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PT Bundamedik Tbk Public Expose – 1H24 Results Aug 2024
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Leading Provider in Specialized Healthcare Services since 1973
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Bundamedik Tbk (BMHS)
Ecosystem
Expanding Presence
RSIA Az Zahra
10 HOSPITALS
Women
& Children
Hospitals
12 IVF CLINICS
PADANG
PONTIANAK
BATAM 25 LABORATORIES
Bunda
Hospitals PALEMBANG
MAKASSAR CLINICS NETWORK
1k++ (KLINIK PINTAR)
YOGYAKARTA
126 FERTILITY CLINICS
NETWORK (KFI)
Jakarta Depok
BANDUNG SURABAYA
Tangerang BALI BUNDA
DENPASAR
Bekasi
RSIA BUNDA
CIPUTAT RSJP Paramarta
Bandung
RSIA Pusura
Tegalsari
RSU CITRA
HARAPAN BEKASI
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2Q24 Key Highlights
1 2
Consol Revenue
Consolidated Gross
Margin
+10% +9%
vs 2Q23 vs 1H23 56%
+16% # of Outpatients Higher +2% vs 2Q23 and
+17%
+36% # of IP Days +38% Higher +1% vs 1H23
+10% # of Surgeries +11%
+26% # of Lab Tests +30%
3 4
EBITDA New Hospitals
+68% +34% +72%
Net Revenue
vs 2Q23 vs 1H23
vs 1H23
Net Profit
+112% +199% +1016%
EBITDA improvement
vs 2Q23 vs 1H23
vs 1H23
Our commitment to serve with heart
Because Family Matters
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1H24 Results
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Financial & Operational Performance
HIGHLIGHTS OF CONSOLIDATED RESULT Key Notes
2Q23 2Q24 YoY (%) 1H23 1H24 YoY (%)
1 OPERATIONALS ('000) 1 Core Business in 1H24
# Outpatient 128.3 148.3 16% 262.2 306.8 17% • Hospitals metrics: Overall positive growth in #Outpatients, #IP Admission,
#Surgery, and #IP Days
# Inpatient Days 23.0 31.2 36% 46.3 63.8 38%
• Morula – # of cycles-maintained YoY
# Inpatient Admission 10.0 11.7 16% 19.9 23.9 21% • Diagnos – Growth in # of lab test volume by +30% YoY
# Surgery 3.3 3.6 10% 6.6 7.3 11%
# Beds 631 631 0% 631 631 0%
BOR (%) 40% 54% 41% 56%
BOR Existing (%) 55% 60% 51% 64%
BOR New (%) 27% 68% 26% 66% 2
1H24 Gross Revenue improved by +9% YoY due to:
# IVF Cycles 1.1 1.1 1% 2.5 2.5 0% • Improvement operational metrics resulted growth in all business units (Hospital
# Lab Test (Diagnos) 162.5 205.2 26% 334.3 433.1 30% +8% YoY; Morula +4% YoY; Diagnos +14% YoY)
# Lab Test (Diagnos - non Covid) 153.8 203.7 32% 312.2 430.0 38%
PROFIT LOSS (Rp Bn)
2
Gross Revenue 336 371 10% 722 784 9% 3 1H24 EBITDA grew by +34% YoY due to:
Net Revenue 286 315 10% 618 671 9% • GPM improvement in 1H24 by +1pps or +10% YoY resulted from impact of various
Gross Profit 154 175 14% 335 370 10% initiatives in early 2024 (detail in key initiatives 2024).
