Global Health Partner second quarter revenues increase 14% to SEK 180.4 million

Jul 19 2011

Global Health Partner:

SECOND QUARTER 2011

· Revenues increased by 14 percent to SEK 180.4 million (158.5)

· The operating result amounted to SEK 13.0 million (15.3)

· The result before tax amounted to SEK 11.9 million (15.7)

· The result after tax amounted to SEK 8.4 million (10.2)

· The result per share amounted to SEK 0.09 (0.09)

· Organic growth of 6 percent (18)

Acquisition of OPA, orthopaedic and spine surgery business in Århus, Denmark after the end of the period

FIRST HALF YEAR 2011

· Revenues increased by 20 percent to SEK 359.3 million (299.1)

· The operating result amounted to SEK 23.4 million (20.0)

· The result before tax amounted to SEK 21.7 million (21.3)

· The result after tax amounted to SEK 14.4 million (12.5)

· The result per share amounted to SEK 0.14 (0.08)

· Organic growth of 12 percent (15)

THE CEO'S COMMENTS

Revenues increased by 14 percent, which meant that the second quarter displayed somewhat weaker growth than previous year. This was primarily due to a continuing unfavourable patient mix in several clinics. Demand is generally strong, but the average revenue per patient is lower than during the previous year. This has an adverse effect on revenues as well as operating result. We have also spent significant resources on preparations to change the infrastructure in order to increase capacity in some of our clinics.

Spine and orthopaedic clinics continue to display good results. However, expansion of infrastructure is needed to increase capacity. The dental clinics show a mixed picture: two are doing very well but the third one has decreased its volumes over the past half year. The reasons are above all the harsh market situation for complex implant treatments, but also staff shortages. The arrhythmia clinic in Stockholm continues to display good results.

Within the Bariatrics area, the Swedish clinics have a good inflow of patients but the price level has fallen at the same rate as the percentage of publicly funded patients has increased at the cost of private paying patients. Considerable work is ongoing to reduce the resources spent and to also increase productivity. It is pleasing that the newly started clinics show good cost control, with a somewhat lower effect on costs than planned.

The market situation, above all in Sweden and Finland, appears to be further gaining in strength due to the implementation of the free choice of hospital care (vårdval). This was confirmed not least during the past Almedalen politicians' week in Visby.

After the end of the period, on 13 July, we acquired OPA, Ortopædisk Privathospital Aarhus A/S in Århus, Denmark. OPA is a specialist clinic operative within orthopaedics and spine surgery, and it complements our existing clinics in these areas very well. Profitability has been affected by the downturn in the Danish market, but the clinic, with its very good capacity and high quality, is well equipped to continue to be an important centre in Jylland and to also further strengthen its position in the time ahead.