Bumrungrad Hospital Public Company Limited (BH) Earnings Call Transcript & Summary

[Foreign Language] Welcome to the Analyst Presentation for the Second Quarter and the First Half of 2023, Bumrungrad Hospital Public Company Limited. I am Achariya Sanrattana, Investor Relations and Sustainability. So today, as usual, we will begin the presentation with some of the things that I would like to mention about our second quarter performance, and then we will have our management here to talk about the key takeaways in the second quarter by Khun Neil Sorrentino, our Corporate Chief Strategy Officer, and then followed by the financial performance by Khun Oraphan Buamuang, our Chief Financial Officer. And then we will have the business update by our Chief Executive Officer, Khun Artirat Charukitpipat. So without further ado, I would like to start the presentation with the first slide here. So on this slide here, it shows the revenue from the hospital operations in our segment, that is the Thai, the expat and the international, comparing year-over-year to the 2019 or the pre-COVID-19 [ revenue ]. So you can see here that the performance in terms of the revenue, the performance actually better than recovering performance from COVID-19 already. In terms of the revenue of the Thai segment and the expat segment, already exceeded since the third quarter back in 2020, and it continues to grow. This is proven that during the pandemic period, we took it as an opportunity for us to be more resilient about our strategy. So during the pandemic period, we did a lot of promotional offers to our patients that are living in Thailand, as our international business still got impact from the travel restrictions around the world. And also, we did a lot of online marketing to attract the new patients coming to Bumrungrad and also to retain our existing patient as well. And in addition, we are moving towards the digitalization of Bumrungrad. We created our own Bumrungrad applications by our own in-house technology team, and we have been receiving positive feedback from it. Like for example, the numbers of users has been increasing over the years. And also, if you look in terms of the revenue from the international business, it's already exceeded the pre-COVID-19 level since the second quarter of last year, in line with easing of the travel restrictions in several countries around the world. And in the second quarter of this year, the international business actually already exceeded by 35% compared to the second quarter of 2019. So here on the next slide, I would like to zoom in into our Middle East business trend. So on this graph, you can see that the revenue from the Middle East are -- actually already grew beyond the pre-COVID-19 level since the second half of last year, uplifted by the strong revenue intensity due to the higher complexity of care of our Middle East patients. And during the COVID-19 period, we will be able to maintain a strong relationship with our Middle East business, that is the Qatar, Kuwait and the UAE, remains our top international revenue contributors. And going forward for the Middle East market, we see a positive trend going forward as we will continue to build up our existing market and also expand to the new markets where we see the opportunity. And also, definitely, we're going to continue to provide excellent patient experience. Like, for example, in the second half, we recently added Arabic language into our Bumrungrad applications. And now on the next slide here, I would like to mention about our China market. So on the trend here for the China market, we can see that we saw a recovery trend for the Chinese market already since the COVID-19 subsided in the last year. And also, after China reopened their border in the beginning of this year, we still expect to see a recovering numbers of Chinese tourists coming back to Thailand, as Thailand has long been the top destinations for Chinese tourists. And also going forward, with our women's center that we just launched, the fertility center and the IVF clinic, we expect to -- that -- we expect that we can attract the Chinese patients come to Bumrungrad, as the women's center has been a top service for our Chinese patients. Now I would like to mention about our cost management. So since the beginning of this year, in the first half, we did continue the cost management program to drive the margin gain. And on the graph here, it shows the percentage of the cost of hospital to the operating revenue. You can see that it has been falling from the last -- from the end of last year and also from the years earlier. The inflationary impact mitigation continue to be successful, despite the cost push inflation that has been an ongoing issue over the years, for example, the higher electricity price. But we expect the economy of scale to be further and the manpower management and operational efficiency to accumulate. And we remain committed to the prudent use of the OT and headcount. So I will go quickly over the discount rate in the second quarter. In the second quarter, the discount rate was at 11.4%, is a slight increase Q-over-Q from 11.1%. This is due to in the second quarter, we did the Annual Health Fair event to lessen the impact of the low seasonality in the second quarter. So it has -- so it's increased a little bit. But we expect further tapering of order program. And also, the discount rate is expected to continue to fall, but in a balancing manner. So on this last page here, I would like to update about our sustainability. So we finalized our solar panel installations project on rooftop of the Building A already under the power purchase agreement or the PPA. The capacity for this project is going to be 131 kilowatt peak, and we will receive the discount electricity price from the power that's generated from solar. And this is the starting point for moving towards the sustainability by using more of the renewable energy. And also, I would like to mention that in the second quarter, we were happy to receive to be included in the ESG100 that was ranked by the Thaipat Institute, where they look at both the financial performance and also the ESG performance of the company. And also, we have been a constituent of the FTSE4Good continuously since the 2019. And also for the MSCI, we maintain our A level for this year. And also, we're still a constituent of the EPiHC. So now, that's it for my part of presentation. Now I would like to hand over the presentation to Khun Neil Sorrentino, to talk about the key takeaways in the second quarter.

