MD Medical Group

What MD Medical Group does

MD Medical Group IPJSC (MOEX: MDMG) is the largest private healthcare provider in Russia, operating 97 facilities — 15 multidisciplinary hospitals and 82 outpatient clinics — across 46 cities and 35 regions under the "Mother & Child" brand. Founded in 2006 by Mark Kurtser, the group is headquartered in Moscow and was incorporated in Russia in June 2024 following redomiciliation from Cyprus; ordinary shares trade on the Moscow Exchange.

The company delivers a comprehensive service portfolio centered on obstetrics and gynecology, pediatrics, and reproductive medicine (IVF), and has expanded into multidisciplinary services including oncology, surgery, ophthalmology, and diagnostics. Notable technical capabilities include Da Vinci robotic surgical systems at Ilyinskaya Hospital, femtosecond lasers and vitreoretinal surgery systems at the Ophthalmology and Eye Microsurgery Centre, and other advanced equipment supporting minimally invasive procedures. In 2025, the group delivered 12,623 babies, performed 21,571 IVF punctures, and handled 4,302,821 outpatient treatments.

The business model is direct-to-consumer healthcare delivery through owned facilities, with pay-as-you-go procedure-based pricing. Average 2025 tickets illustrate a meaningful Moscow-vs-regions pricing differential: outpatient RUB 7,000 (Moscow) vs RUB 2,700 (regions), deliveries RUB 655,200 vs RUB 264,200, and IVF RUB 331,700 vs RUB 321,700. Revenue grew 31.2% year-on-year to RUB 43.5 billion in 2025 with 30.6% EBITDA margin. Growth is driven by a combination of organic new clinic openings and sizeable M&A, including the RUB 8.5 billion Expert network acquisition (May 2025), the RUB 8.5 billion Ilyinskaya Hospital deal (June 2026), and the RUB 900 million Zdravitsa acquisition (June 2026).

Name

MD Medical Group

Legal name

MD Medical Group IPJSC

Website

https://mcclinics.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

MD Medical Group is Russia's largest private healthcare provider, operating 97 facilities (15 hospitals and 82 clinics) across 46 cities under the "Mother & Child" brand. It delivers obstetrics, IVF, pediatrics, surgery, oncology, and diagnostics directly to patients on a fee-for-service basis.

Ownership category

akta.pro rank

Product category

Private Healthcare Services

NAICS

General Medical and Surgical Hospitals (62211), Offices of Physicians (except Mental Health Specialists) (621111), General Medical and Surgical Hospitals (622110), General Medical and Surgical Hospitals (6221)

SIC

Services-Hospitals (8060), Services-Offices & Clinics Of Doctors Of Medicine (8011), Services-General Medical & Surgical Hospitals, Nec (8062)

akta.pro primary industry

Private/For-Profit Hospital Systems (HLAFAAAF)

akta.pro secondary industry

Hospital-Owned Physician Networks & Medical Groups (HLAFAAAL)

Keywords

• Private healthcare services
• Hospital network
• Women's health services
• IVF treatment
• Outpatient clinics

Headquarters

HQ city

Nicosia

HQ country

Cyprus

HQ region

Europe

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Outpatient Services: Revenue from outpatient consultations, diagnostics, and treatments across 82 outpatient clinics. Average ticket approximately RUB 7,000 in Moscow and RUB 2,700 in other regions.
2. Inpatient Care: Revenue from hospital admissions, surgeries, and treatments at 15 multidisciplinary hospitals. Average inpatient care ticket approximately RUB 127,200 in Moscow and RUB 51,900 in other regions.
3. Deliveries: Obstetrics and delivery services. Average delivery ticket approximately RUB 655,200 in Moscow and RUB 264,200 in other regions. Total deliveries increased by 12.6% to 12,623 in 2025.
4. IVF and Reproductive Services: In-vitro fertilization and assisted reproductive technology services. Total IVF punctures increased by 8% to 21,571 in 2025. Average ticket approximately RUB 331,700 in Moscow and RUB 321,700 in other regions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

MD Medical Group operates a network of 97 owned-and-operated healthcare facilities across 35 regions of Russia, providing medical services directly to patients. The company offers obstetrics and deliveries, IVF and reproductive medicine, pediatric care, oncology, surgery, ophthalmology, and general multidisciplinary hospital and outpatient clinic services under the Mother & Child brand.

Product overview

MD Medical Group operates a diversified portfolio of healthcare facilities and medical services across Russia. The company manages 97 state-of-the-art facilities (15 hospitals and 82 outpatient clinics) spanning 35 regions. The core offerings include Mother & Child outpatient clinics (general family healthcare), flagship Lapino Clinical Hospital (high-complexity obstetrics, IVF, and surgery), and Ilyinskaya Hospital (recently acquired multidisciplinary facility with robotics). The company has expanded through acquisitions including Expert medical centres network (21 facilities) and Zdravitsa (6 outpatient centres). Key service lines span women's health (obstetrics, gynecology, IVF/reproductive medicine), pediatrics, oncology, surgery (including Da Vinci robotic system), and ophthalmology. The company offers a mix of organic growth (new clinic openings) and M&A-driven expansion (Expert, Zdravitsa, Ilyinskaya Hospital acquisitions).

