Doctor Care Anywhere Plc share price, company news, analysis and interviews
Doctor Care Anywhere is the smart, easy and convenient way to manage your health.
As a doctor founded, patient-focused company, Doctor Care Anywhere Plc (ASX.DOC) believe that happy doctors mean happy patients. It’s a virtuous circle and one that has built a great team to help keep going.
20 minute video & phone GP appointments - Book an appointment at a time that suits you and speak to one of our UK trained GPs from wherever you happen to be.
Prescriptions - Set up NHS repeat prescriptions, have your private prescription medication delivered to your door or pick it up from your nearest local pharmacy - at home or abroad.
Referrals & fit notes - Our GPs can write private referral letters to specialists and fit notes for your employer (a.k.a medical certificates) straight after your appointment.
Patient records - From referrals to consultation notes and advice, keep all your medical notes in one safe, handy place.
Wherever you are in the world
If you’re travelling abroad for work or just enjoying a well deserved holiday, you can still use Doctor Care Anywhere, no matter where you happen to be.
Doctor Care Anywhere plc (DOC.AX) has announced the launch of its mental health proposition, with new client Partners&, the first customer to offer the service. Partners& is a leading business insurance broker focused on creating an engaged, healthy and high performing workforce offering its services to more than 12,000 SME businesses and individuals.
The launch of a mental health proposition fulfils a key IPO milestone for Doctor Care Anywhere, allowing it to continue transforming patient health journeys and delivering new and relevant clinical services to current and future corporate partners.
Doctor Care Anywhere has designed a digital first, integrated mental health service which delivers a joined up healthcare journey via one app, providing patients with:
Digital tools that empower self help and mental resilience: in partnership with third parties delivering a range of activities, educational information, games, anonymous chat forums and chat-based counselling.
Unlimited 20-minute GP consultation: designed to allow a GP to address multiple concerns and symptoms to ascertain underlying health connections.
MindCare Clinic: series of 20-minute and 40-minute consultations focused on personalised goal-setting based on a patient’s healthcare objectives.
Matched referrals: on going and effective treatment through access to relevant talking therapies.
The impact of the COVID-19 pandemic has generated pressures on mental health systems and consequently workplaces around the world. Figures from the UK’s Office of National Statistics indicate that the number of adults likely to be experiencing some form of depression during 2020 had almost doubled from 9.7% in July 2019 to 19.2% in June 2020. For those who require targeted support NHS waiting times are currently in excess of 18 weeks for referral to talking therapies.
Doctor Care Anywhere’s mental health proposition delivers a much faster route to support and self-care, helping employers support their workforce and maintain a mentally healthy and productive workplace.
Dr Bayju Thakar, CEO of Doctor Care Anywhere, said:
“Society is becoming more aware that mental health is as important as physical health, yet huge stigma still surrounds seeking help for your mental health and even with greater awareness this is not translating into action. The sheer volume and range of mental health services leads to disjointed and inefficient pathways. Our philosophy of joining up fragmented systems is now being realised in mental as well as physical health.
“Doctor Care Anywhere’s entry into the mental health market gives patients a seamless solution that treats the whole person. Following our recently announced partnership with Nuffield Health, today’s announcement is another key growth milestone in adding higher margin and higher quality services and delivers a truly joined up healthcare experience to our patients.”
Phil Barton, CEO, Partners& said:
“I am delighted to announce our innovative partnership with Doctor Care Anywhere, which comes at a particularly exciting moment for Partners&, having recently launched our Wellbeing, Engagement & Benefits proposition. We believe great mental and physical health support at the touch of a button should be for everyone – this partnership allows Partners& to support clients, and their employees, with mind and body health services at a fixed cost per person, no matter how large or small their business.” Doctor Care Anywhere is now implementing an integrated marketing campaign, “That’s Me” to support the rollout of its mental health offering proposition.
