Image Plus Consultants Limited (IPCL), a key player in Jamaica’s diagnostic imaging sector, has disclosed the sale of 3.195 million shares by director Dr Lilieth Bridgewater. The transaction, valued at $5.08 million at an average price of $1.59 per share, represents 0.2578 per cent of the company’s total outstanding shares.

The divestment, while notable, does not materially impact Dr Bridgewater’s position as a top three shareholder in IPCL. As of August 2024, she maintained a 12.75 per cent stake, ranking alongside co-founder and board Chairman Dr Karlene McDonnough, who holds the largest individual stake at 24.48 per cent, and Quad G Limited, with 16.92 per cent.

Still, the sale comes against the backdrop of IPCL’s second-quarter financial results for 2024, which reflect a challenging operating environment. Revenue for the quarter declined by 3.4 per cent to $245.3 million compared to the same period in 2023. For the six-month period ending August 31, 2024, revenue also dipped by 2.8 per cent to $539 million, primarily attributed to reduced scan volumes and operational setbacks.

“Despite the desired build-out of modalities, we have not achieved the targeted growth in revenue from our diversified revenue streams. We continue to take a very clinical approach to review actions needed to achieve the desired mix of scans by modality and source (private versus public patients). We are also actively scanning the market for inorganic growth opportunities that would add value to our performance,” the company said in the preamble to the quarter results.

IPC has faced a series of challenges, including downtime in critical diagnostic equipment such as CT scanners, which impacted patient throughput and revenue from high-margin modalities. The malfunction and subsequent retirement of a CT unit at the 129 Old Hope Road branch necessitated operational consolidation at the Winchester location, further straining resources. Despite these measures, IPCL recorded a net loss of $16.2 million for the quarter, compared to a $38.7 million profit in the same period last year.

IPCL’s top 10 shareholders collectively control over 82 per cent of the company’s issued capital, reflecting a concentrated ownership structure that aligns key stakeholders with the company’s strategic direction. Other major shareholders include Advanced Imaging Limited, which holds 9.16 per cent, and Barita Investments Limited, with a 4.73 per cent stake.

Looking ahead, the company’s leadership anticipates improved performance in the second half of the fiscal year, driven by efforts to optimise scan volumes, streamline operations, and explore inorganic growth opportunities. Discussions are also underway regarding the development of the 33LMR facility, which could enhance service offerings and revenue streams.