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.
- 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.”