Ilex: Profit for the quarter increased 2.5 times to NIS 32 million – the capital market

Medical Equipment Company

Ilex Medical
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Reports its financial results for the fourth quarter of 2020 and for the entire year: Net revenues in the quarter increased by approximately 62% and amounted to approximately NIS 272 million, compared with approximately NIS 168 million in the corresponding quarter. The total quarterly profit attributed to shareholders increased 2.5 times and amounted to NIS 32 million, compared with NIS 13 million in the corresponding quarter.

Net income for the year increased by 49% to NIS 946 million, compared with NIS 634 million in 2019, and the total annual profit attributed to shareholders doubled to NIS 117 million, compared with NIS 58 million last year. The company will distribute a dividend of NIS 60 million. The company has published a presentation to investors, which may hint at raising capital soon.

Ilax notes that in dollar terms, revenue growth was 69% in the quarter and 55% year-on-year. EBITDA in the quarter increased by approximately 53% and amounted to approximately NIS 41 million, compared with approximately NIS 27 million in the corresponding quarter. EBITDA in 2020 increased by 64% and amounted to NIS 186 million, compared with NIS 113 million in 2019.

Gross profit for the quarter increased by 27% and amounted to NIS 61 million, compared with NIS 48 million in the corresponding quarter (gross profit margin of 22.3%, compared with 28.3% in the corresponding quarter). In the whole of 2020, a gross profit of about NIS 271 million was recorded, an increase of about 40% from about NIS 194 million in 2019 (a gross profit margin of about 28.6% compared to about 30.6% last year). Operating profit in the quarter increased by approximately 65% ​​and amounted to approximately NIS 29 million, compared with approximately NIS 18 million in the corresponding quarter. Operating profit in 2020 increased by approximately 82% and amounted to approximately NIS 146 million, compared with approximately NIS 80 million in 2019.

The corona has affected all of Ilex’s operating segments. The one that showed the highest growth in the entire year (5 times) was the respirator segment provided by the subsidiary Plate. Revenues from it amounted to NIS 79 million, and its gross profit margin rose from 36.7% in 2019 to 51.6% in 2020.

Still, most of the revenue for the entire year (NIS 459 million) was from diagnostics (Ilex’s corona tests), which grew by 42%. Revenues from this activity in the quarter grew by 70%, an increase attributed to the opening of the Corona Laboratory as part of the contract with the Ministry of Defense. On the other hand, the establishment of the laboratory led to a decrease in the rate of gross profit in the quarter (23.4% compared with 36.2% in the corresponding quarter). As of the end of 2020, Ilex has provided the Ministry of Defense with approximately 25% of the order and is expected to deliver the balance by the end of the second quarter.

The subsidiary Medtechnica, which provides medical equipment, was also positively affected by the expansion of its activities in the field of interventional cardiology. Madachtnika showed a growth of 39% throughout the year to a revenue level of NIS 405 million. The rate of gross profit in the quarter, on the other hand, decreased by 16.7% compared with 21.3% in the corresponding quarter, due to large transactions with lower profitability and the strengthening of the shekel against the dollar.

“We are working in several channels at the same time in favor of continuing to build additional growth engines that will help us realize the challenging goals we have set for ourselves in the future as well,” she said. Tami Galili, CEO of Ilex. “We see our shareholders as important partners and are happy to share with them our success in this peak year as reflected in the highest dividend we have ever distributed.”