The Israeli medical company “Novolog” reported profit increasing by 225% at the end of the 2nd quarter of 2020, mainly because of the COVID-19 outbreak, and the in-house healthcare services
Source:novolog
From:Taiwan Trade & Innovation Center, Tel Aviv
Update Time:2020/09/13
Due to the COVID-19 outbreak, Novolog's profits increased by 225%. The demand for in-house medical services is growing, and Novolog's digital services revenues jumped by 72.4% and various medical services revenues jumped 69%. Eiran Taos, CEO of Novolog said: "The hesitation to receiving health treatments in Health Maintenance Organization (HMO) and hospitals will continue even after the corona, while health and digital health solutions will continue to be cheaper and more efficient."
Novolog is an Israeli public company trading in the Tel Aviv Stock Exchange from 2017. The company is engaged in providing technological based medical-solutions and support services in the field of home care, providing medical information and technological tools in the digital arena for patients, doctors and medical institutions, as well as providing logistics services in the field of healthcare. Companies in the Novolog Group specialize in providing home medical care solutions to improve patient's quality of life, making advanced home medical care services accessible to the widest population as possible, and in the distribution of pharmaceuticals. Novolog Group incorporates many leading brands under one roof and constitutes the largest representative of global and Israeli medical brands.
This company is a pioneer in the pharmaceutical distribution sector in Israel and the development of technology-based home care services.
Most of the company’s revenue came from logistics services (233.4 million NIS), after increasing by 1.7% compared to NIS the corresponding quarter last year. The rest of the revenue came from various health services, which jumped by 69% to 31.1 million NIS in the quarter, and digital services, which brought in 5.1 million NIS - an increase of 72.4% compared to the corresponding quarter last year.
Source: https://www.novolog.co.il/en/home/