[Foreign Language] And welcome to Q2 Bumrungrad Hospital Public Company Limited Analyst Presentation for the year 2023. We are indeed gratified and very proud of the performance of the company. On behalf of management to the benefit of our shareholders, very proud of what the organization has been able to achieve, not only for quarter 2, 2023, but actually 1H 2023. The performance has been 11-year high. And I'm going to show early -- in a little bit, I'm going to show what that performance differential has been, high for the last 10, 11 years, has been 2018. Although we continue to show 2019, I'm going to display a little bit of information about 2018, which was our high point over the last 10, 11 years. But I'll get to that in a moment. The takeaways for the quarter were significantly driven in terms of performance drive of EBITDA and [ OPAT ] growth on the international side. Even though we had Ramadan and we had Songkran, in Q2, the international business beyond the Middle Eastern business, which was still quite strong in the quarter, is what really drove the overall performance. With that international business comes more sick patients, and with that becomes greater resource consumption and greater revenue intensity. And that's -- that really was the story for the quarter, but it was a decade-long high in terms of its strength for the organization. And we're really -- as I said, we're really quite gratified about that. When I go through the volume growth for each one of the market segments, you will also see the numbers showing that the volume growth for international, including contribution by Middle East, even though during Ramadan, it was very strong for the quarter, and it translated into record earnings, record EBITDA, record NOPAT and record margin change growth upward that we have not had really since the beginning of the company, became a public company in 1989. The other significant driver for the quarter, while not as high as Middle East or high as the balance of international, when you look at our China revenue growth, that was fairly dramatic for us, up about 20% from the quarter, from quarter 1 to quarter 2. And the total number was about THB 157 million, of which THB 101 million of that THB 157 million, was true international revenue from patients coming from China into the country. I expect that revenue growth to continue throughout the balance of 2023. As China continues to open up, there's more and more noncommercial private Chinese nationals coming to Thailand. On cost control, you heard Khun [ Ang ] talk about percentage of costs relative to revenue, and that's always a relevant metric. But when you look deeper into that number, what it shows is that full-time equivalents and over time, were significantly controlled quarter-to-quarter. And it made a contribution, a significant contribution to that ratio of revenue versus overall cost and it coming down somewhere around 50%. In addition, at our shareholder Board meeting on Wednesday evening, our shareholder Board of Directors approved the interim dividend for the shareholders of record. And by the way, the payout for this dividend payout will be September 10. It was a record payout. The EPS for 1H 2022, which I'll remind you, was a 10-year high, was THB 2.38. In 1H 2023, the EPS, basic EPS was THB 4.19. And the Board, on Wednesday evening, agreed to pay on an interim dividend, THB 1.35 DPS, dividend per share, which was an all-time record for the company. I'll talk later about guidance for Q3. Let me get into the detail for you for the quarter, beyond what Khun [ Ang ] talked about. Next slide. For Q2, the top line revenue growth was 24.1%. I take you back to my guidance for Q1. I said double-digit revenue growth. For Q1, it was 47%. I guided double-digit revenue growth for Q2, but I will remind you that I did say to you that, that would be less principally because of Songkran and Ramadan. But honestly, I didn't expect it to be 24%, but it was an outstanding quarter for us. And you can see the 1H -- the 1Q growth 2022 versus 2023, it was almost 47% change, very, very dramatic. And I will remind you that 2022 was our strongest year in 10 years. And 2023, at least through 1H, is far exceeding that. Next slide. So as we look at the pieces of the business for the quarter and for 1H. International, of course, led the way, stronger yet than a year ago in 2Q 2022. It rose by 4% to 53% from 49%. You can see the other distribution of growth, 12% for expat, and Thai business was 35%. When you look deeper into these numbers, you'll see that especially Thai and expat, the revenue intensity for the quarter, while the numbers are close on a percentage of revenue basis, the revenue intensity per quarter was strong throughout all of these 3 segments in the