28 March 2022. MD Medical Group Investments Plc (“MD Medical Group,” “MDMG,” the “Group” or the “Company” – LSE and MOEX: MDMG), a leading Russian private healthcare provider, announces its audited consolidated financial statements for the 12 months ended 31 December 2021 under International Financial Reporting Standards (“IFRS”).

Key financial highlights for FY 2021:

  • Revenue grew 31.8% year-on-year (y-o-y) to RUB 25,220 mln.

  • EBITDA grew 37.7% y-o-y to RUB 8,276 mln with EBITDA margin of 32.8%, up 1.4 p.p. y-o-y.

  • Net profit grew 41.8% y-o-y to RUB 6,143 mln. The net profit margin was 24.4% vs. 22.6% in FY 2020.

  • Operational cash flow grew 30.5% y-o-y to RUB 8,499 mln.

  • Capex amounted to RUB 3,790 mln, down 2.9% y-o-y. Investments were mainly focused on the hospital segment, namely the launch of the new hospitals MD Lakhta in St. Petersburg and Tyumen-2.

  • Net debt amounted to RUB 1,924 mln as of 31 December 2021. The net debt to EBITDA ratio amounted to 0.2x.

Key operational highlights for FY 2021[1]:

  • Total out-patient treatments grew 15.2% y-o-y to 1,858,633.

  • Total in-patient treatments grew 29.9% y-o-y to 152,621.

  • Total deliveries grew 8.2% y-o-y to 8,397.

  • Total IVF cycles grew 8.3% y-o-y to 16,526.

Key events during 2021 and after the reporting period:

  • In June 2021, MDMG registered the company MGIMO Med in partnership with the Moscow State Institute of International Relations (MGIMO) as part of an initiative to launch a medical university.

  • In October 2021, MDMG opened a second out-patient Oncological Care Centre in Mozhaysk, Moscow Region, continuing its expansion of oncological care services in line with the Group’s strategy.

  • In December 2021, MDMG launched its own network of laboratory test collection points under the brand MD Lab with the opening of the first collection point in Moscow. In February 2022, the Group opened its second collection point.

  • In January 2022, MDMG opened the new multi-disciplinary hospital MD Lakhta in St. Petersburg. Total investments in the project amounted to approximately RUB 2 bln.

  • In February 2022, MDMG launched the new multi-disciplinary hospital Tyumen-2. Total investments in the project amounted to approximately RUB 1 bln.

   Mark Kurtser, CEO of MD Medical Group, said:

“Our business saw a successful year in 2021: our effective response to the challenges associated with COVID-19 enabled us to demonstrate excellent financial results.

“I am particularly pleased to note our excellent performance in areas not related to healthcare for women and children. This segment accounted for 51% of our total revenue in 2021, up from 45% a year earlier. At the same time, we continued to grow in those areas that have historically been our main focus, with revenues from healthcare for women and children increasing by 16%. We believe that our diversification strategy is being implemented successfully, and we have been expanding the range of services we offer step by step – in the future, we intend to launch new services across areas where we see potential. As for changes in overall demand, we are seeing the volume of elective treatment returning to pre-pandemic levels as the pandemic recedes.

“We have also continued to expand. In February, in line with previously announced plans, we opened our second multi-disciplinary hospital in Tyumen, with 100 beds. In addition, we continued to develop our new business segment under the brand MD Lab and have already opened two laboratory test collection points. At the same time, our recently launched projects, including Lapino-2, Lapino-4, Tyumen-2 and MD Lakhta, are meeting expectations and are moving towards target capacity utilisation as planned.

“This shows that our diversified business model is driving the sustainable development of our business. This factor, along with low debt of RUB 1,924 million and a strong cash position, is evidence of our stable position even in the face of challenging external conditions.

“I would like to stress that today, we are continuing to operate as usual. We are paying particular attention to ensuring an uninterrupted supply of medicines, and we currently are not experiencing any supply problems in that regard. At the same time, we are focused on ensuring sufficient liquidity. To this end, investments in new projects have been put on hold, including the payment of dividends, until we have more clarity on the situation. I would also like to note that we are closely monitoring things as they develop, and we do not rule out the possibility of paying out dividends before the end of the year.

“To sum up, I would like to say that we are pleased with the previous year’s results as we continue to unlock the huge potential of our business.”


1.     This announcement contains inside information.

2.     Minor deviations in the calculation of totals, subtotals and/or percent changes are due to rounding.

3.     The Group’s consolidated financial statements are available on the Group’s website: 


For further information please contact:



Renata Battalova


Director of Investor Relations

Tom Blackwell: +7 919 102 90 64

Tel.: +7 917 294 28 82

Sergii Pershyn: + 1 929 855 81 88

About MD Medical Group

MD Medical Group is a leading provider in the Russian private healthcare service market. The Company manages 47 modern healthcare facilities, including 8 hospitals and 39 out-patient clinics in 25 regions of Russia. In 2021, MD Medical Group's revenue amounted to RUB 25.2 bln while EBITDA amounted to RUB 8.3 bln. The Company's GDRs are traded on London Stock Exchange (LSE: MDMG) and Moscow Exchange (MOEX: MDMG).

Currently, further to recent sanctions in connection with events in Ukraine, in light of market conditions, and in order to maintain orderly markets, the London Stock Exchange has suspended the admission to trading of the Company's GDRs listed in London Stock Exchange.

Forward-Looking Statements:

This press release contains forward looking statements, which are based on the Company’s current expectations and assumptions and may involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. The forward-looking statements contained in this press release are based on past trends or activities and should not be taken that such trends or activities will continue in the future. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables which could cause actual results or trends to differ materially, including, but not limited to: conditions in the market, market position of the Company, earnings, financial position, cash flows, return on capital and operating margins, anticipated investments and economic conditions; the Company’s ability to obtain capital/additional finance; a reduction in demand by customers; an increase in competition; an unexpected decline in revenue or profitability; legislative, fiscal and regulatory developments, including, but not limited to, changes in environmental and health and safety regulations; exchange rate fluctuations; retention of senior management; the maintenance of labour relations; fluctuations in the cost of input costs; and operating and financial restrictions as a result of financing arrangements. No statement in this press release is intended to constitute a profit forecast, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for the Company. Each forward-looking statement relates only as of the date of the particular statement.

[1] Detailed information on operational results can be found in the following press release from 7 February 2022.

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