Pacific Smiles Group (ASX: $PSQ) HY24 financial highlights

Pacific Smiles Group Limited (ASX: $PSQ) has released its Half Year 2024 (HY24) financial results, showcasing robust performance despite inflationary cost pressures. The company reported a 10.4% year-on-year increase in patient fees, reaching $147.1 million, along with an underlying EBITDA of $13.9 million and net cash of $13.3 million. The strong financial outcomes reflect improved operating efficiency and rising utilisation across all centre cohorts.

Executive commentary on HY24 results

The company's HY24 results demonstrate our commitment to delivering sustained growth and operational efficiency. We are pleased with the 10.4% increase in patient fees and the ongoing improvement in labour productivity, as evidenced by the 5.4% rise in appointment volumes year-on-year. Our focus on increasing utilisation of in-situ assets has yielded positive results, with cancellation rates declining to pre-pandemic levels. The improved underlying EBITDA of $13.9 million and net cash of $13.3 million underscore our strong financial performance and ability to deliver value to our stakeholders.

Summary of Pacific Smiles Group HY24 results and outlook

Pacific Smiles Group's HY24 financial outcomes reflect a resilient performance amidst inflationary cost pressures. The company's focus on improving operational efficiency and rising utilisation has contributed to a 10.4% year-on-year increase in patient fees, reaching $147.1 million. With underlying EBITDA at $13.9 million and net cash at $13.3 million, Pacific Smiles Group has demonstrated its ability to navigate challenges and deliver strong financial results. Looking ahead, the company re-affirmed its full-year guidance, expecting patient fees in the range of $293 million to $297 million and underlying EBITDA in the range of $26 million to $28 million. The outlook remains positive, with the company's strategic initiatives and growth opportunities positioning it for continued success in the highly fragmented dental industry.