Despite the unwelcome impact of Hurricanes Harvey and Irma in its backyard states of Florida, Georgia, South Carolina and Texas, ClearStar nonetheless reported impressive 2017 trading yesterday. Bang in line with our pre-storm estimates (from July), with revenues up 11% LFL (split 12% H1: 10% H2) to $17.8m (vs $16.0m LY) and net cash closing December at $1m (vs $1.5m June and $2.25m LY). Growth being driven by buoyant demand for direct screening (+21%) and medical/drug testing (+20%) services. The latter now (including channel partners) accounting for 38% (35% LY) of revenues, with the former equally set to climb from 24% in 2016 to >50% by 2024.
11 Jan 2018
Medical and direct sales powering growth
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Medical and direct sales powering growth
Despite the unwelcome impact of Hurricanes Harvey and Irma in its backyard states of Florida, Georgia, South Carolina and Texas, ClearStar nonetheless reported impressive 2017 trading yesterday. Bang in line with our pre-storm estimates (from July), with revenues up 11% LFL (split 12% H1: 10% H2) to $17.8m (vs $16.0m LY) and net cash closing December at $1m (vs $1.5m June and $2.25m LY). Growth being driven by buoyant demand for direct screening (+21%) and medical/drug testing (+20%) services. The latter now (including channel partners) accounting for 38% (35% LY) of revenues, with the former equally set to climb from 24% in 2016 to >50% by 2024.