NewsVoir
Gurugram (Haryana) [India], March 1: Pristyn Care, the leading healthcare organization, has announced its ambitious goal to achieve profitability by FY25. The organisation has revealed plans for an Initial Public Offering (IPO) journey, aiming for 2027, marking a strategic move towards financial sustainability. This marks a significant stride into a future defined by technology, innovation, efficiency, and unwavering excellence in patient care, representing a new chapter in Pristyn Care's journey and showcasing a commitment to transforming healthcare through technology and innovation.
Over the past few months, Pristyn Care has embarked on a transformative journey, undergoing a comprehensive operational overhaul. This initiative focuses on streamlining operations, enhancing efficiency, and elevating patient care across various domains such as care coordination, medical practices, hospital partnerships, insurance, marketing, and technological advancements. The organisation is aggressively advancing towards profitability, demonstrating notable achievements in optimising operational costs. In the past year alone, there has been a successful reduction of over 50% in marketing costs, with an additional 20% reduction in the last quarter. Surgeries are now proven to operate not just at positive unit economics but also achieve overall positive profitability while generating free cash flow.
The company has continued its impressive growth trajectory, reporting a consolidated total income of Rs. 494 Crore (audited) in the last fiscal year, up from Rs. 339 Crore in FY21-22 (audited), marking a remarkable growth of over 46% on a YoY basis. Pristyn Care is progressing well towards 900 Crore by 2024, which is 100% growth YoY and the company is also on track to reduce EBITDA Losses by 50% YoY.
The strategic focus on reducing expenses has yielded positive results, contributing to improved surgery costs. This concerted effort has enabled Pristyn Care to provide premium services to patients at more competitive prices. The commitment to innovation is evident through various experiments, including the strategic decision to exit 6 cities that were not adding adequate value to the business. Simultaneously, the company is intensifying its presence in 30 cities that demonstrate exceptional performance. Furthermore, offerings have been streamlined by discontinuing 3 redundant categories and redirecting focus towards 20 larger and more profitable ones.
As part of the transformation, specific adjustments to the workforce structure will be made, affecting less than 7% of the 1700 employees, with the majority in entry-level and support functions. These changes are essential to align with the company's strategic vision of efficiency, performance excellence, and long-term sustainability. Recognising the challenges of change, Pristyn Care highly values the integral roles of team members and is committed to providing comprehensive support for those affected by the reorganisation, ensuring a smooth and respectful transition. To assist affected employees, the following measures have been implemented:
Severance
Full notice periods and severance packages.
Career Services
Internal support group for exploring potential opportunities.
External partners on-boarded who will provide placement services.
ESOP Vesting
Accelerated vesting of Employee Stock Ownership Plans (ESOPS) for the next 3 months.
Medical Insurance
Extended medical insurance coverage for affected employees and their families (if opted) for the next six months.
Counselling sessions
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