market. Typically, it's always the case for international business and specifically the Middle Eastern business. But in the quarter, we had very, very sick people coming to the hospital in all 3 phases of the market segment. And of course, you can see from 1H 2022 to 1H 2023, similar numbers, but stronger numbers overall in 2023. But the revenue intensity wasn't as strong in 2022 as it was in 2023. Next slide. So as you do a comparative of the market segments on net patient revenue, you can see overall that from Q2 2022 to Q2 2023, was up 23% for -- overall. For international, it was up almost 33%, that was the big driver for the quarter year-over-year. And for Thai business, it was up 13%. And for Expat, was up almost 13%, 12.9%. So in each one of the segments, we didn't have any negative variances period-over-period, not only for the quarter, but also for the year through 1H for both 1H 2023 and 1H 2022. Next slide. When you look at Middle East and China, the Middle East business, from a year ago to this quarter, 2Q 2023, was up 84.3% for the quarter. Indochina was down 5.2%. And the story there for Indochina was, there were two elements to that story. First one was Bangladesh. If you go back a year ago, we had extraordinary pent-up demand that came through from Bangladesh. We also had a lot of fly-in very sick patients from Bangladesh, and we didn't keep up with that pent-up demand driving into the institution in Q2 2023 because it was such a huge number in Q2 2022. That's the reason for the variance. And the other aspect of this negative 5.2% was Myanmar. In Q2 2023, you couldn't get past port stamp. You couldn't get visa stamp because of the political unrest in the country, and that affected travel from Myanmar to Thailand. That has now abated in Q3. We're seeing the business coming back to normal standards from Myanmar. But that's the reason for the negative 5.2%. Next slide. But still -- go back to that previous slide. But still, if you look at the variation in 1H 2023 to 1H 2022, the business was still up 19.3% and 111% on Middle East. So very strong comparative growth year-over-year. Next slide. So here is the top 10 nationalities for the quarter and for 1H period-over-period. And you can see what the numbers say for themselves. But at the bottom, you'll see that international was up almost 33% for the quarter-over-quarter a year ago. And for the year, was up almost 62%, led by the top 5 countries, Qatar, Myanmar, Kuwait, Cambodia and UAE. So you have to look at these percentages relative to their revenue, not only relative to the 10% or 58%, what does it mean from a revenue contribution standpoint. If you look at Myanmar, it would be THB 300 million, THB 400 million in revenue. The percentage may look small, but the revenue base is pretty substantial, still from a market like Myanmar, it's #2 in our market segment. And then if you look at #7, that's also of interest for the quarter. Quarter-over-quarter a year ago, the business was up 56.3%. We had a dramatic drive of expat, as well as international U.S. travel patients coming into the institution. It was a combination -- a very strong combination of those two pieces driving the revenue up 56% for both expat and international U.S. travelers coming to Thailand for the quarter. Very strong performance for U.S. in the -- in Q2 2023. Next slide. So now we get to the bottom line performance for the company. What did it all translate into? I've done something a little different for you this time that I haven't done in the past, and that show you a comparative of the quarters by year. And if you look to the left, you will see that I've shown you the typical Q2 2023 versus Q2 2022 the EBITDA and the EBITDA margins. Firstly, let's take the margins. The margins jumped year-over-year for the quarter, almost 5% to 38.9%. That was the highest EBITDA margin in the company's history, Q2 2023. In Q2 2022, that EBITDA margin was 34%. But if I take you back further to our highest year in the decade, the EBITDA margin was 34.7%. We exceeded that by almost well over 4%. But more importantly, when you look at the EBITDA contribution for the quarter, it was THB 2.394 billion. And in Q2 '18, it was THB 1.486 billion, quite a change in the performance of the company. The contextual performance of the company from an international business standpoint contribution has been incredibly dramatic since 2018. So if we go on the other side to 1H as opposed to comparison of the quarters, you can also look at the first half of the year for 2023, almost THB 4.6 billion in EBITDA for 1H. And you can see the comparatives, I won't read them to you. You can see them for yourself the comparatives to 1H 2022, 1H '19 and 1H '18, '18 being the high watermark before 1H 2023. That high watermark was THB 