Doctor Care Anywhere (ASX: $DOC) Q4 2023 Update

Doctor Care Anywhere Group PLC (ASX: $DOC) has released its Quarterly Activity Report and Appendix 4C, highlighting its progress towards achieving its first EBITDA positive quarter in Q1 2024. The company reported a significant reduction in total operating and investing outflows to £0.7m/A$1.3m in Q4 2023, down from £4.2m/A$8.1m in Q4 2022 and £1.6m/A$3.1m in Q3 2023. Additionally, the company saw a 10.9% increase in Eligible Lives at the end of Q4 2023, reaching 3.02 million, and an increase in Activated Lives to 1.05 million, up 20.7% on PcP and 4.8% QOQ.

Operational Performance and Financial Highlights

The company's operational performance saw 174,500 consultations delivered in Q4 2023, marking an 8.7% increase on PcP, despite a 3.5% QoQ decrease attributed to the mild UK winter and limited marketing of services by AXA. Furthermore, returning patients represented 77% of all consultations in the quarter, demonstrating strong satisfaction from the services provided. The company also made positive strides towards EBITDA breakeven in Q1 2024, with total operating and investing cash outflows reducing by £0.9 million (A$1.7 million) QoQ and by £3.5 million (A$6.7 million) versus PCP.

Outlook and Corporate Overview

Doctor Care Anywhere remains on track to meet its guidance of achieving positive EBITDA in Q1 2024, subject to the assumptions and dependencies accompanying that guidance. The company's cash position at the end of Q4 2023 stood at £6.1 million (A$11.7 million), and it successfully raised £10.6m through convertible loan notes, which were used to repay the outstanding balance of the December 2022 senior loan facility with AXA Health. With a market capitalization of A$23.8m at the date of the report release, Doctor Care Anywhere continues to focus on delivering the best possible patient experience and clinical care through digitally enabled, evidence-based pathways.