Updates

Medica

February 2018

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shine was taken off the shares after a trading update said sales for 2017 were up 18% driven by increased demand for NightHawk and Cross Sectional services. If we look at this objectively and sympathetically, sales are likely to come in at £33.7m, which means it has undershot its expectation by £1m (ie. 4% below consensus). Medica puts this down to difficulty matching the specialties required with the radiologists available in Q4. The company has however grown the number of radiologists from 248 to 306 having added 39 in H2 (and 19 in H1) and this is a proxy for future growth.CT/MRI volumes in the market continue to grow at 8% p.a. and Medica should continue to grow double digit again this year, with Berenberg ...

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