MEDILINES Distributors, Inc. said it achieved record profit growth due to its “strategic shift in product mix,” after the company began selling medical consumables along with its medical equipment product line.
Without disclosing specific figures, the company said it logged a record 50% profit growth in 2021 from the previous year’s P103 million. Meanwhile, its unaudited gross revenues went up 10% to P1.6 billion.
“As the global healthcare system continues to take centerstage due to the pandemic, Medilines believes that the healthcare industry in the Philippines has plenty of room to grow,” Medilines Chairman Virgilio B. Villar said in a statement on Wednesday.
“We believe that both the government and private sectors will continue to demand for quality healthcare equipment to meet Western standards. Both sectors will also need to expand their facilities to cater to a growing population, especially in key cities nationwide,” he added.
Medilines distributed medical equipment for cancer therapy, dialysis, and diagnostic imaging, partnering with brands such as Philips (Netherlands), GE (US), and B. Braun (Germany).
It now also distributes medical equipment from Siemens Healthineers (Germany), Varian Medical Systems (US) and B. Braun Avitum (Germany).
The company said the over 50% profit growth was achieved after it forayed into the medical consumables business. It is targeting “to a balance of medical equipment and consumables mix.”
Sales grew by more than double after it began selling dialysis consumables, with sales growing to P200 million in 2021 from P60 million in 2020. Medilines said it is now aiming to have over P300 million in sales of its consumables products.
Meanwhile, its revenue growth is attributed to its delivery of cancer therapy equipment. Medilines said it delivered five cancer radiation therapy machines across the country in 2021.
The company said it installed linear accelerators (LINACs) in Manila’s Jose R. Reyes Memorial Medical Center, Sacred Heart Medical Center in Angeles City, and Region I Medical Center in Dagupan. It delivered LINACs to Vicente Sotto Memorial Medical Center in Cebu and Cotabato Regional and Medical Center last December.
Medilines said the installation of the equipment at the Cotabato Regional and Medical Center will be completed in the first quarter this year.
Medilines shares at the stock exchange went up 1.94% or two centavos on Wednesday to close at P1.05 apiece. — Keren Concepcion G. Valmonte
