Below we present materials for investors and analysts. These encompass:
describing the Voxel Group, its business model, strengths and competitive advantages
summarizing quarterly results and plans for the upcoming quarters
excel file containing financial and operating data
Two-page summary of key figures and quarterly results
quarterly, semi-annual and annual financial reports and a report on operations of the management board
Current raports More
RB 10/2022 of 26.06.2022 r.
Information on transactions obtained pursuant to Art. 19 MARDownload
RB 9/2022 of 13.06.2022 r.
Information on transactions obtained pursuant to Art. 19 MARDownload
RB 8/2022 of 10.06.2022 r.
Information on transactions obtained pursuant to Art. 19 MARDownload
RB 5/2022 of 06.06.2022 r. Download
RB 7/2022 of 06.06.2022 r. Download
RB 6/2022 of 06.06.2022 r. Download
RB 3/2022 of 10.05.2022 r. Download
RB 4/2022 of 10.05.2022 r. Download
RB 2/2022 of 10.05.2022 r. Download
RB 01/2022 of 27.01.2022 r. Download
The calendar presents information on key events such as the publication of financial results, meetings or videoconferences with capital market participants as well as closed periods.
Beginning of closed period for 2020
Publication of consolidated and separate annual report for 2020￼
2020 quarterly presentation
Beginning of closed period for 1Q22 quarterly report￼
Beginning of closed period for 1Q21
Publication of the report for 1Q21
1Q21 quarterly presentation
Beginning of closed period for 1H21
Publication of the report for 1H21
1H21 quarterly presentation
1H22 quarterly presentation
Beginning of closed period for 3Q21
Publication of the report for 3Q21
3Q21 quarterly presentation
Beginning of closed period for 2021
Publication of consolidated and separate annual report for 2021￼
2021 quarterly presentation
Beginning of closed period for 1Q22
Publication of the report for 1Q22
1Q22 quarterly presentation
Beginning of closed period for 1H22
Publication of the report for 1H22
1H21 quarterly presentation￼
Beginning of closed period for 3Q22
Publication of the report for 3Q22
3Q22 quarterly presentation
The aim of the Management Board of Voxel S.A. is sharing profits with shareholders by paying dividends. In accordance with the official dividend policy for 2021-2025, the Management Board of Voxel S.A. taking into account the situation of Voxel S.A. Capital Group intends to recommend annually to the Annual General Meeting of Shareholders: (i) allocation of not less than 50% of the separate net profit of Voxel S.A. for a given financial year for the payment of dividends to shareholders and (ii) payment to shareholders of not less than 25% of the dividend fund amount constituting reserve capital created from retained earnings in 2015 – 2017 in the total amount of PLN 28.9 million.
Taking into account situation of Voxel S.A. Capital Group, the Management Board of Voxel S.A. will in particular consider: (i) investment needs, (ii) potential acquisitions, (iii) liquidity, (iv) the amount of liabilities, (v) covenants included in agreements with financing institutions, (vi) covenants specified in the terms of Voxel S.A. the bond issuance.
|Year from which dividend is paid||Dividend paid
|Dividend per share (PLN)||Dividend payout based on consolidated net income||Dividend day||Dividend payment day||Dividend yield|
Voxel S.A. shares have been listed since October 11, 2011. Originally, the shares were listed in the alternative trading system – New Connect market. Voxel S.A. debut on the Warsaw Stock Exchange took place on October 23, 2012. The company issued 1,000,000 (1 million) shares at an issuance price of PLN 19. The highest recorded share price was PLN 47.6, and the lowest was PLN 8.81.
|ISIN CODE for Voxel shares||PLVOXEL00014|
|FISN CODE||VOXEL/BRSH PLN1.0|
|INDICES||sWIG80, sWIG80TR, WIG, WIGdiv, WIG Poland, InvestorMS|
Voxel S.A. finances its development from own resources and from external resources. External funds in the form of interest debt are obtained in the form of: bank debt, loans, financial leases and issuance of corporate bonds. Below we present a summary of corporate bonds issued by Voxel S.A. as well as current prices of currently outstanding corporate bonds listed on Catalyst.
