EC Healthcare Expects Third Quarter FY23 Sales Volume to Increase no less than 8% YoY

Jan 20, 2023 20:31 JST

Source: EC Healthcare

- Medical Services Sales Volume to Increase no less than 39% YoY
- Business Momentum Building Amid Initial Phase of Border Re-opening

HONG KONG, Jan 20, 2023 - (ACN Newswire) - EC Healthcare (the "Company", which together with its subsidiaries is referred to as the "Group", SEHK stock code: 2138), the largest non-hospital medical group in Hong Kong*, is pleased to announce that the Group expects sales volume for the period of October to December 2022 (the "Quarter") to increase by no less than 8% as compared with the same period last year.

The demand on medical services provided by the Group remains strong and the Group's increasingly diversified business demonstrated resilience and good momentum. The Board expects to record overall sales volume of no less than HK$1,000 million for the Quarter, representing a no less than 8% YoY increase. The Group expects to achieve a no less than 39% YoY increase for medical services sales volume. Sales volume of aesthetic medical and beauty and wellness services in Hong Kong and Macau declined by no more than 17% YoY, while sales volume of aesthetic medical and beauty and wellness services in Mainland China declined by no more than 50% YoY during the Quarter. The decrease in aesthetic medical and beauty and wellness services was mainly due to (i) weaker local consumer spending due to increase in outbound traveling amid the lifting of inbound quarantine restrictions; (ii) the pessimistic economic outlook and weak local consumer sentiment caused by high inflation and rising interest rate; and (iii) the omicron outbreak in Mainland China. In addition, the sales volume of other services declined by no less than 8% YoY.

Mr. Eddy Tang, Chairman, Executive Director and Chief Executive Officer of EC Healthcare said, "The Group is pleased to see the initial phase of border re-opening between Hong Kong and Mainland implemented earlier this year and the Mainland visitors started to return on a gradual basis. With the leading brand and one-stop diversified services, the Group has always been the top choice for medical tourists. The Group has maintained its leading position in the aesthetic medical industry while significantly strengthening its medical services capabilities. In addition, the Group's continuous investment in IT systems and industry value chain integration has enabled the Group to seize the growth opportunity and capture demand from medical tourists. The Group will provide quality, affordable, accessible and sustainable healthcare services to a wider range of customers and continue to expand its businesses through organic growth as well as mergers and acquisitions to enrich the Group's enclosed diversified ecosystem. The Group will also further enhance the resilience and ability to resist cyclical economic changes and further consolidate the healthcare market."

About EC Healthcare
EC Healthcare is Hong Kong's largest non-hospital medical service provider*, leveraging its core businesses of preventive and precision medicine, and committed to developing medical artificial intelligence by integrating its multi-disciplinary medical services. The move, which is supported by the Group's high-end branding and quality customer services, is aimed at offering customers safe and effective healthcare and medical services with professionalism. The Group is a constituent stock of the Hang Seng Composite Index and the MSCI Hong Kong Small Cap Index.

The Group principally engages in the provision of one-stop medical and health care services in Greater China. The Group provides a full range of services and products under its well-known brands, including those of its one-stop aesthetic medical solutions provider DR REBORN which has ranked first in Hong Kong by sales for years, a professional hair care center HAIR FOREST, primary care clinics jointly established with health management centre re:HEALTH, a vaccine centre Hong Kong Professional Vaccine HKPV, General outpatient clinic Tencent Doctorwork, the largest one-stop pain management centre in Hong Kong New York Medical Group, the comprehensive dental centres Bayley & Jackson Dental Surgeons, EC DENTAL CARE and Health and Care Dental Clinic, an advanced diagnostic and imaging centre HKAI, an oncology treatment centre reVIVE, a day procedure centre HKMED, a specialty clinic PREMIER MEDICAL CENTRE, SPECIALISTS CENTRAL and NEW MEDICAL CENTER, a paediatric centre PRIME CARE, a gynaecology specialist ZENITH MEDICAL CENTER AND PRENATAL DIAGNOSIS CENTRE, PathLab Medical Laboratories, Ophthalmology Center VIVID EYE and EC Veterinary Hospital and Imaging Center.

*According to independent research conducted by Frost and Sullivan in terms of revenue in 2020 and 2021

For further information, please contact:
iPR Ogilvy Limited
Callis Lau / Lorraine Luk / Tim Tin
Tel: (852) 2136 6952 / 2169 0467 / 3920 7654
Fax: (852) 3170 6606
Email: ech@iprogilvy.com

Sectors: Healthcare & Pharm