Doctor Care Anywhere plc (DOC.AX) has today announced the appointment of Dr Paul Zollinger-Read CBE as Chairman of its Clinical Governance Committee continuing the company’s commitment to clinical excellence. He replaces Professor Dickon Weir-Jones who steps down from the role after two years.
The Clinical Governance Committee provides leadership, support and direction to ensure Doctor Care Anywhere excels in providing patients with safe, effective and well-led clinical services which deliver the highest standards of patient-centred care.
Dr Zollinger-Read is a practising clinician with extensive public and private healthcare experience at Board level. Formerly the Chief Medical Officer of the global healthcare business, Bupa, he brings considerable experience in delivering robust governance systems across a wide range of clinical settings internationally.
A General Practitioner for over 20 years, Dr Zollinger-Read set up and became CEO of one of the first Primary Care Trusts in the UK. He went on to become CEO of a number of NHS trusts before joining the influential King’s Fund, an independent charitable organisation working to improve health and care in England. In 2012 he was awarded a CBE for his services to the NHS. His current portfolio includes board positions with Irish-based VHI Health and Well Being and radiology services organisation Medical Imaging Partnership.
Dr Bayju Thakar, CEO of Doctor Care Anywhere, said:
“There is nothing more important to us in our day-to-day operations than providing the highest standards of safe, clinically excellent services to our patients. Paul brings with him a vast amount of experience in delivering clinical governance structures for some of the world’s largest health organisations. To attract a Clinical Governance Chairman of his stature is a huge moment for our business and demonstrates our determination to deliver a joined-up, patient centred digital health experience founded on clinical excellence.”
Dr Paul Zollinger-Read said: “Digital healthcare has the capacity to change the healthcare outcomes of millions of people and is transforming the way in which patients around the world access care. Whilst the sector has seen phenomenal growth during the pandemic, it is clear that the true benefits of joined up health pathways can relieve the enormous pressure health systems face as an after-effect of COVID-19. In this context clinical governance has never been more important or more necessary. I’m delighted to be leading Doctor Care Anywhere’s Clinical Governance Committee and look forward to ensuring the business delivers the highest standards of clinical care to its innovative patient centred services.”
Doctor Care Anywhere Group plc (ASX:DOC) Q121 update showed that it continues to grow robustly in 2021, with revenue and consultations up c 260% y-o-y, ending the period with a solid balance sheet (net cash of £35.1m). Management remains confident of the growth potential for the rest of the year and expects revenue in 2021 to grow by at least 100% above 2020 levels. Edison Group have upgraded its FY21 forecasts following a robust Q1 and the company’s upbeat outlook for 2021.
Year end
Revenue (£m)
PBT* (£m)
EPS* (p)
DPS (p)
EV/Sales (x)
P/E (x)
12/19
5.7
(4.4)
(3.7)
0.0
24.6
N/A
12/20
11.6
(13.5)
(7.8)
0.0
12.1
N/A
12/21e
23.4
(16.3)
(5.1)
0.0
6.0
N/A
12/22e
37.4
(9.0)
(2.8)
0.0
3.8
N/A
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Solid Q1 revenue and KPI growth
Underlying revenue (excluding £2m one-off revenue) was up 260% y-o-y to £4.4m in Q121, resulting from 261% y-o-y growth in consultations. Eligible lives increased 39% y-o-y to 2.38m at the end of Q121, already beating our H121 2.25m forecast and underlying the pace at which DOC has grown in Q1. Activated lives at the end of Q121 increased by 183% y-o-y to 495.9k, with DOC remaining comfortably on track to meet our 505.3k forecast for H121. DOC ended Q121 with a robust net cash position of £35.1m (£38.4m at the end of 2020).
Robust growth to continue in 2021
Management is confident of DOC’s growth potential for the rest of 2021 and expects group revenue to grow by at least 100% above 2020 levels, implying at least £23.2m in group revenue in 2021. With pressure on an already embattled UK healthcare system expected to continue, the company anticipates demand for its GP consultations (primary care) to remain high. Additionally, it expects the easing of lockdown in the UK to accelerate growth for its secondary care services.