|Bond series||Amount issued
|Issuance date||Maturity date||Tenor (years)||Collateral||Listing||Documents|
|M series||50||May 20, 2021||June 24, 2025||4||no collateral||Catalyst|
|L series||5||February 10, 2021||February 19, 2024||3||no collateral||Catalyst|
|K series||5||August 9, 2018||February 9, 2021||2.5||no collateral||Catalyst|
|J series||30||July 5, 2018||July 4, 2021||3||no collateral||Catalyst|
|I series||no issuance – no acquisition conducted|
|H series||10||May 31, 2017||May 31, 2019 (early redemption August 1, 2018)||2||collateral||Catalyst|
|G series||10||July 8, 2016||July 25, 2018||2||collateral||Catalyst|
|F series||10||July 1, 2016||July 1, 2017
(early redemption on May 24, 2017)
|E series||10||June 23, 2014||July 11, 2016||2||collateral||Catalyst||Information note|
|D series||12||July 31, 2013||July 31, 2016||3||collateral||Catalyst||Information note|
|C series||5||June 17, 2013||June 17, 2015
(early redemption on July 30, 2014)
|B series||12||May 17, 2012||June 6, 2014 (early redemption on July 16, 2013)||2||collateral||Catalyst||Information note|
|A series||6.6||December 2, 2010||December 1, 2015||5||bonds convertible into shares, no collateral||not listed|
Rekomendacje i analizy
Voxel S.A. participates in the Analytical Coverage Support Program run by the Warsaw Stock Exchange. As part of the Program, brokerage houses and offices prepare, at the request of the Warsaw Stock Exchange, analytical reports on companies that have been qualified for the program.
Below is a list of the most frequently asked questions with answers.
How COVID-19 pandemics affected Voxel Group?
Voxel Group has used the pandemic to make changes that will strengthen its foundations and contribute to long-term profitable growth. It also introduced new business lines that have a significant impact on the results of subsidiaries. The pandemic reduced the volumes of diagnostic tests performed by diagnostic entities (including Voxel S.A., i.e. the parent company), due to limited access for patients to health care, including specialist doctors, and reduced the demand for diagnostic tests by hospitals. On the other hand, it also contributed to developmentof Voxel’s subsidiaries. Alteris has a high level of orders due to the modular solutions and hospitals’ investments in diagnosis and treatment of COVID-19. VITO-MED has been testing for COVID-19 since June 2020 and is dynamically developing this type of activity.
What are Voxel Group plans for 2022?
Voxel Group intends to adapt flexibly to the changing situation, including the diminishing impact of the COVID-19 pandemic. The Group continues its investment programme related to the opening of new diagnostic laboratories and the replacement of equipment in existing laboratories, in order to increase the Group’s capacity. Voxel was successful in concluding new contracts for reimbursed tests, which will also have an impact on the current year. In 2022, we face, like most businesses, an increase in the cost of labour, other services and debt service costs as a result of the current situation in the country. On the other hand, however, the measures taken to increase the number of studies and contracts have an impact on our revenue growth. In 2022, we expect Alteris’ sales to external customers to stabilise.
Does Voxel Group plan to continue M&A in upcoming quarters?
The aim of the Management Board is to further strengthen VoxelGroup in 2021. The Group plans organic development based on new products and solutions developed within the Group as well as investments in new diagnostic laboratories. It also does not rule out acquisitions, particularly in the area of diagnostics, in order to maximize synergy.
What should be the Group’s growth drivers in 2022?
Management Board of Voxel S.A. identifies a number of factors that may affect the Group’s growth in 2022:
- growing number of scans observed for several quarters, including an increase in the number of SPECT scans,
- signing new contracts for reimbursed services in 2021-2022,
- new diagnostic imaging laboratories,
- increased sales of radiopharmaceuticals, including the impact of sales of fluorocholine,
- expected stabilisation of Alteris’ revenues to externalcustomers,
- impact of COVID-19 laboratories also for 2022, especially in 1Q22,
- possible new acquisitions.
The Group is also working on other new projects that could have an impact on its growth.
Is Voxel Group in a safe financial situation?
The Group has a safe liquidity position due to diversified sources of capital. Interest-bearing financing is obtained in the form of: bank debt, loans, financial leases and corporate bond issuances. At the end of 2021, the net debt / EBITDA ratio (in 4 quarters) came in at 2.2x (1.9x if IFRS16 was excluded).
Can Voxel Group pay out dividend from 2021 earnings?
The aim of the Management Board of Voxel S.A. is to shareprofits with shareholders by paying dividends. For this purpose, the dividend policy for 2021-2025 was approved in January 2021. In line with its assumptions, the Company plans to pay out an annual dividend in the amount of at least 50% of the net profit of Voxel S.A. for a given year and 25% of the amount of the dividend fund constituting reserve capital created from retained earnings in 2015 – 2017 in the total amount of over PLN 28.9 million. When presenting a recommendation regarding a possible dividend payment for 2020, the Management Board will take into account: the current and planned liquidity situation of the Company, the need for working capital, planned investments and covenants regarding the interest debt.
