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Surgical services firm Opmedic first-quarter profits fall 11 per cent

By The Canadian Press  | February 10, 2012
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The corporate logo of healthcare services company Opmedic Group Inc. is shown. THE CANADIAN PRESS/HO
The corporate logo of healthcare services company Opmedic Group Inc. is shown. THE CANADIAN PRESS/HO

MONTREAL - Surgical services firm Opmedic Group. (TSX:OMG) reported Friday a first-quarter profit of $1.2 million, down 11 per cent from a year-earlier $1.4 million but said its fertility operation revenues grew despite a two-month partial closure of its Quebec City branch for renovations.

The Montreal-based company said its earnings amounted to seven cents per share, down from eight cents per share in the same period a year earlier.

Revenues declined by one per cent $5.4 million.

Opmedic provides surgical and endoscopic facilities and services to patients and surgeons, fertility treatments, medical imaging, laboratory services and diagnostic procedures as well as sperm banking services.

The company has warned that its bottom line could be hurt by a 34 per cent cut next year in technical fees paid private clinics in Quebec for in vitro fertilization, or IVF, procedures.

Changes are coming to the fee structure in Quebec under which all expenses for medically assisted procreations are paid to the attending physician who, in turn, remits a portion to the clinic for medical procedure and technical services.

Effective Jan. 1, rates for the technical portion of IVF procedures remitted to private clinics by attending physicians are being reduced to $4,600 from $6,975.

The rate decrease does not affect other medically assisted procreation activities such as artificial inseminations and ultrasounds, the rates for which will remain unchanged.

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