2021 forecast updated, 2022 largely unchanged
Our updated 2021 revenue forecast now stands 9% higher at £23.4m (£21.4m previously), as we factor in £2m in one-off revenue in Q121. The higher revenue forecast results in gross profitability increasing by 22% to £11.2m (£9.2m previously), which translates into a 9% decline in net loss to £16.2m (£17.8m previously) and our net cash forecast being boosted by 8% to £20.9m (£19.4m previously). The only change to our 2022 forecast is that our net cash position now stands 25% higher at £7.8m (versus £6.3m previously) due to a higher forecast net cash position at the start of the year.
Valuation: Significant discount to peer group
DOC trades at 6x our updated 2021 revenue forecast on an EV/Sales multiple, a 65% discount to the 17.2x average of its peer group of global telehealth companies. We believe this valuation discount to peers will reduce over the next 12–18 months, as DOC builds up a track record on the market and executes on its growth strategy.
Doctor Care Anywhere Group PLC (ASX:DOC), has today provided the following update on trading for the quarter ended 31 March 2021 (“1Q 2021”). This Quarterly Activity Report and Appendix 4C is prepared in GBP in accordance with International Financial Reporting Standards in conformity of the requirements of the Companies Act 2006.
Highlights
Doctor Care Anywhere anticipates benefit from speed of UK vaccine rollout as private hospital capacity begins to return to normal.
The pandemic has driven a level of acceptance of telehealth services in the past twelve months that might previously have taken five years.
These are long-term changes and they are driving consumer demand for telehealth, giving confidence of delivering year on year revenue growth of at least 100% above FY 2020.
Operational and financial performance driven by growth in eligible and activated lives
Unaudited Underlying Revenue totalled £4.4 million in 1Q 2021, up 16.5% on 4Q 2020
Eligible Lives of 2.4 million at end of 1Q 2021, up 7.0% on 4Q 2020
Activated Lives of 0.5 million at end 1Q 2021, up 14.7% on 4Q 2020
90,500 Consultations for 1Q 2021 up 21.9% on 4Q 2020
Over 34,000 Consultations delivered in March 2021; 32.3% growth above the highest month in 4Q 2020
Cash position of £35.1 million as at 31 March 2021
Commenting on the performance and outlook, CEO Bayju Thakar, said: “Following a very positive start to the year, our outlook for 2021 remains strong.
“The perennial demands on traditional health systems combined with Government imposed lockdowns, which are now easing in the UK, have fostered a level of adoption and acceptance of telehealth services in the past twelve months, by both patients and clinicians, that might previously have taken five years.
“The speed of the UK vaccine rollout will allow our secondary care services, such as diagnostics, to open and this will further support our growth as hospital availability returns to normal.
“This demand, together with our unique capability of joining up primary care, diagnostics and secondary care services, gives us considerable confidence that we will continue to grow rapidly in both the UK and International markets.
“The business continues to perform strongly, reflecting the long-term changes driving consumer demand for telehealth. As we look beyond COVID lockdowns to a more widely vaccinated UK population, we are confident of year on year revenue growth of at least 100% above FY 2020, driven by growth in telehealth lives, activations and consultations together with our ability to grow areas of the business curtailed in the lockdowns.”
Doctor Care Anywhere plc (ASX:DOC) is the topic of conversation when Edison Analyst Brendan D´Souza joins DirectorsTalk. Brendan provides us with an overview of the company, explains why the Telehealth industry is very sought after by investors, runs us through the company’s growth strategy and talks us through the key highlights from the Q1 trading update.
https://vimeo.com/543001907
Doctor Care Anywhere Ltd was founded in July 2013 as a telehealth company based in London. It is committed to delivering high-quality, effective and efficient care to its patients through the integration of Primary and Secondary Care.