What was the key reason behind worsening Group profitability in 2020 and over the past years?
There are several reasons that have influenced the change in gross margin on sales over the last few years:
- the key factor is the change in the structure of the Group, which took place in 2019. Since this year, the Group has been consolidating two new subsidiaries, i.e. the VITO-MED hospital and Exira company. As a result, the Group currently consists of diagnostic entities and Exira, which generate gross margins of 30-40%, and companies where profitability is lower and amounts to approximately 10%, i.e. Alteris and VITO-MED. Consolidation of VITO-MED (i.e. its hospital operations) and Scanix in 2020 (which is still undergoing organizational and cost restructuring) resulted in a decrease in the gross margin;
- stronger impact of Alteris on Group’s results and an increase in share of large infrastructure projects in the Group’s sales structure implemented by this subsidiary – Alteris is an IT and engineering company which has increased the share of large projects, including infrastructure projects, in its portfolio in recent years. The gross margin on large projects is lower than marginon the company’s software-only projects. The greater their share, the lower the gross margin. Increasing the share of infrastructure projects is a natural step in the company’s development and will be continued in the coming years;
- impact of investments carried out by diagnostic companies, mainly by Voxel S.A. – in the case of new investments, the investment implementation process usually takes several months. After its completion, a given centre begins to provide services, but in the initial period, diagnostic tests volumes are not realized at the level of already existing laboratories. The period of reaching the target efficiency of a diagnostic centre lasts from several months to several years and depends also on whether and when a given diagnostic centre obtains contract with the National Health Fund. Costs generated by the diagnostic centre appear from the moment of launch of the investment. In addition, fixed costs, including rental costs, equipment service costs, and costs of servicing equipment debt, have a significant share in the structure of centre’s costs. The greater the share of investments carried out, the lower the gross margin of the company;
- in 2020, COVID-19 pandemic had a strong impact on diagnostic centres, including Voxel and the VITO-MED hospital. It resulted in a decrease in number of diagnostic tests performed, and thus lower sales revenues. This impact was mainly visible in the first and second quarter of 2020. Due to significant share of fixed costs in cost structure, the negative impact of the operating leverage directly translated into deterioration of gross margin.
Does the Group conduct any R&D initiatives currently?
Yes, the Group continues to conduct R&D projects, mainly related to the production of new radiopharmaceuticals and developmentof its own software (RIS/PACS). In the field of radiopharmaceuticals, seven projects are currently underway, some of which are co-financed by the EU funds. One of them is the project of developing a production technology and preparation for implementation of a new product, i.e. a gallium radiopharmaceutical (Ga68 chloride) intended for labeling sets administered to patients in the PET-CT diagnostic procedure. This will apply, inter alia, to diagnosis of prostate cancer, neuroendocrine tumors and other oncological diseases. Implementation of this project will enable the company to launch production of this radiopharmaceutical and the ultrasound PET-CT fusion biopsy procedures in patients with suspected prostate cancer.
In addition, in October 2020, Voxel received a marketing authorization for a new radiopharmaceutical – fluorocholine, which allows this product to be used both for own needs and to offer them to commercial entities. Fluorocholine is used in PET-CT imaging of organ function or diseases in which the diagnostic target is increased choline uptake. In particular, the use of radiopharmaceuticals is indicated in the diagnosis of prostate cancer and hepatocellular carcinoma.
What are the Group’s competitive advantages?
Main competitive advantages include: economies of scale and benefits from having a network of laboratories, having a radiopharmaceutical production plant in the Group’s structure, experienced medical and managerial staff, complementarity of services provided by the Group companies, as well as innovation and the ability to implement and commercialize it.
What are the key risks identified by the Group?
Main risks identified by the Group include the loss of managingpersonnel, including doctors and medical personnel, a decrease in expenditure on healthcare, a significant change in pricing of healthcare benefits and introduction of legal and regulatory changes that would not be beneficial for the Group.
Does the Company announce financial forecasts?
No, the Company does not announce financial forecasts.
Corporate a social responsibility
Social responsibility is an integral part of the Voxel Group’s activities. Below are the policies, implemented by Voxel S.A. as well as the Non-Financial Statement of Voxel Capital Group for 2021, which also addresses these issues.