Elite Diagnostic Limited has selected Montego Bay as the home for its fourth location as the diagnostic imaging company aims to expand its presence across the island.

The diagnostic imaging company opened its primary Holborn Road, St Andrew location in August 2013 before opening its Liguanea location in November 2017. The company expanded its presence beyond St Andrew when it opened its Drax Hall, St Ann, in September 2019 to serve the growing medical tourism market and surrounding environment.

“As a corollary to this, we are minded to expand our physical footprint and reach more persons. To this end, I can state that within the coming 12 months we plan to open a fourth location in Montego Bay, to better serve the western region of the island,” said Elite Chairman Steven Gooden in the company’s 2022 annual report.

At Elite’s 2021 annual general meeting, general manager and Acting Chief Executive Officer Marjorie Miller stated that the company had commissioned market surveys in Montego Bay, Mandeville and St Catherine for possible locations of its newest branch. Miller also indicated that the company was in talks with international insurance providers to broaden its client base. The company added a new magnetic resonance imaging (MRI) unit at its Liguanea location in late July after experiencing delays due to the unavailability of the specialised vessel required to ship the container.

Even with all the foregoing, the management recognises that there is no room for complacency. In recognition of this, we are considering moving beyond diagnostics and into other areas of health care. Such initiatives will be carefully planned, and we will provide information as those plans take greater shape,” Gooden added in his report.

Miller said that the company was contemplating a joint venture with an international supplier to bring in medical supplies with the company sharing container space with the company which intends to distribute goods in Jamaica. Elite currently offers a range of imaging services including X-rays, ultrasounds, MRIs (magnetic resonance imaging) and CT (computed tomography) scans.

The company has also received quotes for two solar systems for its different locations to reduce its utility costs.

Elite recorded its best revenue performance to date as its revenue grew 23 per cent to $624.22 million for its 2022 financial year (July to June) which included its highest ever monthly booking of $60.3 million in March. Its Drax Hall location continued to see month-over-month growth in the fourth quarter. However, the firm lost over $10 million in estimated income due to two units being out of service for a combined period of over five weeks.

Elite’s expenses jumped by 23 per cent to $242.29 million which was largely driven by a 28 per cent rise in staff expenses to $112.65 million and a 44 per cent rise in repairs and maintenance to $31.63 million. Due to the rise in the company’s finance costs from a larger debt profile, its net profit grew by more than 2,000 per cent to $48.66 million, but just below the 2019 financial year’s record of $51.82 million. Earnings per share came up to $0.14 which left it with a price to earnings ratio of 25 times.

The company’s asset base rose by 31 per cent to $919.56 million as non-current assets hit $776.84 million owing to the addition of $263 million in medical equipment during the year. Total liabilities rose 85 per cent to $441.02 million as the company received a $178.95 million long-term loan for its new MRI machine and added short-term loans for insurance premium financing. Despite the increased debt, the company was no longer restricted to any financial covenants which prevented the payment of dividends which resulted in a $31.81 million payment in October 2021. Shareholders equity grew four per cent to $478.54 million.

The company’s first quarter unaudited financials are set to be released by November 14 with its share price currently up 22 per cent year to date at $3.48. Gooden acquired 35 million shares at $2.57 on April 8 to become the company’s third largest shareholder.

“Having passed through periods of adversity into relative calm enables us as a company to reflect on our improving fortunes, without in any way becoming complacent or overly sanguine about the future. We may behave as if every day is our first, but we have accumulated many such, and with your continued support, are ready for many more,” Gooden closed.