Q1 2022 Pre-silent IR Newsletter


This is Terveystalo's first Pre-silent IR Newsletter. The IR Newsletter will be published four times a year, prior to the beginning of the silent period. It wraps up the latest quarter including most important releases published during the quarter, frequently asked questions by investors and upcoming IR-events. The possibility to subscribe to the newsletter will be added to the Investors / IR Newsletters page before the next newsletter during Q2.

Terveystalo’s silent period starts on Tuesday, 29 March, 2022 and the January-March 2022 results will be published on Thursday, 28 April, 2022 at around 09.00 am EEST.

Webcast will be held on the same day starting at 10.30 am EEST.
You can watch the webcast (and later the recording) from this link:

Terveystalo's company website renewed

Terveystalo’ s renewed company website has been published. From the renewed Company section you will find basic information about Terveystalo, the Investors section, Newsroom, as well as new Quality and Responsibility section containing all relevant ESG information. The company pages are available in Finnish and English.
Visit the new Company -pages.

Key releases during Q1 2022

Terveystalo's Annual Report 2021 published

Annual Report 2021 was published on 18 February, 2022.

Notice to the Annual General Meeting 2022

Annual General Meeting of Terveystalo Plc will be held on Thursday, 7 April 2022 at 3:00 p.m. EEST. To prevent the spread of the Covid-19 pandemic, the Annual General Meeting will be held without shareholders’ and their proxy representatives’ presence at the meeting venue. Shareholders of the Company and their proxy representatives may participate in the meeting and exercise shareholder rights only through voting in advance as well as by making counterproposals and presenting questions in advance. The notice to General Meeting of Shareholders, as well as the Board of Directors’ proposals to the General Meeting have been published in stock exchange releases and on Terveystalo’s website:
Video recordings of the speeches of the President and CEO, the Chairman of the Board, the Chairman of the Nomination Committee and the new Board member candidates are also available on the site.

Registration and advance voting will end on 31 March, 2022 at 4:00 p.m. EEST.

Terveystalo has signed an agreement for a EUR 100 million domestic commercial paper program

Terveystalo has signed an agreement for a EUR 100 million domestic commercial paper program. Under the program, the company may issue commercial papers with a maturity of less than one year. The financing arrangement diversifies Terveystalo' s financing base and supports the Group's normal working capital financing. The debt investor presentation is available here.

Terveystalo sends care supplies to Ukraine

Terveystalo responded to the request of the Ukrainian embassy, donating a total of 31 sets of care supplies such as syringes, needles, and protective equipment for crisis aid. The first cargo left for Ukraine on 1 March 2022, with the transport of our partner Freja in cooperation with the Ukrainian authorities. This will ensure that the aid reaches its destination. Our partners in the project are Mediq, our supplier of care products, and Plandent and Wulff. In addition, we are supporting the Doctors Without Borders grant with a monetary donation to help people in this major crisis.

Other releases published during the quarter can be found in our Newsroom.

Frequently asked questions during the quarter

How does accelerating inflation affect Terveystalo's business?

In procurement, the rise in prices is currently reflected in some of the supplies (materials purchased are roughly 3% of OPEX). The price of electricity has also an impact on operating costs, which, however, has a relatively small effect on a group level. Similarly, rising inflation will put more pressure on wage increases, which will be negotiated collectively on an industry level, for example for nurses (~43% of salaried employees are covered by CLA). Most (96%) of the physicians working for Terveystalo are, however, private practitioners.

How is Terveystalo going to proceed in the Swedish market?

We have completed Feelgood’s integration process and are starting to implement business plans. The Swedish market offers Terveystalo more opportunities for growth both organically and through acquisitions. The occupational health market in Sweden is more fragmented than in Finland and there are better opportunities for market consolidation. The “funnel” of bolt-on acquisition targets is currently strong. Terveystalo has already made three bolt-on acquisitions in Swedish occupational health, in addition to Feelgood. In the longer term, the goal is also to grow in Sweden outside occupational health to specialized care.
In addition, Terveystalo has clear plans to expand its digital suite to the Swedish market, and the goal here is to make progress this year.

How will the possible alleviation of the COVID-pandemic and the reduction in Covid testing impact Terveystalo?

Terveystalo performed approximately 230,000 Covid tests in 2020 and approximately 500,000 in 2021. We report on these on our website in the open data at

Covid testing will be lower as expected, but one have to remember that it has replaced other normal diagnostics during the pandemic, so a reduction in Covid testing will not directly reduce revenue as it is expected to be replaced by other services. In addition, PCR testing, as an example, will most likely be part of normal flu diagnostics in the future.

The demand-supply situation, how has it developed and what has Terveystalo done to minimize the supply bottlenecks?

Demand for health services remains high and supply is the limiting factor. We have put lots of effort to the recruitment of professionals. With better demand-supply steering and increased use of digital appointments (chat, video receptions) we were able to produce one million appointments more in 2021. We continue the work with demand-supply steering and developing our suite of digital services.

Financial reporting 2022

• Interim Report for January–March 2022 on Thursday, 28 April 2022
• Half-Year Report for January–June 2022 on Tuesday, 19 July 2022
• Interim Report for January–September 2022 on Thursday, 27 October 2022

The Financial reviews 2022 will be published at approximately 9:00 a.m. EET. Financial reports are published in Finnish and English.

Investor activities and events during Q1/2022

Terveystalo held virtual investor events for Helsinki, London and Sweden based investors during the quarter. In February, Terveystalo launched a commercial paper program, under which Terveystalo arranged an investor meeting for Finnish debt investors.
Check Terveystalo’s Investor Calendar for the upcoming IR events.


Check the latest Vara consensus.

Terveystalo’s IR Team

Terveystalo’s IR Team is happy to help you with any questions.

Liisa-Maija Seppänen
Investor Relations Manager
Tel. +358 50 314 4455

Kati Kaksonen
Vice President, Corporate Communications, IR & CR
Tel. +358 10 345 2034