focused on consumer healthcare wallet share, delivery is taking time
We believe that Georgia Healthcare Group’s (GHG) 2Q17 results confirm our view that revenues from the government sector would slow as the state reins in the UHC funding, but has been made worse, in our view, by the dislocation in the market as the new rules took effect while GHG is still adjusting its pricing. On the other hand, however, the earnings from Pharmacies – pure out-of-pocket spending – were better than expected and the guidance going forward is, on the margin, positive. Management referred several times to efforts towards building its clinics segment – new openings, hiring new physicians – which seems to be bearing fruit (1H17 revenues grew by 44% yoy), but is still building more slowly than we expected.Georgia Healthcare Group is a holding company. Through its subsidiaries, Co. operates in three segments: Healthcare Services, which is the inpatient and outpatient medical services delivered by the referral hospitals, community hospitals and polyclinics owned by Co. throughout Georgia; Medical Insurance, which comprises medical insurance products, including personal accident insurance, term life insurance products bundled with medical insurance and travel insurance policies, which are provided by Co.'s wholly owned subsidiary Imedi L; and Pharma, which comprises a range of medicines and para-pharmacy products which are provided through a chain of pharmacies by Co.'s subsidiary JSC GEPHA.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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