National healthcare provider Healthia Ltd (ASX: HLA) has released its maiden FY earnings report with the Company delivering pro-forma EBITDA of $11.7 million*, exceeding forecasts by 13.6%.
Since listing on the ASX in September 2018 under the guidance of Chairman Glen Richards, Healthia has increased their national presence through the continued acquisition of allied health clinics, now with 133 under their banner, up from 104 at their time of listing.
“FY19 was the foundation year for Healthia which saw our time and effort spent on the integration of our existing, and newly acquired, clinics,” said Richards.
“We can now look forward with confidence that we have built a strong foundation to acquire further quality businesses and continue to evolve our corporate support to ensure optimal workplaces for our growing network of clinicians which helps us to deliver exceptional patient outcomes.”
Other key highlights from the results were a rise on revenue forecasts by 6.6% and rise in NPAT forecasts by 2.2%, the latter impacted by one-off acquisition and clinic integration costs.
Key to the growth in earnings has been a $37m loan facility which enabled the Company to target new podiatry and physiotherapy clinics. Healthia intends to deploy a further $15m in FY20 to continue growing their network of allied health clinics.
Under the company’s vertically integrated model, clinicians joining the Healthia structure gain access to corporate support as well supply chain benefits via 3D printed orthotics manufacturer iOthotics and DBS Medical supplies – both brands owned under the Healthia banner.
With a growing network of clinicians joining the business, Healthia is in the process of expanding their graduate program which last year had an intake of 33 graduates, and in October will host their inaugural 2-day Integrated Health Conference on the Gold Coast.
Prior to spearheading the Healthia IPO, Glen Richards founded Greencross Vets, Petbarn and City Farmers which were sold to U.S private equity firm TPG Capital for $675m in February 2019. He has also appeared as a panellist on Shark Tank since 2016 where he continues to promote entrepreneurship and innovation as an active investor.
Richards is the largest Healthia shareholder.
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* Pro-forma results are presented as they reflect the underlying performance of the business by assuming all acquisitions made during the year completed on 1 July 2018. An adjustment has also been made for the one-off cost associated with the IPO, acquisitions, integration and restructure costs
** The author of this article has been engaged by HLA to assist with investor relations