Practo achieves positive earnings: Revenue Soars 22% & Losses declines 90%

By sponsored post  |  Saturday, 15 June 2024, 05:19 IST

Practo achieves positive earnings: Revenue Soars 22% & Losses declines 90%
The new-age digital healthcare platform Practo has announced that it will be profitable in FY24, indicating a significant turnaround in the company’s financial performance. For the entirety of FY24’s fourth quarter, the startup recorded positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). 
When compared to FY23, Practo saw a 90% increase In EBITDA and a 22% increase In revenue. The startup saw a ”8% Compound Annual Growth Rate (CAGR) as a result of its concentrated strategy on its core business, which significantly reduced its adjusted negative EBITDA from 162 crore to 17 crore. In addition, contribution margins increased from -1% in FY22 to 40% in FY24, indicating improved operational performance. 
Software, appointment booking, and telemedicine are Practo’s core businesses, which now generate healthy cash flows and are profitable. Revenues increased by 50% in Tier II and III markets over the previous year, while revenues increased by 20% in Tier I markets. 
In addition, its hospital management system has a 98% retention rate, is cash flow positive, and is trusted by over 1,500 healthcare facilities worldwide. Practo’s healthcare platform is at the center of its operations, and its B2C segment accounts for nearly 80-85% of the company’s revenue. Additionally, the company is expanding its full-stack vertical, which includes co-branded clinics, secondary care surgeries, and telemedicine.
Shashank ND, Co-founder & CEO of Practo highlighted the potential of data science in healthcare, “Data science offers the promise of preventing human error in diagnosis, matching patients with the right healthcare providers, reducing unnecessary costs through accurate diagnoses, and minimising wasted resources due to misdiagnosis. Practo stands at the forefront of this data-driven healthcare revolution”.
 

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