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36 months


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Lille, France



Health care

Presentation of the company

Created in 2003, INTERCARD is a liberal practice society specialized in child and adult cardiology. The company, managed by its founder Doctor Jean Marie LEFEBVRE, employs 35 people and is based in Lille:

Consultations, functional exploration, intervention activity and hospitalisation are the 4 main areas of our activity.

Diagnostics and examinations of patients in hospital or in a specialized surgeon

Intercard has become one of France’s largest private, independent, free-lance groups of cardiologists thanks to its DNA of teamwork and access to innovation. Currently the activity is spread over 19 practices spread over the Lille and Valenciennes metropolises with activities of cardiological examinations and hospitalisations in 3 of the most important clinics in the North. The main establishment of the company is located near the private hospital of La Louvrière in Lille and operates under the name of Cabinet Vendôme Cardio. The practice offers adult cardiology and pediatric cardiology services for patients with congenital and fetal heart disease. The practice has all the necessary equipment to carry out preliminary medical analyses (ultrasound, electrocardiogram or stress test).

Project Description

Cardiology, like many medical specialities, is faced with a great shortage of young specialists; the failure to replace retiring doctors creates medical deserts that are very worrying for the health of the population in the geographical areas concerned.

The company thus wishes to borrow €55,000 over 36 months to finance the recruitment costs of several cardiologists at European level to be integrated into the structure during the year 2018.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

With a turnover of 10467131 € in 2016 and an experienced team, the company has a good performance record in terms of activity combined with a solid operating profitability.

In 2014, the decline in profitability is linked to non-recurring structural costs.

The forecast was drawn up on the basis of 2016 performance, taking into account the increase in activity linked to the recruitment of new cardiologists.

The borrower has a solid repayment capacity with a fixed charge cover ratio* (FCCR) of 1.51 and an excellent financial structure with a net debt to EBITDA ratio of 0.6 and net debt to equity ratio of 20.0%.

The analysis of the project and the borrower leads to an A rating with excellent financial solidity and a rate of 3.50% per year.

Highlights :

  • Team composed of more than 20 practitioners covering all cardiological activities, available in clinics but also in city offices.
  • Good reputation of cardiologists with several partnerships with hospital groups and health centres at national level
  • Good repayment capacity with a projected CCRF of 1.51 after the Lendix loan

Vigilance Point

  • Health sector, linked to regulatory changes and impacted by rates of reimbursement of acts by social security funds

*The multiple of FCCR at 1.51 means that the company has a 51% margin of safety in relation to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the information provided by the project leader and information from our databases (Scores & Décisions, Fichier Bancaire des Entreprises). This opinion is only a reflection in the decision of a lender to participate in the financing of a project.