3.126 billion. We far, far exceeded that in 1H 2023 by a dramatic amount. Let's go now to the NOPAT summary. These are very, very similar relationships that I've shown you for EBITDA. But the -- I won't read you the numbers to the bottom of it, exactly what the NOPAT numbers were dramatically higher than what we've been doing from a historical standpoint. But it's the margins that I want to draw your attention to. The NOPAT margin in 2023 was 28.4%. From the prior year, it was up almost 5%, almost 5% greater. And that's a function of the type of business we're driving into the organization, and it's a function of good cost control, and it's a function of the resource consumption, what I call revenue intensity of the type of patients that we bring into this institution. It's all of those elements combined that create this kind of a thing. It's not a linear relationship. I've talked to the investor community about this point, and it's an important one. It's not about the volume, it's about the quality and the type of the volume that we source from around the world. For 1H 2023 on NOPAT last year, 1H was THB 1.891 billion for 2022 1H. For 1H 2023, was THB 3.331 billion, an incredibly large percentage change over 1H 2022 versus 2023. Next slide, please. Another piece of our business that has also had an astounding quarter and for that matter, an astounding 1H. I'm not going to read you these numbers, except to remark about the EBITDA margin and the net profit margin. 42.6% EBITDA margin for the quarter. 33.5% net profit margin, which is higher than what's going on in the medical center. The 1H numbers, they're even higher, 1H 2022 over 2023. We have -- and I'll talk about this a little bit, but we've just completed a brand-new reconformance and renovation of our Vitallife building. We'll be having a grand opening September 20. We had moved out of the building. We gutted it, completely redid it. It's spectacular looking, and we'll be moving into it on September 20 next month. Next slide. I want to talk a little bit now about the expansion roadmap for the company. Most significant to that expansion roadmap is our greenfield project led by David Boucher in Phuket. That project is coming along since we last spoke to you. The land has been purchased for almost, I think, THB 300 million, THB 297 million, THB 300 million. We have engaged the architect. The architect will be DWP. We have engaged already the environmental impact study consultancy. That process is ongoing. We're hopeful that we can get the EIA consultancy approvals done in the next, hopefully, 10 months. And from that point on, we'll start moving dirt, building foundations and getting to that point where we can actually see concrete coming out of the ground. We'll continue to keep you updated about that. David has a whole host of plans that he's putting in motion as we speak. He will be moving to Phuket from Bangkok in September. He's in the process of amassing a small but focused team in trying to continue to develop this greenfield. And for our next analyst presentation in November, David will be making a presentation about status update of the Phuket project. But let's take 2023 first. We have finished the Soi 1 project Phase 1, which is a car park of 200 spaces. We have -- since we last spoke to you, we have agreed to now continue Phase 2 and Phase 3, which are 2 buildings, additional on that plot. We are going to add 59 additional beds in the middle building. And on the third building to the right of the middle building, will be an advanced diagnostic center. And we will have our own oncology -- Bumrungrad Oncology Institute in that third building. It's going to be very, very exciting. The new Vitallife building, which I talked to you about a little bit ago, we'll be opening, as I said, September 20. We, in 2023, completed the expansion of an additional 9 beds for ICU 3. And in talking about ICU 3, in November of this year, we will be moving our lab to another location outside the hospital. And inside the hospital, we'll be adding a brand-new ICU 5, which will be 12 new ICU beds. We'll start that in November, and we'll finish it in midyear 2024. While that's going on, in September, we will also start the construction, what we call an Annex building. Those of you who know our campus, know that there's Soi 1/1. And as you go down that small little Soi, there is the loading dock on the left. We own a piece of property on the left Soi. The loading docks on the right, we're going to build a building there, which will be a women's and children's outpatient center. We'll also build and have approved by BMA, a walkway across the build -- across the street directly into the hospital so that physicians and patients and family can walk from the building, over the top of