Insparya Hair: Ronaldo’s Clinic Sees 13% Revenue Drop in 2024

Cristiano Ronaldo’s Hair Clinic Faces Headwinds: A Look at Insparya’s 2024 Performance and Future Trends

Insparya Hair Medical Clinic S.L., the hair transplant clinic linked to Cristiano Ronaldo, reported a revenue of €20.7 million for 2024, a 13% decrease from the €23.9 million recorded in 2023. This dip, equating to over €3 million in lost revenue, comes amidst internal changes and an ongoing expansion strategy, according to recently filed accounts with the Commercial Registry.

Navigating Market Adjustments and Expansion

The company attributes the decline not to a structural sales downturn, but to “price adjustments to the market context” implemented throughout 2024. This adjustment is also reflected in the company’s EBITDA. Simultaneously, Insparya has been investing heavily in new clinics in Bilbao, Barcelona, and Málaga, continuing a national expansion plan.

Profitability Remains Strong Despite Revenue Dip

Despite the reduced income, Insparya remains profitable. Pre-tax profits reached approximately €6.5 million, with a financial profitability rate of around 15%, indicating a healthy return on invested capital. The company maintains a solid financial structure, with over 60% of its resources funded by its own funds and a moderate level of debt. Salaries and wages accounted for €7.7 million in expenses, and social security contributions totaled nearly €1.9 million, reflecting the labor-intensive nature of the business.

The Georgina Rodríguez Factor and International Presence

The 2024 financial results are the first since Georgina Rodríguez exited the shareholder structure in July of the previous year. Cristiano Ronaldo is now the sole public face of the project in Spain. Insparya International, the parent group, has a presence in Portugal, Italy, and Oman, and has treated over 70,000 patients in its 16 years of operation.

Ongoing Tax Dispute with Spanish Authorities

A significant challenge remains the ongoing dispute with the Spanish Tax Agency regarding VAT on treatments from 2019, 2020, and 2021, and Corporate Income Tax for 2019 and 2020. The Tax Agency disputes Insparya’s classification of certain treatments as strictly medical, arguing they are cosmetic and therefore subject to VAT. The total amount claimed is €5.9 million, for which the company has provided a €5.879.172 guarantee pending a final resolution. Insparya is optimistic, citing a favorable outcome in a similar case involving its Portuguese subsidiary.

Technological Advancement and Future Outlook

Insparya is actively reinforcing its technological positioning. In 2025, the group was recognized by FENIN for its biomedical research and the development of proprietary devices like BotHair Ultraplus, now integrated into its procedures. With new clinics opening and an active growth plan, the company is navigating a phase of expansion that balances profitability, market adjustments, and a pending tax resolution.

The Rise of Medical Tourism and Hair Restoration

Insparya’s situation highlights broader trends in the hair restoration industry. Medical tourism is a growing market, with patients increasingly seeking treatments abroad for cost savings or specialized expertise. The demand for hair restoration procedures is also rising, driven by factors like aging populations and increased awareness of available treatments. Clinics like Insparya are responding by expanding their geographic reach and investing in innovative technologies.

The Impact of Celebrity Endorsements

Cristiano Ronaldo’s involvement is a key element of Insparya’s brand strategy. Celebrity endorsements can significantly boost brand awareness and attract patients, but also carry risks. Maintaining a strong reputation and delivering high-quality results are crucial to justify the investment in such endorsements.

FAQ

Q: What caused the revenue decrease at Insparya in 2024?
A: The company attributes the decrease to price adjustments made to align with market conditions.

Q: Is Insparya currently profitable?
A: Yes, despite the revenue decrease, Insparya remains profitable with a pre-tax profit of approximately €6.5 million.

Q: What is the status of the tax dispute with the Spanish authorities?
A: The dispute is ongoing, with an amount of €5.9 million claimed by the Tax Agency. Insparya has provided a guarantee and remains optimistic about a favorable resolution.

Q: What is Insparya doing to innovate?
A: Insparya is investing in biomedical research and developing its own devices, such as BotHair Ultraplus.

Did you know? The global hair restoration market is projected to reach billions of euros in the coming years, driven by increasing demand and technological advancements.

Pro Tip: When considering hair restoration, research clinics thoroughly, check patient reviews, and consult with qualified medical professionals.

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