Synevo Romania, the laboratory network of the Medicover group, posted revenues worth 5.6 million euros in the first half of this year, up 30% against the same time last year. The financial results are 10% higher than initial estimates released by the company.
"The results were primarily generated by the organic growth on the segment of private customers. Synevo's lab in Iasi, set up in 2006, which witnessed a strong growth and the opening of the lab in Timisoara, in April, following a 0.7 million-euro investment are all major factors that helped drive up revenues registered during this period," stated Virgil Ivan, general manager of Synevo Romania.
Currently, the network has 10 labs, six hospital labs and four independent labs in Bucharest, Cluj, Constanta, Iasi, Satu Mare, Suceava and Timis counties. The company employs an overall staff of 340. "Within the next two months, we are planning to open new blood donation centres in Bucharest, Cluj, Constanta, Iasi and Timisoara, with the total value of investments standing at 500,000 euros. Another priority for the second half of 2007 is the acquisition of new technology, with a view to the development of our toxicology and genetics departments," said Ivan.
The lab business is going through a tumultuous period at present, being the focal point of the National Programme for Health Assessment. It is only after the holiday period is over, that the number of people having their tests done will rise. "So far, the number of patients coming to us through the Health Assessment Programme is small. We think this is related to the late start in the distribution of coupons, the fact that doctors were late in receiving the necessary IT systems, and also because it is the holiday period. However, we are certain that from September, there will be an increase in the number of people coming to us," explained Ivan.
The hospital labs operated by Synevo have been taken over through outsourcing, with the company continuing to consider this option for expansion.
"We still have some reserves concerning the enforced legislation. For an investor who is willing to transform a lab in accordance with the requirements of the European Union, it is discouraging to be forced to take over the entire personnel, regardless of their training level," added Ivan.
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