Doctor Care Anywhere (ASX: $DOC) Q1 2024 Update

Doctor Care Anywhere Group PLC (ASX: $DOC) has released its Quarterly Activity Report and Appendix 4C, highlighting a positive EBITDA in Q1 2024 and a significant increase in quarterly consultations. The Company achieved 199,200 consultations, marking an 11.4% rise from the previous corresponding period (PcP) and a 14.2% increase quarter-on-quarter (Q0Q). Customer receipts also saw an increase of £1.9m versus PcP and £0.7m versus QOQ. Additionally, the Company expects revenue in H1 to grow at the upper end of the 5-10% guidance.

Operational Performance and Financial Update

Eligible Lives at the end of Q1 2024 were 3.01 million, up 9.4% on PcP, while Activated Lives reached 1.06 million, marking a 14.4% increase on PcP. The Company delivered 199,200 consultations in Q1 2024, showing an 11.4% rise on PcP and a 14.2% increase Q0Q. The increase in consultation volumes was primarily driven by growth in activated lives and the capacity expansion following the launch of the Mixed Clinical Workforce in June 2023. The Company also completed 11,000 secondary care journeys in the period.

Summary and Outlook

Doctor Care Anywhere's positive EBITDA in Q1 2024 reflects its focus on profitable growth. With expectations to be underlying cash generative in 2H 2024 and to meet the 5-10% revenue growth guidance in 1H 2024, the Company is on track to achieve its goals. The upcoming Annual General Meeting on 29 April 2024 is set to provide further details on the strategic direction for 2024 and beyond. Doctor Care Anywhere exited Q1 2024 with £4.7 million (A$9.1 million) of cash on hand, positioning itself for continued operational and financial progress.