DOCTOR CARE ANYWHERE GROUP PLC onlyDoctor Care Anywhere
Transforming lives through better healthcare
FY21 Preliminary Results and Capital useRaising
28 Dr
ersonal1
Important Notice and Disclaimer
This investor presentation (Presentation) is dated 28 February 2022 and has been prepared by Doctor Care Anywhere Group PLC, a public limited company registered in England and Wales with English company number 08915336 and registered as a foreign company in Australia (ARBN 645 163 873) (DOC or the Company). By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out below.
This Presentation has been prepared in relation to (i) a placement of new CHESS Depository Interests (New CDIs) each of which represents a beneficial interest of one fully paid ordinary share in the Company to institutional investors and certain existing institutional shareholders under section 708A of Corporations Act as modified by Australian Securities and Investments Commission (ASIC) Class Order [14/827] (Placement)
onlyand (ii) an offer of New CDIs to eligible holders of DOC CDIs in Australia and New Zealand in accordance with ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 and ASIC Class Order [14/827] (SPP) (the Placement and SPP together, the Offer).
Summary information
This Presentation is for information purposes only and is a summary only. It should be read in conjunction with the Company's most recent financial report and the Company's other periodic and continuous disclosure i formation lodged with the Australian Securities Exchange (ASX), which is available at www.asx.com.au. The content of this Presentation is provided as at the date of this Presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this Presentation and, subject only to any legal obligation to do so, the Company does not have any obligation to correct or update the content of this Presentation.
Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither the Company nor its representatives have independently verified any such market or industry data provided by third parties or industry or general publications.
useNot financial product advice or offer
This Presentation does not, and does not purport to, contain all information necessary to make an investment decision, is not intended as investment or financial advice (nor tax, accounting or legal advice), must not be relied upon as such and does not and will not form any part of any contract or commitment for the acquisition of New CDIs. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice.
This Presentation is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor.
Any investment decision should be made solely on the basis of your own enquiries. Before making an investment in the Company, you should consider whether such an investment is appropriate to your particular investment objectives, financial situation or needs. The Company is not licensed to provide financial product advice in respect of its shares.
ersonal
This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission (ASIC) or any other foreign regulator). This Presentation is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction.
The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this Presentation may not be distributed or released in the United States. The New CDIs have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act), or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in the United States, unless they have been registered under the U.S. Securities Act (which DOC has no obligation to do or procure) or are offered or sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. Refer to page 4 of this Presentation for further details about international offer restrictions.
Investment risk
An investment in DOC shares is subject to known and unknown risks, some of which are beyond the control of the Company and its directors. DOC does not guarantee any particular rate of return or the performance of DOC nor does it guarantee any particular tax treatment. You should have regard to the risk factors outlined in this Presentation when making your investment decision. Cooling off rights do not apply to the acquisition of New CDIs.
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Important Notice and Disclaimer
An investment in DOC shares is subject to known and unknown risks, some of which are beyond the control of the Company and its directors. DOC does not guarantee any particular rate of return or the performance of DOC nor does it guarantee any particular tax treatment. Cooling off rights do not apply to the acquisition of New CDIs.
Financial information
All financial information in this Presentation is in British Pounds Sterling (GBP£ or £) unless otherwise stated.
onlyInvestors should be aware that certain financial measures included in this Presentation are 'non-IFRS financial information' under ASIC Regulatory Guide 230: 'Disclosing non-IFRS financial information' published by
ASIC and also 'non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934, as amended, and are not recognised under IFRS. Such non-IFRS financial information/non-GAAP financial measures do not have a standardised meaning prescribed by IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Although DOC believes these non-IFRS financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this Presentation.
Certain figures, amounts, percentages, estimates, calculations of value and fractions provided in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation.
