Integrated Diagnostics Holdings plc

For 2025, IDH reported 37% revenue growth year over year, 11% growth in test volumes, and a 24% increase in average revenue per test. Gross profit margin expanded to 42.7% from 38.1% in 2024; COGS fell to 57.3% of revenue from 61.9%; and SG&A declined to 15% from 16.9%. EBITDA margin was reported at 34.9% versus 29.7% last year, while adjusted net profit increased 79% year over year; reported net profit was EGP 1.3 billion, up 29% year over year, and adjusted net profit was EGP 1.26 billion with a 16.1% margin. Cash conversion cycle improved to 104 days from 155 days, total cash was EGP 2.1 billion versus EGP 1.7 billion, and net cash was EGP 472 million versus EGP 226 million. For 2026, management guided to 25% sales growth, including 10% pricing and 15% volume, with EBITDA margin of around 33% to 34%. They also said Saudi revenue target for 2026 is SAR 18 million, Saudi should reach EBITDA breakeven by 2028, and capex is expected at around 5.9% of total sales versus 4.8% last year.

CEO Hend El Sherbini framed 2025 as another very strong year, emphasizing that the performance reflected both better market conditions and the cumulative effect of the company’s strategy over the past two years: network expansion, service diversification, digitalization, and operational optimization. She highlighted leadership gains in Egypt and Jordan, encouraging progress in Nigeria and Saudi Arabia, and a broader shift toward a more resilient, scalable diagnostics platform. Her tone was optimistic but measured, noting that 2026 starts from a stronger base while also acknowledging heightened regional uncertainty tied to the U.S.-Israel-Iran escalation.

CFO Sherif El Zeiny focused on margin discipline, cost control, and liquidity. He said COGS improved to 57.3% of revenue from 61.9%, helped by inventory management and purchasing efficiency, with raw materials falling to 19.3% of revenue from 22%; SG&A fell to 15%, while gross margin rose to 42.7% and adjusted EBITDA margin to 34% from 29.7%. He also noted adjusted net profit of EGP 1.26 billion, cash conversion cycle improvement to 104 days, cash of EGP 2.1 billion, and net cash of EGP 472 million, saying the balance sheet supports both the dividend and growth investment.

In Q&A, management said Egypt volume growth came from both new branches and existing branches, not just the new openings. On Saudi Arabia, they said 2026 plans call for 6 additional branches to reach 9 total by year-end, with EBITDA breakeven expected in 2028 and a 2026 revenue target of SAR 18 million. They also clarified that all test kits are imported and that inventory coverage lasts until August, while saying Egypt has not yet been affected by currency weakness or higher import costs.