 Company Overview Financial Highlights 1 Monthly Requisitions17,000 Employees180 Physicians67 Patient Service Centers08 Operational Highlights (Dec.2006) R$ Million2006LTM 2 YTD 2 Gross Revenues23.526.010.1 Net Revenues22.224.211.0 Adjusted Ebitda9.110.65.0 Ebitda Margin41.0%43.8%45.5% EV (R$ million)47.0 EV/Ebitda5.2x4.7xN.A. Medimagem is the largest imaging company of Niteroi, Rio de Janeiro state. Founded in 1992, it has 8 PSCs, being 6 in Niterói, 1 São Gonçalo (Niterói surroundings) and 1 at Copacabana (Rio de Janeiro); The highly qualified medical team (67 physicians) broght to Medimagem a strong reputation among the local community. This is reflected by the additionnal services the clinic performs on having second oppinion in 100% of the reports issues and the high quality of the tests for prostate and mamography biopsis; Medimagem is the regional leader in a location where this is a key success factor: 50% of the patients refers to the clinic by medical recomendation; In LTM May 2007, the Company’s revenues totaled R$ 26.0 million with 43.8% of EBITDA margin. 1) Revised by PWC 2) LTM = June’06 to May’07 / YTD = Jan to May’07
3
2 Market Overview Niterói and São Gonçalo are around 15km far from Rio de Janeiro and together has approximately 1.5 million inhabitants (IBGE,Jul/06) and; Imaging service market is very fragmented in the region. Main players includes Labs and Pro Echo. Main Competitors Demographic Data Population1.45 million GDPR$ 11.2 billion Life Expectancy69.4 years old Health Care Coverage 9.0% Source: ANS and Ipasgo Niterói and São Gonçalo (RJ) LabsNet Revenues*PSCs R$ 76.3 million 27 R$ 10.5 million 13 DASA’s presence
4
3 Medimagem MedImagem reached R$ 26.0 million revenues and R$ 10.6 million EBITDA (43.8% margin) as of LTM May/07 Revenues have been growing at a 16% CAGR (2003 to 2006), as a consequence of the investments in new equipments and new PSCs; Revenues Evolution (R$ Mln) 26% CAGR: 16% Piratininga PSC Technical Structure Equipments# of Machines MRI4 Cat Scan4 Ultrasound13 X-Ray9 Mammography5 Bone densitometer6 14,90 18,58 20,96 23,56 26,03 9,4 11,8 0 5 10 15 20 25 30 FY03FY04FY05FY06LTM May/07 5M065M07
5
4 Proposed Deal Schedule of payments 90% at closing and 10% within 1-year; Escrow account of R$10.0 million to be retained for the next 6 years. Firm Value (FV)R$ 47.0 Million (-) Debt (as of 12/31/06) 1 R$ 2.3 Million Equity Value (EV) R$ 44.7 Million Down Payment: 30.1 Million R$ 4.5 Million FV/ EBITDA 2006: 5.2x FV/ EBITDA LTM 2 : 4.7x (1) Revised by PWC (2) LTM May 2007 = R$ 10.0 million At Closing One year after Escrow Account
6
5 Med Imagem’s leading position in Niterói and São Gonçalo will leverage DASA’s presence in the region; The acquisition will complement DASA’s multi-product strategy in Rio de Janeiro increasing imaging services revenues by more than 100%; Growth Strategy. Integration with DASA’s Reporting Central in Rio;. Platform to increase clinical analysis in the Niteroi region where we currently have 2 PSCs;. Expansion to nearby cities: São Gonçalo, Região dos Lagos, Cabo Frio and Macaé. Potencial Sinergies and growth strategy TestsMedimagemLaminaBronstein MRI68.7%6.7%24.6% Cat Scan54.3%2.2%43.5% Ultrasound41.4%10.7%48.2% Mammography55.3%7.0%37.7% X – Ray28.3%23.6%48.1% Cardiology51.7%11.2%24.9% Bridging the Image gap in Rio (% of tests performed – pro forma)
7
6 Acquisition Guidance Completion DASA has a very low market share and believes that there are several expansion targets still to be pursued; After completing its acquisitions guidance, DASA continues the consolidation process in Brazil; Opportunities continues to come both in private and public sector, for clinical and imaging companies. Acquisition Evolution (Million) 200520062007 303,7 206,7 165,5 145,0 135,9 128,6 109,8 64,1 42,7 9,7 Pasteur Frischmann Image Alvaro LabPasteur MedLabor Vita Atalaia Exame Científica 333,7 MedImagem
8
7
Similar presentations
© 2024 SlidePlayer.com. Inc.
All rights reserved.