The Doctor Care Anywhere Group PLC (ASX: DOC) share price could be one to watch after announcing another strong quarter of growth.
If you haven’t heard of Doctor Care Anywhere before, it’s a UK-based telehealth business that is looking to provide care through digitally enabled pathways on a platform. It works with a range of health insurers, healthcare providers and corporate customers to connect with patients to deliver a range of telehealth services.
Doctor Care Anywhere Q2 update
It revealed that its ‘underlying revenue’ was £4.8 million ($8.9 million), up 8.1% on the first quarter of 2021. That also represented a 78.1% increase on the second quarter of 2020 (the prior corresponding period).
Doctor Care Anywhere also revealed some other statistics.
It said there its ‘activated lives’ (the number of people who have signed up for the company’s service and entered their details) had increased 12.7% over the quarter and 90.1% year on year.
The company also achieved a record 2,146 consultations on a single day, up 33% on the previous highest day. It saw record consultation volumes seen across all days of the week at the quarter end, demonstrating continued demand as the UK economy unlocks.
In total, it delivered 89,400 consultations during the quarter, down 1.3% on the first quarter of 2021 due to an anticipated shortage of GPs recalled to do the national vaccination program. However, that was still a 69.1% increase year on year.
A recruitment drive added 71 new GPs to the platform in the second quarter of 2021, bringing the panel to 315. There are a further 100 GPs in the pipeline, which would provide appointment capacity per month of up to 45,000. Further recruitment is underway.
Other highlights
The company also said that its diagnostic referral volumes were up 34.4% on the first quarter.
It has strengthened its Nuffield Health partnership with an agreement for unique integrated primary care service.
Doctor Care Anywhere finished the period if £31.5 million of cash, meaning it’s well funded to pursue more growth.
Summary thoughts on Doctor Care Anywhere and the share price
The business is expecting FY21 revenue to at least double compared to FY20. That’s a very strong increase in my opinion. If it can continue a high double digit revenue growth rate then Doctor Care Anywhere could certainly be one to watch. Digitally-enabled ways of doing things could be a good growth area. Think about how strongly digital retail is growing.
It’s one of the ASX growth shares on my watchlist.
