SHL Telemedicine reports 290% revenue surge on purchase of Raytel

Zurich-listed Israeli health technology group SHL TeleMedicine (SWX:SHLZn) said revenues soared 290% in the second quarter to $28.1 million, on the booming Israeli market and consolidation with the United States firm Raytel.

Sales in Israel climbed 24% from the parallel quarter, despite the devaluation of the shekel.

For the corresponding quarter of last year SHL reported revenues of $7.2 million. SHL completed the $31 million cash acquisition of Raytel, a cardiovascular healthcare services provider, in April 2002.

Upon completing the deal, SHL, which offers remote monitoring services for heart and lung patients, refreshed its guidance to estimate $90 million to $95 million revenues for 2002 three times its result for 2001. Today the company reiterated that guidance.

SHL, co-owned by the Alroy family and Royal Philips Electronics (NYSE:PHG, AEX:PHI), said it netted $1.3 million in the second quarter, a hair above the $1.2 million netted in the parallel quarter. Its bottom line was impacted by $1.3 million charges for losses by a joint venture with Phillips, SHL said.

Gross operating profit was $14 million, against $4.8 million in the same quarter last year, comprising 50% of revenues, versus 66% in the parallel.

SHL, which was established in 1987, has 60,000 subscribers in Israel for its telemonitoring services.

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