RHC has struggled in 2023 since disappointing the market in May when they reported revenue growth that trailed the markets expectations for the first 9 months, making it very hard for them to meet FY23 numbers. Utilisation is picking up and the trends are positive here, the market was just disappointed by the pace of the pick up and the time it is taking to get utilisation back to more normal levels – a longer than expected COVID hangover for this private hospital operator!
- We are not considering increasing our exposure to RHC into further weakness – RHC reports on Thursday.
MM is long and cautiously bullish toward RHC
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