Investment case
Vertically integrated business model strengthened by educational initiatives
![](/local/templates/mid/markup/src/components/investors/images/ic-1.jpg)
- Synergies from the cross-utilisation of different medical facility formats
- Training of medical staff through an in-house educational facility
45
clinics
11
hospitals
56
medical facilities
Effective growth strategy
10
medical facilities
2012
56
medical facilities
2024
Multidisciplinary care
- Developing new healthcare service profiles
Geography
- Strengthening market position across the regions of operation
- Pursuing growth in new regions
Efficiency
- Increasing utilisation rates at the existing facilities
- Promoting efficient pricing policies
- Cutting costs
Quality
- Consistent efforts to improve the quality of services
- Broad availability of hi-tech equipment
- Championing digitalisation
55
medical facilities
2024
Revenue dynamics, Rub bn
High standards of medical care, brand recognition
- Highly skilled medical staff with years of experience, including high-level certified medical practitioners, PhDs and post-doctoral degrees in medical sciences
- State-of-the-art medical equipment from the leading manufacturers
- Strong digitalisation in healthcare
![](/local/templates/mid/markup/src/components/investors/images/ic-6.jpg)
A wide range of healthcare services
![](/local/templates/mid/markup/src/components/investors/images/ic-2.jpg)
- Full lifecycle assistance (from birth and throughout life)
- No. 1 in the realm of women’s and children’s healthcare
- Competencies in the most popular areas, including oncology, traumatology, cardiology, and surgery
78
areas of medical expertise
Revenue structure
- Women's and Children's health — 57%
- Surgery, cardiology and traumatology — 11%
- Medical-Diagnostic centre — 10%
IVG — 34%
OBGYN — 28%
Deliveries — 21%
Pediatrics — 17%
- Oncology — 8%
- Laboratory examinations —5%
- Therapy — 5%
- Other revenue — 4%
Extensive geography
- A unique company with strong presence across Russia
- Efficient routing of patient flows
- High profitability of services both in Moscow and in other regions
27
regions
32
cities
55
medical facilities
Revenue structure
Flexible pricing
![](/local/templates/mid/markup/src/components/investors/images/ic-4.jpg)
- Flexible pricing policy depending on the region and format of medical facilities
Revenue by payers
Attractive market fundamentals
- Fragmented market with consolidation opportunities for big players
- High entry barriers
-
Government support for private healthcare providers:
- 0% income tax
- Availability of medical services under MHI programmes
- Permanent medical licensing
![](/local/templates/mid/markup/src/components/investors/images/ic-5.jpg)
Professional management team highly motivated for the Company’s growth
![](/local/templates/mid/markup/src/components/investors/images/bod/kurtser.jpg)
Dr. Mark Kurtser
PhD, Member of Russian Academy of Science — CEO and Member of the Board of Directors
![](/local/templates/mid/markup/src/components/investors/images/bod/kotov.jpg)
Alexander Kotov
First Deputy CEO
![](/local/templates/mid/markup/src/components/investors/images/bod/butkevich.jpg)
Dr. Natalia Butkevich
PhD — Medical Director, Head of clinical hospitals
![](/local/templates/mid/markup/src/components/investors/images/bod/lukyanova.jpg)
Iya Lukyanova
Chief Financial Officer
![](/local/templates/mid/markup/src/components/investors/images/bod/rudnikov.jpg)
Pavel Rudnikov
Chief Operating Officer
![](/local/templates/mid/markup/src/components/investors/images/bod/kutakova.jpg)
Dr. Yulia Kutakova
PhD — Medical Director for Organizational and Scientific-educational Work
High margins and strong financial position
Revenue
Rub27.6 bn
for 2023
EBITDA
Rub9.2 bn
for 2023
Profit
up to 100%
may be allocated to dividends
Net cash position
Rub9 bn
as at 31.12.2023