the street right into the hospital. That's called an Annex building for now. We'll change the name once it's finished, but Annex means annexing into the hospital. It will be a women's and children's center -- outpatient women's and children's center. Moving to 2025, I mentioned the Phuket project, which continues. We put it in 2025 because our expectation is somewhere in Q2, Q3, that will open in 2025. David is going to open 150 beds. We'll finish 150 beds, he'll open 50 beds at a time as needed, along with the advanced diagnostic center, it will open in advance of the actual inpatient beds. And then Phase 2 will be an additional 100 beds whenever we need them. They'll be shelled in, but all the mechanical, electrical and plumbing will already be in there. As I said, on the Soi 1 project, we're going to add 59 additional licensed beds to complement our 580 beds here for future expansion. So we have full capacity. As it turns out, our Q3 has just begun and we don't really have a lot of raw data in hand because it just began July 1. But as you look at July and as you look at the beginning of August, the quarter has started out very robust for the company. We'll see where it ends at the end of Q3, but it looks like that as time goes on here, these 59 beds will be used and will be needed and will be used in the years ahead. Next slide. I wanted to show you this because this is something that since COVID ended, we've been able to reach out into the world and look at and study and analyze our referral offices all over the world. And when COVID was in play, we had about 55 to 60 Bumrungrad referral offices around the world. Some of those were -- many of those were virtual, some of those were real, meaning owned, bricks and mortar, by us, our latest 2 are in Saudi Arabia. And since COVID passed, thankfully, that number from 50 to 60, depending upon the day of the month, has now moved up to 83 referral offices, and this is the context of those named-type referral offices. We have 52 of them that are non-Middle East referral offices. International Middle Eastern offices we have 15, local non-Middle East referral offices 3 and local Middle East referral offices 13. I show you this because this is a principal, not so, but a principal driver of our international business all over the world. And we're going to take this mapping because we know how to do this over the years. We're going to take this mapping approach and penetration approach in different market types, next slide, and look at where will we be in 2024 and 2025. We are an international medical tourism destination provider of care, Commonwealth of Independent States, you may know the list of these 10 countries. We have an intention over the next 2 years to make headway into these markets. We do see some patients from these markets, mainly because of medical tourism, arrivals from these markets into Bangkok. But we plan on penetrating some of these markets in certain -- some different ways than the way we do other markets. I'll get into that as the quarters go by. But this is where -- there are other markets, but this is where some of our future growth will come from, from the CIS countries. We're right now beginning our 2024 budgeting process for the company. And we start in next week, as a matter of fact. And that will go on through our Board meeting in November, and we'll finalize that process then. Some of these markets will be in those business plans in 2024. But I expect some of them will also be in the business plans for 2025. So take me back please to the takeaways, if you would, slide. So the one item that I didn't cover for you was the Q3 top line revenue growth guidance. I'm continuing to guide double-digit revenue growth, but I expect to see revenue growth somewhere between what we did in Q1 and Q2. Q1 was about 47% growth off of Q4, very, very strong. Q2 was surprisingly strong at 23%, 24%. I would expect the revenue growth, double-digit revenue growth will be somewhere between those two numbers. It's a guess, obviously, but it's an educated guess based upon our track record through 1H and the unofficial raw data that we see through 1.5 months of Q3. What that will be in the end is anyone's guess. Things can always happen up and down. But we expect Q3 -- I expect Q3 to be to be a good quarter for us. What that translates into, we'll see and report back to you at our next analyst presentation meeting. I thank you for your attention. Please join us for our webcast or live webcast next week. I think it's going to be on Thursday? Is that correct? Wednesday. What? 16th of August at 10:00 Bangkok time. You're most welcome to join. We'll answer any and all questions you may have. Thank you again for your attention, and I'll close here. Thank you [Foreign Language].

