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Healthians posts Rs 224 Cr revenue and Rs 184 Cr loss in FY23

EntrackrEntrackr · 1y ago
Healthians posts Rs 224 Cr revenue and Rs 184 Cr loss in FY23
Medial

Healthtech startup Healthians had targeted Rs 500 crore revenue with profits in FY23. But it seems like the company has missed this projection by a significant margin: it did not reach even the halfway mark. At the same time, its losses spiked 55%. The company’s revenue from operations increased 34.13% to Rs 224 crore in FY23 from Rs 167 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Healthians delivers health test at-home services, extending a diverse array of health tests across 250 cities in India. According to its website, the firm has facilitated over 100 million tests since its inception in 2015. The sale of diagnostics services was the primary source of revenue for Heathians while the rest of the income came from the sale of supplements. Visit TheKredible for a detailed revenue breakup. In line with similar healthtech platforms, its employee benefits formed 32% of the overall expenditure. This cost rose by 83.8% to Rs 136 crore in FY23 from Rs 74 crore in FY22. Its advertising and promotional costs also saw an increase of 45% in FY23. The cost of materials, legal-professional, technical service, information technology, and other overheads propelled its overall expenditure by 40.9% to Rs 420 crore in FY23 from Rs 298 crore in FY22. Head to TheKredible for a complete expense breakup. Expenses Breakdown Total ₹ 298 Cr https://thekredible.com/company/healthians/financials View Full Data To access complete data, visithttps://thekredible.com/company/healthians/financials Total ₹ 420 Cr https://thekredible.com/company/healthians/financials View Full Data To access complete data, visithttps://thekredible.com/company/healthians/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Information technology Information technology Legal professional Legal professional Advertising promotional Advertising promotional Cost technical services Cost technical services Others To check complete Expense Breakdown visit thekredible.com View full data Caveat: We have excluded the gain/loss of the FVTPL for both years (FY23 and FY22). With the increase in expenses outpacing the revenue growth, losses for Healthians grew 54.6% to Rs 184 crore in FY23. Its ROCE and EBITDA stood at -74% and -61.4% respectively. FY22-FY23 FY22 FY23 EBITDA Margin -56% -61.4% Expense/₹ of Op Revenue ₹1.78 ₹1.88 ROCE -27% -74% On a unit level, it spent Rs 1.88 to earn a rupee in FY23. With the Covid pandemic and its associated after effects well behind now, it’s a testing time in more ways than one for health test firms. So much so that larger diagnostic firms stopped providing splits between Covid and non-Covid testing some time ago. Established players are fighting back with a vengeance, even as customers seek more options. Hospital chains in the larger cities are also probably much more aggressive today in trying to retain their OPD business for their diagnostic clinics. As independent entities, Healthians faces the obvious issue of doctors not really recommending it or worse, discounting its test results, as we have observed in many cases. Add to that the intense competition and consequent discounting in the market today, and profits are the last thing on the mind of players. While a listed player like Dr Lal PathLabs might be more careful, others are not so worried as these seek to grab market share. More importantly, the larger players with a captive base like hospitals or even listed players have the money to invest in newer testing methods and technology. The next big market by all measures remains tier 3 and 4 cities, something that will not please Healthians again for the investments they will demand to set up a network. It is probably time to brainstorm around a clear differentiator in terms of communications, or even a test area it can count on for higher margins, for Healthians to make the next step towards sustainability.

Healthians achieves EBITDA breakeven with Rs 250 Cr income in FY24

EntrackrEntrackr · 7m ago
Healthians achieves EBITDA breakeven with Rs 250 Cr income in FY24
Medial

Diagnostic startup Healthians recorded a modest 8% year-on-year growth during the fiscal year ending March 2024. However, the WestBridge-backed company reduced its losses by 65% and achieved EBITDA breakeven in the same period. Healthians’s revenue from operations increased to Rs 243 crore in FY24 from Rs 224 crore in FY23, its consolidated annual results sourced from the Ministry of Corporate Affairs (MCA) show. Healthians offers at-home diagnostic services across over 250 cities and claims to have conducted more than 10 crore tests to date. Income from running laboratories for pathological tests was the primary source of revenue for Healthians which increased 8.62% to Rs 240.5 crore in FY24. The rest of the collections were from the sale of supplements, which stood at Rs 2.2 crore in the last fiscal year. Healthians also added Rs 10 crore from non-operational activities (interest income) which tallied the overall revenue to Rs 253 crore in FY24, as compared to Rs 236 crore in FY23. The Gurugram-based company allocated 40% of its overall burn to employee benefits. This cost dropped by 11.8% to Rs 120 crore in FY24 compared to Rs 136 crore in FY23. Advertising expenses also shrank over 62% to Rs 39 crore in FY24 from Rs 103 crore in FY23. The cost of material consumed, rent, Information technology, and other overheads took the overall expenditure to Rs 298 crore in FY24. The controlled spending on advertising and employee benefits helped Healthians to narrow losses by 65% to Rs 45 crore in FY24. With this, the company has achieved EBITDA breakeven in the previous fiscal (FY24). Coming to the ratios, Healthians’ ROCE and EBITDA margins improved to -20.4% and 0% (breakeven) in FY24. It spent Rs 1.23 to earn a rupee in FY24. The company has a total current assets of Rs 62 crore including the cash and bank balances of Rs 30 crore in the previous fiscal. Healthians has raised around $80 million to date including its last round of $54 million led by WestBridge in 2022. According to the startup data intelligence platform TheKredible, WestBridge is the largest external stakeholder with 25% followed by Beenext and DG Ventures. Financial stability is the primary thing that a company needs to survive. It seems like Healthians got some of the mantras to how to be constant with the scale while burning low. Achieving EBITDA breakeven for the first time will give more confidence to both founders and investors. Turning this achievement into net profits is difficult yet achievable- an approach Dr. PathLabs has been executing for many years. The next two to three years will be crucial in shaping the company's trajectory.

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