GPM (%) to net 54% 56% 54% 55%
3
EBITDA 31 52 68% 92 123 34%
EBITDA Margin (%) to net 11% 17% 15% 18%
Net Profit (8.4) 1.0 112% 6.2 18.6 199%
NPM (%) -2% 0% 1% 3%
NP attributable to:
Owners of the parent (5.7) 0.1 102% 4.3 11.0 155%
Non-controlling interests (2.7) 0.9 133% 1.9 7.7 303%
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Hospitals Volume
# OUTPATIENTS # IP ADMISSION
+20%
565.6 +17% 42.9 41.0 42.0 41.6 +41% 4.5
4.2
36.7 38.6 +21% 4.0 3.8
485.7 42.5 3.8 3.6
390.5 34.4
262.2 306.8 21.3 23.9
19.9
2021 2022 2023 1H23 1H24 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 2021 2022 2023 1H23 1H24 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
# IP DAYS # SURGERIES
-6%
117.3 123.8 +38% 12.6
11.4 +34% +11%
1.3 1.4
103.4 10.5 10.0 9.8 13.8
1.2 1.2
1.0
1.2
9.4
63.8 10.7
46.3 7.7 6.6 7.3
2021 2022 2023 1H23 1H24 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 2021 2022 2023 1H23 1H24 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
All units in ‘000
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Financial Performance
Consolidated
NET REVENUE EBITDA
EBITDA Margin
Net Core Revenue (Rp B) (Rp B,% Margin)
Covid EBITDA
Net Covid Revenue
Core EBITDA
34%
+9%
+55%
806
720
16% 671 24%
3% 22%
618 21%
272 18%
434
361 169 15%
97% 117 19
84% 100%
100% 80 123
100% 93 3 92
96%
155 151
93 123
77 92
1H19 1H20 1H21 1H22 1H23 1H24 1H19 1H20 1H21 1H22 1H23 1H24
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Balance Sheet
Remains healthy
CASH VS DEBT NET DEBT-TO-EBITDA
(Rp B) (x)
Net
418 -135 -216 225 405 562
Debt
1.144 2.2x
1.027 1.9x 2.3x
830 855
0.7x
625 613 629 622 582
518 490
100
-0.6x -0.4x
2019 2020 2021 2022 2023 1H24 2019 2020 2021 2022 2023 1H24
AR Days WORKING CAPITAL DAYS
Inventory Days 58
53
AP Days
46 43 40
35
29 29 30 28 29
19 16 19 17
9 10 13
2019 2020 2021 2022 2023 1H24
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IVF Cycles
# OF IVF CYCLES (‘000)
Improved compared to pre-Covid era
+14%
3,07
2,80
2,52 2,53
2,23
1,62
1H19 1H20 1H21 1H22 1H23 1H24
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Diagnos
Focusing on genomic testing
# OF TESTS (‘000) Covid Non Covid
+30% +30%
435 433 YoY Number of
375 334 Test Volume
1%
30%
32% 7%
99%
68% 70% 93%
1H21 1H22 1H23 1H24 Promising Genomic revenue YoY
increased by 40% YoY, contributing
REVENUE (in bn rupiah) Covid Revenue Genomic Revenue Others Test
171.4 16% of revenue
+14%
69% 96.8
81.0
+14%
71.2
41% 7% YoY Revenue
12% 16%
6% 13%
3%
54% 75% 77%
28%
1H21 1H22 1H23 1H24
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Strengthening Our Core
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Strengthening Our COEs
GynROSE Clinic Robotic Surgery Bunda Neuro Center ERAS
NICU/PICU Laparoskopi Bunda Health Center RSM Oncology
Bunda General Hospital
Bunda Women & Children Hospital
Jakarta
Klinik Tumbuh Kembang Anak Bunda Endoscopy Center
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Hospitals Update
Revenue Per payor:
1Q23
1H23 1H24
Hospitals improvement perspective:
• Increased +3pps in BPJS payor as our new hospitals
20% mainly serves BPJS
BPJS 23%
• There is a +2pps improvement in BPJS Margin from
OOP 41% 41% 32% in 1H23 to 34% in 1H24
Corp & Ins • Bunda well-known for OBGYN and Pediatric
specialization, this year we grow other COEs
39% 37%
• Revenue contribution from non OBGYN and
Pediatric in 1H24 was 49% (+3pps higher than 1H23)
Revenue Per Specialistic:
Internist Neurology ENT Oncology Orthopedic
+34% +14% +13% +75% +7%
1H23 1H24 1H23 1H24 1H23 1H24 1H23 1H24 1H23 1H24
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Ensuring Standardized Quality Process
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2024 Update & Initiatives
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2024 Key Initiatives
1 2 3
Improving overall medical
Optimize and standardize Central procurement for
services, facilities, branding
pricing guideline pharma and consumables
and patient experience
4 5
Implement data integration Establish culture and
throughout BMHS group employee engagement
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2024 One Bunda
251.210
(Existing Non-BPJS Patients) As of 30 June 2024,
41%
Of existing Bunda's patients (non BPJS)
have registered and used OneBunda
Most Frequently Used
Features is Janji Temu that
generate
~99K
Transactions
102.995
OneBunda’s Unique Users
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2024 Strategic Partnership
Morula Indonesia x Jinxin Fertility
Signing Agreement Proforma Shareholding at Morula Indonesia
Morula Share Pre- Pre-Transaction Post- Post-Transaction
Ownership Transaction Value Transaction Value
BMHS 63,00% Rp. 630.000.000.000 47,25% Rp. 661.180.333.333
PT Bunda Ipiti 37,00% Rp. 370.000.000.000 22,75% Rp. 323.556.333.333
Investama
Jinxin Fertility Group - - 30,00% Rp. 422.030.000.000
Impact to BMHS
• Morula will remain under control by BMHS and its financials will be
consolidated into BMHS
• Cash increase from share subscription by Jinxin strengthens
consolidated balance sheet of BMHS
On 16th July 2024, signing ceremony of the strategic collaboration between Morula • Plan to widen IVF network accelerates growth of the group
Indonesia and Jinxin Fertility Group
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PT Bundamedik Tbk Jl. Teuku Cik Ditiro No. 28, Menteng, Jakarta 10350 – Indonesia (62-21) 3192-3344
Names mentioned 2 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Bunda Ipiti
p.19
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