Key business drivers | Profit and loss overview
Profit and loss
P&L Overview
Currency: NZD$ 000s FY23A FY24A LTM Feb25A YTD Feb25A
Clinics
Capitation21,13758,10260,81555,822
Online business1,085885796796
COGS(13,009)(31,905)(33,578)(31,578)
Management eliminations139921,9031,903
Online business
Revenue(1,085)(5,172)(5,003)(5,003)
COGS5841,672978978
Management eliminations(139)(92)(1,903)(1,903)
Gross profit7,54624,20625,25322,259
Head office
Revenue3,9511,0461,2491,249
COGS(4,653)(1,463)(5,123)(5,123)
Management eliminations(8,490)(13,403)(15,173)(15,173)
Management adjustments(2,276)(12,273)(8,127)(7,133)
Adjusted EBITDA (5,923) (2,487) (2,921) (3,921)
Clinics as % of operating revenue64.2%56.6%55.2%55.2%
Online as % of operating revenue5.1%8.9%8.2%8.2%
Adjusted EBITDA margin - total28.0%(5.0%)(4.8%)(4.8%)
Overview
Basis of preparation
The adjacent Profit and Loss information is presented on an adjusted basis and reflect fully consolidated financials of both wholly and partially owned entities which are consolidated on a mainly annualised respectively under IFRS.
Clinics include all the clinic entities as well as GCT, which is the central clinical team to provide virtual and telephone consultations, as well as after-hours services.
Online business mainly relates to OnlineNow which allows patients to have virtual consults via apps. Management indicated the business has since been classified as online business unit FY24A and reclassified clinics since FY25 onwards, however the impact is negligible.
Head office mainly relates to the non-clinic corporate cost for all the clinics such as management, HR, finance, and marketing expenses.
Management eliminations mainly relates to the reclassification of provided service revenue and wages from GCT which were reclassified to CCT and Head Office in FY24A, a cross-charging management related free key timing adjustments with ~$17k cap of EBITDA impact over the historical period.
Operating revenue breakdown
$80,000
$60,000
$40,000
$20,000
$0
FY23A
FY24A
LTM Feb25A
Capitation
Enrolled and casual co-payments