PRIM holds its 2023 Ordinary General Shareholders’ Meeting where innovation and strategic alliances are the main protagonists
- The medical technology company saw 17% growth in 2022, which is far beyond the 4% figure seen in the market as a whole
- It reached €197 million in revenue last year, confirming the success of its 21/25 Strategic Plan
The PRIM Group continues to stand strong as a leading manufacturer and distributer in the healthcare sector. This was validated by the results from the 2022 financial year, presented at the General Shareholders’ Meeting which was held on 29 June 2023, with Mrs. Lucía Comenge, Chair of the PRIM Board of Directors and Mr. Jorge Prim, Vice-Chair of the Board of Directors, in attendance.
The figures, which report a €197 million in revenues and a net profit of €8.5 million for the 2022 financial year, which was a key year for the promotion of the company’s proposed transformation, confirm the viability of the company’s 2021/2025 Strategic Plan. In the words of Lucía Comenge, they also demonstrate that PRIM is a “true leader in terms of growth, solidity and sustainability”. The event itself brought together the majority of the Prim Group’s shareholders. Despite the difficulties of the current environment, the PRIM Group had a good financial year, closing with a 17% increase in turnover.
This all meant that the PRIM experienced solid and profitable growth, with an increasing sustainable return on capital stock. Considering all the dividends distributed during the 2022 financial year, said figure rose to €8,677,145.54.
The company has recently been recognised by specialist media outlets as one of the stocks floated on the Spanish Stock Exchange that has provided its shareholders with the highest returns over the last two decades. Specifically, its revaluation over the last two years has risen by more than 13%, higher than the rate seen with the Ibex 35 for the same period.
PRIM Group reaches the halfway point of its 21/25 Strategic Plan
The main objective of the five-year Strategic Plan is to accelerate growth in order to consolidate commercial leadership, increase the market share, scale up and increase profitability.
To achieve this, five pillars were defined, and significant progress is being made in this regard:
- Expand leadership
- Increase market presence
- Innovate with more valuable solutions for people
- Grow the organisation and talent; and
- Simplify processes and systems to make them more efficient
Two new markets and 24 million euros of consolidated sales have been achieved thanks to PRIM’s investment commitments
During the Meeting, Lucía Comenge focussed on increasing the company’s leadership and expanding into new markets as a roadmap for the 2021/2025 Strategic Plan. In order to achieve this, PRIM made a major commitment by investing and creating strategic alliances in 2022 through the addition of two new markets, incorporating a total of five new technologies and three more factories, as highlighted by PRIM at the 2023 Ordinary General Shareholders’ Meeting.
Innovation in the medical technology sector has been a key part of all these acquisitions and synergies. With this in mind, in 2022 PRIM agreed to take on a 20% stake in Aura Robotics, a robotic technology company for the diagnosis of neurological disorders. This alliance, one of the most important made in the past year, will allow PRIM to market and distribute the latest Artificial Intelligence (AI) technology for the diagnosis of neurological disorders.
The company also acquired Laboratorios Herbitas in 2022, to help strengthen its commercial and logistical synergies within the pharmacy, orthopaedics and podiatry sector. It also purchased the Italian company Easytech who are manufacturers in the rehabilitation technology sector, this investment brings with it access to markets such as China and Japan. Finally, the further acquisition in 2022 of the orthotic manufacturing company Teyder completes the investment commitment that meant PRIM was able to add 24 million euros in sales and increase exports by 25%.
Innovation as a development driver
Being up to date with the most cutting-edge technology and innovation is the cornerstone of PRIM. Throughout 2022, the company’s innovation primarily focussed on four strategic pillars: Robotics, 3D Printing, Digitalisation/Telemedicine, and Artificial Intelligence, additionally, nine of its own projects were launched, placing PRIM as “a leader in innovation, growth and market value,” said Comenge.
Four projects or action points stand out, as listed below:
- PRECISION, a proprietary patent related to hyperextension and to be used for spinal treatments.
- Oscann, a robotic technology for the diagnosis of neurological diseases that PRIM is going to distribute and launch.
- TRAK, telemedicine software for physiotherapy that uses Artificial Intelligence. PRIM is involved with this along with the founder of company which has the same name.
- The creation of a Cluster 3D printer for orthosis treatment that will improve the overall quality of a patient’s recovery and will also result in cost savings for PRIM.
In the area of internal digital transformation, a new ERP for business management has been launched, aligned with the 2021/2025 Strategic Plan objective for the simplification and efficiency of processes.
2022 was also the year that saw the birth of PrimAcademy, the e-learning platform, with 17 specialist courses for medical sector professionals. This was also launched in 2022 as part of the company’s digital and training strategy.
In the words of Jorge Prim, “innovation is part of this group’s DNA and has been the driving force behind its 153 year history”.
Sustainability and social commitment, a strategic pairing in 2022
The company surpassed its commitment to develop a sustainable business model with ethical values that are shared throughout the organisation during the 2022 financial year. Proof of this is the design and approval of the ESG Master Plan 2023/2025. The Sustainability Report was also presented and approved during the Meeting, a comprehensive overview of the actions performed during the 2022 financial year in terms of ESG, such as the installation of solar panels at several facilities to save electricity consumption and to reduce CO2 emissions by a total of 192 tonnes per year.
Special mention has been made to the continued implementation of the Equality Plan in 2022, to promote Gender Equality at the company. PRIM has over 900 employees, of which 55% are men and 45% are women, in comparison to 57%/43% in the previous year.
As part of its commitment to human talent in 2022, the company has also defined and implemented a Leaders Plan for the management of human teams.
It must also not be forgotten that, during the 2022 financial year, PRIM approved social policies for digital disconnection, as well as making donations, social contributions and sponsorships. There was also a policy approved for internal transparency with the posting on the company’s website of the report on the auditor’s independence.
Increase of the Board of Directors
The June 2023 General Shareholders’ Meeting appointed the company’s current Managing Director, Mr. Fernando Oliveros, as executive director. It also ratified the appointment of Mr. Juan Jesús González Prim as proprietary director, renewed the position of Mr. Jorge Prim Martínez as proprietary director and that of Mrs. Belén Amatriain Corbi as independent director.
This post is also available in: Spanish