Differentiator

Problem solved

Functional benefit

Brands

• Mother & Child Ugo-Zapad: Multifunctional medical center/clinic offering services for diagnostics, treatment, and prevention for all family members including IVF center and women's health centre
• Mother & Child Clinic
• MD Group Lakhta
• Lapino Clinical Hospital
• MD Group Michurinsky
• Ophthalmology and Eye Microsurgery Centre
• Expert
• Zdravitsa
• Avicenna
• MGIMO-MED Medical University
• Lapino-4
• Mother & Child IDK

Products and services

• Mother & Child Outpatient Clinics
• Lapino Clinical Hospital
• Ilyinskaya Hospital
• Zdravitsa Network
• Expert Medical Centres
• IVF and Reproductive Medicine Services
• Obstetrics and Delivery Services
• Oncology Services
• Pediatric Services
• Ophthalmology and Eye Microsurgery Centre
• Surgical Services

Quantifiable outcome

• Revenue grew 31.2% year-on-year to RUB 43.5 billion in 2025
• +4 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered major and core.

• CSM Zdravitsa LLCmajorStrategic or Co-development Partner · 17 June 2026Acquisition of 100% stake in Zdravitsa LLC - the leading outpatient network in Novosibirsk. Transaction covers 6 outpatient centres with 4,200 sq m total area, handling 525,000 outpatient appointments per year. 462 employees including 235 doctors. Revenue RUB 1 billion in 2025. Fixed transaction amount RUB 900 million.
• Ilyinskaya HospitalmajorStrategic or Co-development Partner · 29 December 2025Acquisition of Ilyinskaya Hospital - a major multifunctional outpatient and inpatient centre in Moscow Region. Hospital has 14,088 sq m total area, opened in 2019, with Da Vinci robotic surgical system. Acquisition price RUB 8.5 billion including RUB 1.1 billion debt. Hospital will continue operating under historic brand.
• MGIMO-MED Medical UniversitycoreStrategic or Co-development Partner · 19 September 2025Educational partnership for training medical professionals. MGIMO-MED Medical University operates with the Group, providing practical training for resident doctors. The new academic year 2025/2026 intake reached full enrolment capacity for the first time. Graduates successfully complete two-year courses of study.
• Expert GroupmajorStrategic or Co-development Partner · 22 May 2025Acquisition of Expert medical centres network - one of the largest healthcare networks in Russia, ranking eighth amongst Russia's largest private clinics. Transaction included 3 hospitals and 18 clinics across 13 Russian cities for RUB 8.5 billion. Expert network will retain its brand and operational processes.

Scale indicators17 records

Recent moves10 records

Expansion highlights5 records

Regional players

• Mat i Ditya (Mother and Child - Ukraine): A Ukrainian private healthcare network historically linked to MD Medical's brand (though now separated). Provides similar women's health, IVF, and pediatric services in Ukraine, representing a regional comparable for the specialty service model.

Broad incumbents

• Fresenius Helios: Europe's largest private hospital operator and a division of Fresenius, operating ~130 hospitals across Germany, Spain, and Latin America. Provides a comparable benchmark for multi-country (or multi-region) private hospital networks at scale.
• Ramsay Health Care: A global private hospital operator with facilities in Australia, the UK, France, and Scandinavia. Comparable as a public-listed, multi-region private hospital group with diversified specialty offerings similar to MD Medical's expansion strategy.
• HCA Healthcare: The largest for-profit hospital operator in the United States. Although geographically distant, HCA provides a relevant global benchmark for the private hospital systems operating model and EBITDA margin profile MD Medical is achieving.
• IHS Holding / Tenet Healthcare: Tenet Healthcare is a major US-based diversified healthcare operator with hospitals, ambulatory surgery centers, and outpatient facilities. Comparable in being a publicly listed, multi-specialty hospital and ambulatory care platform.

Direct peers

• European Medical Center (EMC): EMC is the largest private multidisciplinary hospital in Moscow, offering premium healthcare services across multiple specialties. It is the closest direct competitor to MD Medical in the high-end Russian private healthcare segment, competing on tertiary hospital care, diagnostics, and outpatient services.
• SM-Clinic: SM-Clinic is a major Russian private medical network operating multidisciplinary clinics with adult and pediatric departments. Comparable in scale to MD Medical's outpatient footprint, with strong presence in Moscow and other large Russian cities.
• Medsi (Sistema group): Medsi operates one of Russia's largest networks of private clinics and hospitals, providing outpatient and inpatient care across multiple regions. It competes with MD Medical across general medicine, diagnostics, and inpatient services in Moscow and regional cities.
• Invitro: Russia's largest private medical diagnostics and laboratory testing network. While primarily focused on diagnostics and lab services, Invitro competes with MD Medical's diagnostics offering and shares similar geographic expansion strategies across Russian regions.
• Klinika Semeynaya (Family Clinic): A leading Russian private network of multidisciplinary clinics providing outpatient and inpatient services for adults and children. Directly comparable to MD Medical's Mother & Child outpatient model, competing for similar patient segments in family healthcare.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/md-medical-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MD Medical Group