[Foreign Language] Good morning, everyone. I'm Oraphan Buamuang, Chief Financial Officer. I'm pleased to report you on the financial highlights and financial performance of second quarter and first half 2023. Financial highlights. In second quarter and first half 2023 finance performance, total revenue, EBITDA and net profit amount will improve when compared to the same period last year and also above year 2019 peak [ rate ] situation, as shown in the first [ level ]. The improvement mainly came from the higher contribution of international segment, had a positive impact to patient volume and revenue intensity, continue as in this year. In terms of profit margin, in second quarter 2023, EBITDA margin and net profit margin were 38.9% and 28.4%, respectively, which are the new high records. I will walk you through more detail in the next section. Financial performance. The consolidated revenue in second quarter this year was THB 6,147 million, increased from second quarter 2022 by 24.1% and also above the second quarter 2019 by 42.7%. The revenue improvement in second quarter this year came from the increase in revenue from non-Thai patients by 28.6% and Thai patients by 13.7% when compared to second quarter last year. For first half 2023, the consolidated revenue was THB 12,235 million, increased from first half last year by 34.4% and also above the first half 2019 by 35.8%. In terms of revenue contribution by nationality, the contribution of international in second quarter this year increased to 65% from 62% in second quarter last year, mostly due to [ M.K.'s ] revenue from non-Thai patients by 28.6%, which is more than revenue from Thai patient increased at 13.7%. For first half 2023 revenue contribution from international patients also [ led ] to 66%, which closed to 68% in first half 2019. The contribution was coming back to year 2019 peak [ rate ] situation. In terms of revenue contribution by service, in second quarter 2023, revenue contribution from inpatient services increased to 52% from 46% in the same period last year due to IPD revenue increase at [ 36.8% ], which's more than OPD revenue increased at [ 7.5% ]. This is mostly due to higher volume and intensity of IPD case. In first half 2023, revenue contribution from inpatient services also increased to 51% from 47% in the same period last year, with the same reason already mentioned. In terms of revenue contribution by payor type, the government third-party contribution in first half this year increased to 18% from 11% in first half last year, mostly due to revenue of government-sponsored [ increase ] by 127%. This associates with Middle East revenue increase. Insurance contribution in first half this year slightly increased to 18% from 17% in the same period last year due to internal revenue in first half this year increase year-over-year by 38%. Self-pay contribution in first half this year declined to 63% from 71% in first half 2022, mostly due to revenue from self-pay increase at 19%, which is lower than revenue of government third-party payors and insurance payors. In terms of EBITDA and EBITDA margin, as a result of increased revenue and continued cost unit ], EBITDA in second quarter 2023 was THB 2,394 million, improved from THB 7 million last year by 40% and improved from second quarter 2019 by 105%, with EBITDA margin 38.9%, which is the new high record. EBITDA in first half 2023 was THB 4,594 million, improved from same period last year by 60% and improved from first half 2019 by 65%, with EBITDA margin 37.5%. In terms of net profit and net profit margin, net profit of second quarter 2023 was THB 1,748 million, which improved by 50% and 141% from second quarter 2022 and second quarter 2019, respectively. Net profit margin of second quarter this year improved to 28.4% from 23.5% and 16.8% in second quarter 2022 and second quarter 2019, respectively. First half 2023 net profit was THB 3,331 million, which improved by 76% and 84% for first half 2022 and first half 2019, respectively. Net profit margin of first half this year improved to 27.2% from 20.8% and 20.1% in first half 2022 and first half 2019, respectively. In terms of leverage ratio, Net debt to EBITDA of first half this year was negative at 0.4x due to less net debt. And net debt-to-equity in first half 2023 was also a negative 0.2x due to less net debt as well. This is our financial highlights and financial performance of second quarter and first half 2023. Thank you for your attention.

