Businessman Virgilio “ Jojo” Villar’s Medilines Distributors Inc. is ready to support the government’s various programs to expand healthcare infrastructure nationwide following the successful closure of new contracts.
In a regulatory filing, Medilines stated that it has secured contracts to establish new dialysis centers in government hospitals and supply state-of-the-art dialysis machines as well as consumables in these facilities, starting in the fourth quarter of 2023 and continuing into 2024.
The company expects revenue recognition for some of these projects to be pushed forward to 2024, potentially impacting this year’s revenues.
“We are excited to witness amazing progress in the implementation of government healthcare programs, including the Philippine Health Facility Development Plan, among others.
With some dialysis treatment infrastructure nearing completion, we can initiate the delivery and installation of much-needed dialysis machines and supplies in select areas. This will help our fellow citizens gain better access to life-saving treatments,” said Medilines President Patricia Yambing.
Yambing added that the company is also looking forward to further expanding the reach of its product lines as new specialty centers emerge nationwide.
“We are also eager to witness the expansion and completion of other specialty centers, such as cancer centers, as we anticipate additional orders for our cancer therapy machines and diagnostic imaging machines to equip these facilities,” she said.
Medilines, one of the country’s leading distributors of medical equipment, saw its net profit plunge to P23 million in the first nine months of 2023 from P112 million in the same period last year due to a significant drop in revenues.