Elite Diagnostic Limited has overcome the equipment challenges at its St Ann location, which severely affected the company's bottom line last year. Having resolved the equipment challenges, the diagnostic imaging services provider financials are now on the rise and the business is now surpassing expectations.
Last year the magnetic resonance imaging (MRI) system and the computerised tomography (CT) scan machines were subjected to frequent breakdowns. This crippled operations at the St Ann location, causing it to underperform. In addition to the frequent breakdowns, the company experienced challenges with the procurement of parts and repairs.
As a result, both machines were operational only for a very short period during the year, which dealt a severe blow on the company's income potential.
However, with the challenges resolved, the St Ann location continues to see increased revenue growth month over month. The St Ann location, which opened in September 2019, is the company's third location and offers MRI, CT scans, ultrasounds and X-rays along with doctors' offices.
With the increasing demand for imaging services, Elite Diagnostic has purchased a new MRI system that will be operational early 2022 and will be located at the Liguanea branch. The addition of the new MRI will reduce the company's operating hours and its related expenses.
Revenues for the year ended June 30 amounted to $502.3 million compared to $439.8 million made during 2020. Revenues for the fourth quarter were $136.7 million compared to $92.0 million made during the same period last year.