Induction Healthcare PLC said it enjoyed a solid year in spite of the Coronavirus (COVID-19) pandemic with average monthly revenues rising 79% and added the business has been transformed by the recent acquisition of Attend Anywhere.
Attend was acquired in June for an initial £15.6mln and is the UK market leader in video consultation in secondary care with 200,000 patients.
In the year to end June 2021, Attend generated revenues of £10.4mln and underlying profits [EBITDA] of £4.5mln.
That compared with Induction’s own revenues of £1.5mln and losses of £8.1mln although it is at a much earlier stage of its development than Attend.
“For an organisation that began FY21 with an almost universally used but unmonetised app (Induction Switch), and the then recent acquisition of MicroGuide (Induction Guidance) still early in its soon to be successful earn-out journey, Induction Healthcare entered FY22 as one of the leading providers of health IT across the UK, with a comprehensive toolkit - used at national scale across the secondary healthcare systems - enabling digital collaboration between healthcare providers, administrators and patients,” said its statement.
James Balmain, CEO of Induction, added "With the Global Virtual Healthcare Market predicted to grow significantly, Induction is well placed to be a major competitor in this international space.
"Post period end, the fundraise and acquisition of Attend Anywhere has positioned us well for the next 12 months.
“As we look to move beyond secondary care, the post-period end acquisition of Attend Anywhere will aid us in offering a more complete, 'whole system' platform which will be beneficial to patient and clinical users, both of which have increased as a result of the pandemic.”