Quarterly operating revenues at Health City Cayman Islands increased by 30.6% to US$18.5 million year-on-year, according to parent company Narayana Health’s latest financial results which were released Monday.
Full-year operating revenue at Health City jumped 12.3% to $68.6 million.
The East End hospital has significantly increased outpatient numbers as the border closure has limited the options available to Cayman residents for off-island specialist medical treatment.
Shares of Narayana Health jumped 16% Tuesday after the company reported improved quarterly results and operational performance, despite a year impacted by COVID-19.
Quarterly revenues were up 12.8% year-on-year and 11.6% up from the previous three months. Quarterly earnings before taxes, interest and depreciation (EBITDA) grew by 45.9% year-on-year, reflecting a margin of 17.9%.
Dr. Emmanuel Rupert, managing director and group CEO of Narayana Hrudayalaya Limited, said the hospital group’s flagship facilities were finally gaining traction in the financial year’s fourth quarter, which ended on 31 March.
“We have been able to achieve this on the back of all-round growth registered by hospitals across the network in India as well as our overseas operations at Cayman Islands,” he said.
At Health City, on a quarterly basis, outpatient numbers, excluding those receiving walk-in, walk-out day-care treatments, were 53.7% higher year-on-year at 7,454.
Although the hospital had to close for a month during the lockdown, 24,035 outpatients during the full financial year still represented an increase of 8.6%.
However, the number of discharged patients declined for the year from 2,581 to 2,122 (-17.8%).
Inpatients spent on average 6.1 days at Health City compared with 5.9 days in the previous year.
The hospital’s reported average revenue per occupied bed (ARPOB) increased both on a quarterly and annual level.
In the full financial year, Health City’s patient mix was 65% outpatients and 35% inpatients.
Due to the global pandemic, last year only 3% of patients came from abroad compared to 13% the year before. This caused the combined share of patients receiving cardiac and orthopaedic treatments to drop from 44% to 25%.
Commenting on the performance of the group as a whole, Rupert said in a press release, “We are pleased to deliver record profitability in the quarter gone by building upon the gradual recovery over several months after an almost washout in Q1 of the last fiscal [year].
“It is heartening to highlight that despite the severe challenges in the year gone by, we have been able to further fortify our balance sheet by meaningfully paring down our borrowings while maintaining a strong liquidity profile.”
Rupert remained cautious about near-term recovery of the business, given the unprecedented surge in COVID-19 across India and the resulting localised lockdowns and restrictions on international travel.
“However, with the agility and the resilience demonstrated by our team in the year gone by, we do remain confident about our business prospects over the long term,” he said. “With the current humanitarian crisis continuing to severely impact lives and livelihood of people galore, we stand in solidarity with all and pledge to support our communities in the face of this unfolding tragedy.”