COVID-19 leads to sharp fall in Medica's revenue

By AuntMinnieEurope.com staff writers

July 9, 2020 -- U.K.-based teleradiology firm Medica Group has announced a reduction in revenue for the first six months of 2020 due to the COVID-19 pandemic.

Medica expects revenues to dip to 17 million pounds (19 million euros) in the first half of 2020 (end-30 June). That represents a 22% decrease from the 22 million pounds (24.6 million euros) figure posted in the first half of 2019. The COVID-19 pandemic negatively impacted radiology reporting activity, according to the vendor.

Despite the decline in revenues, Medica's cash position remains robust, with a cash balance of 20 million pounds (22.3 million euros) on 30 June 2020. That figure is an approximate 21% increase from its cash balance of 16.5 million pounds (18.4 million euros) on 31 December 2019.

Medica said it has not required any government funding to support its business, and it has not furloughed any staff due to the pandemic.


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