[Foreign Language] Today, I would like to present about hospital operation updates in Q2 2023. So let's start with Bumrungrad core competency. I would like to emphasize again about 4C1W, which are critical-care, complex, cutting-edge technologies, collaboration of expertise and wellness. So we continuously strive to find better ways to deliver the best care possible to our patients. And in Q1 this year, we already promoted our heart Institute and neuro critical-care services. For the second quarter, we have promoted a new service, focus on limb preservation, foot and nail care. It is a significant step toward expanding and offering a specific healthcare needs on various foot- and nail-related issues for wound care and diabetes patients. And this service, we got a very good feedback from Arabic patients. So the next one, this is our Eye Excellence Center. We promote our Eye Excellence Center because we have full subspecialties of our [ ophthalmology ]. We did the press conference on May 31. And in June, it has a significant impact that the whole revenue of our Eye Excellence Center improved around 5%. And especially the key products improved around 25% and 10%, respectively. The next one is our fertility center and IVF center. For IVF clinic, we have opened IVF clinic, and we have the number of physicians that they can deliver the very high success rate. And we did the open house in Q1 to emphasize our service about -- we have the holistic service for the fertility and IVF patients. We continue our marketing activities by promoting IVF content in domestic markets, via online channels and TikTok and arranged webinars for international market. The result from the promotion and open house, we got nearly 30% year-on-year of the number of IVF patients. The next one is the Genomic Medicine Institute. We're very proud to present this service because Bumrungrad is the pioneer to promote genomic medicine services because we have our own geneticists in-house, and we strongly focus in genomic medicine in the various programs such as [ whole ] genome sequencing, whole exome sequencing and genetic -- for cancer and for heart disease. And we use every channel, including online channels, and got very good response from our customers. And we also signed MOU with Dar Al Shifa Hospital in Kuwait to endorse our Genomic Medicine Institute. And we have very good feedback from the Kuwait market, and they plan to send numbers of the genetic patients to Bumrungrad hospital as well. Then, we also enjoyed the ACMTT conference and presented how genomic medicine is an innovative approach that allies with the advancement of personalized healthcare. The performance of preventive genomic clinic go up significantly by achievement in terms of volume, 27% year-on-year, and revenue increased around 37% year-on-year and many more to come. And we just promoted our Chief Scientific Officer, [ Dr. Paul Greg ], to be the leader of this genomic medicine institute. The next one, as you know, that we continue to develop and enhance our Bumrungrad application. Lately, we just launched Bumrungrad applications in Arabic version. And we also implement Internet of Medical Things, or IoMT, and can connect various health device such as Fitbit, Google Fit, Oura Ring to gather the patient, generate [ their ] data, and the doctors can see the patients, they are in the bar, and can monitor our patients [ held ] data, where Bumrungrad application, and it show up on our doctors' mobile phone. And this is very innovative and move-forward thinking approach of the patient care. And this is to show you awards. And I think everyone knows about Newsweek that this is the third consecutive year of Bumrungrad Hospital to be one of 250 best -- World's Best Hospitals, and we are the only one hospital in Thailand that achieved this award. And we also have various awards that are showed in the slide. And lately, we also got the Thai Best Managed Companies from Deloitte as well. So this is -- we would like to recognize our hospitals management, our practice and our dedication to excellence and outstanding performance. That's all for me for Q2 [Foreign Language].

So now we come to the end of the presentation. Thank you very much, everyone, for listening in. And please be reminded that we will have the live Q&A session on 16 of August at 10 a.m. for those of you who got invited. And -- but in the meantime, if you have any questions, please feel free to send your questions to [email protected]. Before that, we will see you again in the next quarter. So thank you very much again [Foreign Language].