MEDILINES Distributors, Inc. posted a P30.97 million attributable net income in the third quarter, turning around from its P706,960 net loss recorded last year, after booking higher revenues.

During the July-to-September period, Medilines’ revenues totaled P352.76 million, more than two times last year’s P138.49 million.

Meanwhile, the company booked direct costs amounting to P285.52 million, more than double the P138.95 million registered a year ago.

For the nine-month period, Medilines’ net profit reached P111.93 million, up by 12.7% from P99.34 million last year. Its revenues grew by 26.6% to P1.21 billion from P953.58 million previously.

In a press release on Monday, it said the major revenue contributor is its cancer therapy equipment, which contributed 56%. Its dialysis consumables shared 16%, up from 13% last year. The dialysis equipment and diagnostic imaging segments contributed 10% and 18%, respectively.

From January to September, Medilines registered a 50% sales growth for its dialysis consumables to P193 million. Sales of dialysis equipment rose by 7% to P122 million, while sales from diagnostic imaging increased by 5% to P213 million.

To date, the company has five ongoing projects from which it still expects to recognize 48% of net sales from its cancer therapy product segment until the first half of 2023.

“There will be significant opportunities in the healthcare industry which will drive the growth of the company for the coming years. Such will further solidify Medilines’ leadership in said market,” Medilines Chairman Virgilio Villar said. — Justine Irish D. Tabile