SHL Telemedicine Ltd. (SWX: SHLTN) yesterday published its financial report for the third quarter of 2008. The company posted $11.8 million revenue, 68.6% more than for the corresponding quarter of 2007. The company posted a net profit of $344,000, compared with a net loss of $1.4 million for the corresponding quarter.
The company attributed most of the growth to new contracts for the provision of telemedicine services to chronically ill heart patients in Germany. The companies are Knappschaft Bahn See, which has more than 1.6 million members, LKK Niedersachsen-Bremen, which has 150,000 farmers and their families.
SHL reiterated its full-year guidance of $43-44 million revenue and an earnings before interest, taxes, depreciation and amortization (EBITDA) of $8-9 million, despite the anticipated severe global recession and the significant devaluation of the NIS and the euro against the dollar seen so far in the fourth quarter.
During the third quarter, SHL repaid $14 million in loans and had $29.9 million in cash reserves at the end of September.
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2008
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