Network “Mother and Child” suspended regional expansion

LLC “Haven”, operating company of the MD Medical group, managing the network of clinics “mother and child”, On September 15, filed an application with the Federal Tax Service for the liquidation of two legal entities – LLC “mother and child Lipetsk” and LLC “Mother and Child Belgorod”. This follows from the data of the SPARK-Interfax database. Earlier, MD Medical, according to a representative of the group, planned to invest a total of 100 million rubles in the opening of clinics in these cities, projects in Lipetsk and Belgorod were supposed to be launched in the first half of this year. But investments in them, according to the interlocutor of Vedomosti, were suspended due to the current economic situation and high uncertainty in the market.

With the exception of an outpatient clinic in Yekaterinburg, which is scheduled to open in the second half of 2022, MD Medical has no other regional projects, a spokesman for the group said. According to him, investments in most of the company’s other new projects have also been frozen. In particular, it suspended the construction of the Lapino-5 psycho-neurological boarding school in the Moscow region and a hospital in Domodedovo for 164 beds, Kommersant reported in early September, citing the words of the first deputy general director of the network Andrei Khopersky. Wherein “mother and child” still plans to launch a clinic in Moscow worth 22 million rubles, and is also designing the Lapino-3 nuclear medicine center, a group representative said.

The market of private medicine has slowed down its development largely due to the fall in incomes of the population, says Nikolai Bespalov, development director of the RNC Pharma analytical company. In his opinion, before the end of the year, other commercial chains may announce the curtailment of their plans, taking a wait-and-see attitude.

The portfolio of MD Medical includes 10 general hospitals and 40 outpatient clinics in 25 regions. The group’s revenue for the first half year of 2022 under IFRS amounted to RUB 12.2 billion, adjusted net profit – RUB 2.4 billion. Since 2012, global depositary receipts of MD Medical group investments have been traded on the London Stock Exchange, since 2020 – on the Moscow Exchange. 67.9% of the Cypriot MD Medical group investments is owned by MD Medical holding limited, owned by Mark Kurtser. About 32.1% of the shares are in free float.