Integral Diagnostics reported a statutory loss of $60.7 million for FY24, a stark contrast to the $25 million profit recorded in the previous year.
The loss includes a $71.6 million impairment in its New Zealand division due to shifts in patient referral patterns.
Despite this, revenue increased 6.6% to $469.7 million, and the company's EBITDA margin improved by 20 basis points to 19.5%.
The company recorded an operating EBITDA of $91.5 million, reflecting a 7.4% increase from the previous year.
A fully franked final dividend of 3.3 cents per share has been declared, resulting in a total FY24 dividend of 5.8 cents per share.
Ian Kadish, CEO of IDX, stated, "We are pleased to report a materially stronger 2H FY24 profit result compared to 1H FY24. Strong industry fundamentals, a more favourable regulatory environment, and improving company performance allow us to focus on both organic and inorganic growth opportunities, including the transformational proposed merger with Capitol Health."
The company also highlighted a revenue increase of $28.9 million for the year, largely influenced by Medicare indexation and fee adjustments.
The company managed to improve its free cash flow to $56 million while reducing net debt by $11 million.
The company is optimistic about further leveraging technological advancements like teleradiology and AI to continue driving growth in FY25.
Integral Diagnostics is an Australia-based provider of medical imaging services across Australia and New Zealand. The principal activity of the company is the provision of diagnostic imaging services.
At the time of reporting, Integral Diagnostics’ share price was $2.55.