Private medical sector financials reflect end of pandemic effects

The Qvalitas building in Tallinn.
The Qvalitas building in Tallinn. Source: Press materials

The Confido Medical Center, Meliva Qvalitas and Fertilitas managed the biggest turnovers in the Estonian private medical sector last year. Several private medical services providers suggested the end of the coronavirus period affected their results.

Market leader Confido grew its turnover slightly to €19.9 million. But while the company turned a profit of €95,000 in 2021, this turned to a loss of €7.5 million last year.

The firm's annual report suggests Confido expanded last year, adding inpatient care at its surgical center, opening a new clinic in the Viru Keskus shopping mall and making other expenses with a payoff period of more than a single financial year.

Meliva Qvalitas, previously known as the Qvalitas Medical Center, came in second in 2022 with a turnover of €12.5 million, down slightly from €13.17 million in 2021. The company has nine clinics and operates five health buses.

Qvalitas acquired mental health services provider Meeletervis OÜ early last year, launched its Digikliinik mobile application in June and opened a new clinic at the Kvartal mall in Tartu. The company's profit plummeted from €2.14 in 2021 to €288,000 last year.

Meliva Qvalitas was picked as Estonia's coronavirus testing and vaccination partner the year before last and said that demand for these services disappearing had a strong effect on its results.

"Covid testing and vaccination continued to affect our first quarter results. The volumes fell to negligible levels in the coming months – loss of vaccination and testing in early April delivered a sharp decline," Qvalitas' annual report reads.

Fertilitas turnover up sharply

Fertilitas, offering outpatient and inpatient care as well as day surgery, came in third in terms of turnover, which came to €6.65 million last year. The company reported a loss of €7,915. In 2021, Fertilitas' turnover was just €2.73 million.

Its annual report suggests the company invested €203,000 in new medical equipment and €31,000 in IT solutions, with plans to repeat the former investment again this year.

While Medicum Eriarstiabi, part of the Medicum group, reported no economic activity as recently as 2020, its winning bid, submitted together with Synlab Eesti OÜ, at the government's COVID-19 testing network tender on two consecutive periods made it Estonia's fourth largest private medical services provider last year.

Its contract with the Health Board ran its course late last year, with Medicum Eriarstiabi in charge of the testing procedure and Synlab handling test sample analysis.

Medicum Eriarstiabi's turnover was €5.76 million last year, down from around €10 million in 2021. Profit dropped from €937,000 to €360,000.

Because the coronavirus pandemic has subsided, the company's economic activity has all but disappeared by 2023.

KSA Medica OÜ offers sight correction laser surgery and posted a turnover of €4.44 million last year and the one before. Its profit came to €1.68 million last year and €2.92 million in 2021.

Other private medical companies with a turnover on the other side of €3 million were ReFocus Eye Center (€3.2 million), Kliinik Elite (€3.2 million) and Bariatric Services (€3 million).

Of private hospitals, the Hospital of Reconstructive Surgery that offers cardiovascular and plastic surgery topped the turnover ranking. Its sales revenue came to €4.13 million last year, up from €3.7 million the year before. The company made €272,000 in profit in 2022.


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Editor: Karin Koppel, Marcus Turovski

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