Gemabank’s income increased by 23% in 2024

The International Medical Center for Processing and Cryostorage of Biomaterials (IMCB, MOEX: GEMA) published their operating results for 12 months of 2024 prepared as per the Russian Accounting Standards (RAS).

IMCB (Gemabank) is a biotechnological company, part of Artgen Biotech group (MOEX: ABIO), dealing with personal storage of stem cells and development of gene therapy drugs against blood and immune system diseases.

The period from 2022 to 2024 showed rapid revenue growth of 17%. The total aggregate revenue growth for the last 4 years is 44%, with the growth of 23% per year in 2024. At the same time, the average annual CAGR revenue from 2019 to 2022 was only 2%.

Dynamics of the main indicators for the last 5 years

thousand rubles	2020	2021	2022	2023	2024
Revenue	242 628	265 889	254 677	283 512	348 604
EBITDA	133 194	119 347	112 107	158 595	175 622
Net profit	123 909	129 170	98 169	125 780	151 216
EBITDA / revenue, %	55%	45%	44%	56%	50%
Net profit / revenue, %	51%	49%	39%	44%	43%

EBITDA grew from 133M rubles in 2020 to 175M in 2024, herewith the aggregate growth of this indicator for the last 2 years (2022 to 2024) was 57%. The net profit in 2020–2024 grew by 22%, this indicator grew by 54% for the last 2 years (2022 to 2024).

The net liabilities at the end of 2024 were 36.8M rubles as there were remaining funds available on Company accounts (i. e. remaining funds exceeded the remaining liabilities).

The growth of business in 2020–2024 correlates with the growth of the number of samples received for storage annually. The annual average growth of the number of samples received for storage from 2022 to 2024 was 28% per year, while in 2019–2022 it was only 2.5% per year.

The main events for 12 months of 2024:

Sample storage facilities are expanded to 44,049 samples. The total number of samples received for storage in 2024 was 41% higher than in 2023.
Design of gene therapeutic candidate structures of drugs for treatment of A and B hemophilia and HIV has been developed together with Swiftgen. The company implements the plan of experiments to test the structures in vitro.
ACRA raised IMCB's credit rating, BBB- (RU) STABLE OUTLOOK.
Gemabank's cryostorage is expanded by 25,000 additional pieces. At present, the storage capacity is 95,000 samples.
In 2024, four samples were provided for transplantation. The total quantity of samples provided for transplantation is 61.
In 2024, the amount of dividends paid was 153,397 thousand rubles.

Company's revenue growth factors in 2024:

Geographic expansion to cities with the population below 500 thousand people including remote regions with simultaneous establishment of logistics infrastructure for high-quality delivery of biosamples to Moscow.
Growth of personal incomes in regions against the common industrial growth, which promotes purchasing power and demand for the company's services.
Introduction of new approaches in promotions focused on practical cases of using cell stems of umbilical blood, which raises interest and involvement of potential clients.
Development of services on MSC / umbilical cord storage. Growth of demand for services on MSC / umbilical cord storage with the increase in the number of orders by 55% in 2024.
Increase of the cost of storage by 40% under basic annual contracts.

Together these factors establish a sustainable basis for the company's revenue growth, reinforce its market positions and promote long-term development.

Company's strategic objectives for 2025–2026:

Preservation of the leading position and market share of 40% among umbilical blood banks of the RF.
Development of innovative gene therapy drugs in the next two years for establishment of the own drug portfolio is aimed at transformation of the company's business model from service (related to rendering biosample storage services) to a biotechnological one (related to the development and market launch of biodrugs), which can lead to business reevaluation.
Expansion of the partner clinic network for using hematopoietic stem cells in regenerative medicine in Moscow and other regions.
Geographical expansion of Gemabank's offices on the territory of the RF.

IS basic indicators in 2024

thousand rubles	January – December 2024	January – December 2023	% of change
Revenue	348 604	283 512	23,0%
Cost of sales	(58 717)	(47 949)	22,5%
Commercial expenses	(78 257)	(59 809)	30,8%
Administrative expenses	(33 479)	(26 392)	26,9%
Sales profit (loss)	178 151	149 362	19,3%
Income from other business	9 000	6525	37,9%
Interest receivable	23 853	11 980	99,1%
Interest payable	(34 566)	(33 560)	3,0%
Other net income (loss)	(25 222)	(8 527)	195,8%
Net profit (loss)	151 216	125 780	20,2%
Net profit, %	43,4%	44,4%	-
EBITDA*	175 622	158 595	10,7%
EBITDA, %	50,4%	55,9%	-

Balance sheet basic indicators in 2024

ASSETS
Intangible assets	78 640	84 776	-7,2%
Fixed assets	64 667	49 118	31,7%
Financial investment	730 480	900 000	-18,8%
Total fixed assets	873 787	1 033 894	-15,5%
Accounts receivable	29 470	43 674	-32,5%
Financial investment (except for cash equivalents)	47 000	-	-
Cash and cash equivalents	276 895	196 066	41,2%
Total current assets	362 214	243 886	48,5%
TOTAL ASSETS	1 236 002	1 277 780	-3,3%

LIABILITIES
Fixed assets re-evaluation	24 600	165 000	-85,1%
Add-on capital (without re-evaluation)	242 504	242 504	-
Retained earnings (unrecovered loss)	36 598	33 189	10,3%
Total equity and reserves	303 859	440 849	-31,1%
Borrowed funds	228 108	228 108	-
Other liabilities	515 639	429 320	20,1%
Total long-term liabilities	743 747	657 428	13,1%
Borrowed funds	11 954	11 781	1,5%
Accounts payable	170 941	164 541	3,9%
Other liabilities	4 992	2 458	103,1%
Total short-term liabilities	188 395	179 503	4,95%
TOTAL LIABILITIES	1 236 002	1 277 780	-3,3%

Accounting statements of IMCB PJSC for 2024 can be found at the Company's corporate web-site in “For investors” section.