Past performance
Past performance, including past share price performance of DOC and pro forma financial information given in this Presentation, is given for illustrative purposes only and should not be relied upon as (and is not) an indication of DOC's views on its future financial performance or condition. Past performance of DOC cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of DOC. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future.
usethe control of DOC, its directors and management including any further impacts of COVID-19 on DOC's continued trading and operations. This includes statements about market and industry trends, which are based on interpretations of current market conditions.
Future performance and forward-looking statements
This Presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors that are beyond
ersonalYou are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic.
Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of DOC's business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements and except as required by law or regulation, none of DOC, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to DOC as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of DOC, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.
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Important Notice and Disclaimer
Disclaimer
Aurenda Partners Pty Ltd (ABN 28 617 781 254) and Bell Potter Securities Limited (ACN 006 390 772) (Joint Lead Managers) are acting as joint lead managers to the Offer.
To the maximum extent permitted by law, DOC, the Joint Lead Managers and their related bodies corporate and affiliates, and their respective officers, directors, employees, agents and advisers:
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onlyYou acknowledge and agree that determination of eligibility of investors for the purposes of the Offer is determined by reference to a number of matters, including legal requirements and the discretion of DOC and the Joint Lead Managers and each of DOC and the Joint Lead Managers disclaim any duty or liability (including for negligence) in respect of the exercise or otherwise of that discretion, to the maximum extent permitted by law.
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•
useInternational Offer Restrictions
WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). Accordingly, this document may not be distributed, and the CDIs may not be offered or sold, in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).
No advertisement, invitation or document relating to the CDIs has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to
CDIs that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted CDIs may sell, or offer to sell, such securities in circumstances that amount to an ersonaloffer to the public in Hong Kong within six months following the date of issue of such securities.
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.
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Executive Summary
Company | • Doctor Care Anywhere is a UK leader in the provision of private virtual healthcare | |
overview | • | Solving some of the biggest healthcare problems - access, fragmentation and cost |
• | Delivering at scale - delivered over 440k consultations in 2021, one of the largest virtual care providers in the UK |
only | • Exceeded revenue guidance with year on year revenue growth of 115% | ||
FY21 Highlights | |||
• 105% increase in consultations on FY 2020; totalling 440,000 | |||
• 132% revenue CAGR across FY 2019 to FY 2021 | |||
• Gross margin improvement of more than 5ppt in 4Q 2021 | |||
• Significant incremental margin improvements through FY 2022 are expected following the renegotiation of key customer contracts and roll-out of enhanced | |||
operating model | |||
• Benefits of investment in technology and automation in FY 2021 will further boost margins and profitability in FY 2022 | |||
N w Guidance | • Revenue in FY 2022 is expected to be between £35-38 million (A$66-71 million), representing 40-50% year on year growth | ||
Issued2 | • Doctor Care Anywhere expected to achieve by 1H 2023 end: | ||
use | • Run-rate EBITDA profitability | ||
• Annualised revenue run-rate of between £44-55 million (A$85-104 million) | |||
• Gross margin of 50-60% | |||
• Contribution margin of 35-40% | |||
Significant | • Launch of enhanced patient journey and operating model - accelerating pathway to EBITDA breakeven, with strong support from renegotiated AXA agreement | ||
ersonal1 Doctor Care Anywhere may decide to accept applications (in whole or in part) that result in the SPP raising more or less than this amount in its absolute discretion. | 5 | ||
Upcoming | • | Inorganic growth strategies - continued pursuit of inorganic growth opportunities | |
C talysts | |||
Capital raising | • Company has closed an A$11.2m Placement at A$0.31 per CDI, which is expected to fund the Company through to achieve its guidance of run-rate EBITDA | ||
profitability by 1H 2023 end | |||
• SPP to existing eligible securityholders to raise up to a further $1m1 | |||
• Placement was strongly supported by existing and new institutional, sophisticated and professional investors | |||
• Placement is made within the Company's existing ASX L.R. 7.1 capacity |
2 See key assumptions on slide 7
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Doctor Care Anywhere Group plc published this content on 27 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2022 21:30:07 UTC.
