Dentalum continues to grow through the acquisition of four clinics, of which one clinic was acquired during the quarter. Dentalum now consists of 24 acquired clinics in eight regions of Sweden, of which 21 clinics were appointed as of March 31. Operating revenue increased by 72.8% to SEK 85.8 million (SEK 49.7 million) with EBITDA for the Group amounting to SEK 21.1 million (SEK 9.7 million) and a strengthened EBITDA margin of 24.6% (19%) compared to the corresponding period last year.
First quarter, January – March 2022
- Operating revenue increased by 72.8 % to SEK 85.8 million (49.7). The increase in revenue was driven by the acquisition of dental clinics.
- The spread of omicron in the start of the year affected the financial results negative, but already by March there were clear indications of a recuperation.
- On February 1, Tandläkarhuset Enköping AB was acquired during thereby expanding Dentalum into an eighth region and contributing annual revenues by approximately SEK 26 million.
- Esmaeilzadeh Holding AB increased its shareholding and holds a stake equal to 45.98 % of the shares and votes.
- Dentalum acquired Karlatandläkarna and Mälarkliniken. The acquisition is expected to be completed in May 2022.
- Jens Bruno was recruited as CFO while Sofi Eriksson, former CFO, takes on a strategic role as Executive Advisor, focusing on M&A and leading the preparations for the planned IPO in 2023.
- Net earnings for the quarter amounted to SEK 3.3 million (-3.4).
- Cash flows from operations amounted to SEK 13.2 million (6.8). Net cash flow totalled SEK – 25.3 million (- 6.9).
- As per March 31, 2021, total equity amounts to SEK 257.1 million (84.3), cash balance of SEK 245.3 million (174.5) and interest-bearing debt of SEK 397.7 million (305.5), consisting of bond debt of SEK 400 million.
Significant Events after the reporting period
- Matts Tannerfeldt was appointed new COO and member of the management team. Matts will start his employment on September 1, 2022.
- On April 1, Dentalum completed the acquisition of Swedish Dental.
- At the Annual General Meeting elected Gunilla Öhman and Lars Kvarnsund as new board members and Mikael Lönn was appointed as the new Chairman of the Board.