Doctor Care Anywhere (ASX: DOC), a leading UK private telehealth provider, reported strong financial growth in its half-year results for 2024, with revenue increasing by 13.8% to £21.8million. The company achieved a gross profit margin of 55.1% and a contribution margin of 39.5%, significantly improving from H1 2023. DCA posted an underlying EBITDA profit of £0.01m for the first time, compared to a loss of £3.6m in H1 2023.
The company also reiterated its guidance for cash generation in H2 2024. Key initiatives included workforce restructuring, improving clinician mix, and a £10.6m Convertible Loan Note issue, bolstering its balance sheet. DCA aims to achieve gross margins of 55-60% post-restructuring. CEO Ben Kent highlighted the company's significant margin expansion and growth in its sales pipeline, positioning it for continued growth in the second half of 2024. DCA links patients to telehealth services through its digital platform, collaborating with insurers, healthcare organisations, and corporate clients.
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