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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
JSC Georgia Healthcare Group is the healthcare-services (hospitals and clinics) business of Georgia Capital PLC (LSE: CGEO) — Georgia's largest integrated healthcare provider. It was established in Georgia Capital's 2024 reorganization to hold the hospital/clinic operations carved out of the former GHG (e.g. JSC Georgian Clinics, JSC Viani), while the pharmacy business stayed with the renamed Georgia Pharmacy Group (id 405098399). It runs about 7 large and specialty hospitals, ~30 regional and community hospitals, 16 EVEX polyclinics and the Mega Lab diagnostics laboratory (~2,460 beds), and acquired Gormed LLC (three regional hospitals and clinics) in December 2025. The GHG healthcare business was LSE-listed until Georgia Capital took it private in August 2020.
| Ratio | 2024 |
|---|---|
| Margins | |
| Gross Margin | 38.2% |
| EBITDA Margin | 18.4% |
| EBITDAR | 73,701 |
| EBITDAR Margin | 18.4% |
| EBIT Margin | 7.4% |
| Net Profit Margin | -3.1% |
| Operating Expense % of Sales | 22.4% |
| Returns | |
| Return on Assets (ROA) | -1.5% |
| Return on Equity (ROE) | -3.2% |
| ROIC [EBIT / Invested Capital] | 4.1% |
| Leverage & debt balances | |
| Debt-to-Assets | 45.1% |
| Debt-to-Equity | 0.98x |
| Debt-to-EBITDA | 5.08x |
| Equity-to-Assets | 45.8% |
| Net Debt | 335,626 |
| Cash & Equivalents | 38,784 |
| Total Debt | 374,410 |
| Liquidity & working capital | |
| Current Ratio | 0.60x |
| Quick Ratio | 0.49x |
| Cash Ratio | 0.14x |
| Total Current Assets | 167,683 |
| Total Current Liabilities | 281,656 |
| Inventory | 30,852 |
| Trade Receivables | 89,891 |
| Trade Payables | 25,750 |
| Net Working Capital | -113,973 |
| Net Working Capital % of Revenue | -28.5% |
| Trade Working Capital | 94,993 |
| Trade Working Capital % of Revenue | 23.7% |
| Change in Trade Working Capital | N/A |
| Turnover & efficiency | |
| Inventory Turnover | 8.02x |
| Days Inventory Outstanding (DIO) | 45.5 |
| Receivables Turnover | 4.45x |
| Days Sales Outstanding (DSO) | 82.0 |
| Payables Turnover | 9.61x |
| Days Payable Outstanding (DPO) | 38.0 |
| Cash Conversion Cycle | 89.5 days |
| Asset Turnover | 0.48x |
| Cash flow & dividends | |
| Operating Cash Flow | 69,955 |
| Free Cash Flow (OCF − Capex proxy) | 38,237 |
| Cash Conversion (OCF / EBITDA) | 94.9% |
| Dividends Declared | N/A |
| Dividend Payout Ratio | N/A |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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