Its a new kind of health service designed to help you look after yourself and your family from anywhere and cuts down on waiting times. For a greater understanding of the company view the company investor presentation.
Doctor Care Anywhere Group plc (ASX:DOC) Q121 update showed that it continues to grow robustly in 2021, with revenue and consultations up c 260% y-o-y, ending the period with a solid balance sheet (net cash of £35.1m). Management remains confident of the growth potential for the rest of the year and expects revenue in 2021 to grow by at least 100% above 2020 levels. Edison Group have upgraded its FY21 forecasts following a robust Q1 and the company’s upbeat outlook for 2021.
Year end
Revenue (£m)
PBT* (£m)
EPS* (p)
DPS (p)
EV/Sales (x)
P/E (x)
12/19
5.7
(4.4)
(3.7)
0.0
24.6
N/A
12/20
11.6
(13.5)
(7.8)
0.0
12.1
N/A
12/21e
23.4
(16.3)
(5.1)
0.0
6.0
N/A
12/22e
37.4
(9.0)
(2.8)
0.0
3.8
N/A
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Solid Q1 revenue and KPI growth
Underlying revenue (excluding £2m one-off revenue) was up 260% y-o-y to £4.4m in Q121, resulting from 261% y-o-y growth in consultations. Eligible lives increased 39% y-o-y to 2.38m at the end of Q121, already beating our H121 2.25m forecast and underlying the pace at which DOC has grown in Q1. Activated lives at the end of Q121 increased by 183% y-o-y to 495.9k, with DOC remaining comfortably on track to meet our 505.3k forecast for H121. DOC ended Q121 with a robust net cash position of £35.1m (£38.4m at the end of 2020).
Robust growth to continue in 2021
Management is confident of DOC’s growth potential for the rest of 2021 and expects group revenue to grow by at least 100% above 2020 levels, implying at least £23.2m in group revenue in 2021. With pressure on an already embattled UK healthcare system expected to continue, the company anticipates demand for its GP consultations (primary care) to remain high. Additionally, it expects the easing of lockdown in the UK to accelerate growth for its secondary care services.
2021 forecast updated, 2022 largely unchanged
Our updated 2021 revenue forecast now stands 9% higher at £23.4m (£21.4m previously), as we factor in £2m in one-off revenue in Q121. The higher revenue forecast results in gross profitability increasing by 22% to £11.2m (£9.2m previously), which translates into a 9% decline in net loss to £16.2m (£17.8m previously) and our net cash forecast being boosted by 8% to £20.9m (£19.4m previously). The only change to our 2022 forecast is that our net cash position now stands 25% higher at £7.8m (versus £6.3m previously) due to a higher forecast net cash position at the start of the year.
Valuation: Significant discount to peer group
DOC trades at 6x our updated 2021 revenue forecast on an EV/Sales multiple, a 65% discount to the 17.2x average of its peer group of global telehealth companies. We believe this valuation discount to peers will reduce over the next 12–18 months, as DOC builds up a track record on the market and executes on its growth strategy.
Doctor Care Anywhere plc (ASX:DOC) is the topic of conversation when Edison Analyst Brendan D´Souza joins DirectorsTalk. Brendan provides us with an overview of the company, explains why the Telehealth industry is very sought after by investors, runs us through the company’s growth strategy and talks us through the key highlights from the Q1 trading update.
https://vimeo.com/543001907
Doctor Care Anywhere Ltd was founded in July 2013 as a telehealth company based in London. It is committed to delivering high-quality, effective and efficient care to its patients through the integration of Primary and Secondary Care.
Its a new kind of health service designed to help you look after yourself and your family from anywhere and cuts down on waiting times. For a greater understanding of the company view the company investor presentation.
Data policy – All information should be used for indicative purposes only. You should independently check data before making any investment decision and or seek professional advice. DirectorsTalk cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used.
