News and Announcements
Significantly Accelerating MedAdvisor’s Growth Through Acquisition of Healthnotes
- Published September 05, 2016 4:39PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
31st August 2016, ASX Announcement
Highlights
- MedAdvisot today announces the acquisition of Health Enterprises 2 Pty Ltd (“Healthnotes”), a leaser in healthcare technology for medication adherence management for a total consideration of $5.5 million, paid as 60% cash and 40% scrip.
- Compelling strategic rationale for the Healthnotes Acquisition. Bringing together the two leaders in medication adherence management. This will strengthen MedAdvisor’s strategic positioning and operational platform, offer valuable synergies and will consolidate MedAdvisor’s position as the leading Australian digital medication management company.
- Substantially strengthens MedAdvisor’s market position and accelerates its growth strategy and path to profitability in the following ways:
- Increases MedAdvisor’s share of connected community pharmacies to 45%, from over 1,600 to over 2,400 Australian community pharmacies;
- Increases the number of Australian patients connected to MedAdvisor’s platforms from 220,000 to over 500,000 people;
- Increases the number of General Practitioners (GPs) connected to MedAdvisor’s platforms to more than 4,000 GPs;
- Extends MedAdvisor’s connected channels to over 1,700 nursing homes;
- Increases the number and value of prescriptions ordered through MedAdvisot’s platforms to more than 320,000 prescriptions per month will be ordered with an annualised value of approximately $150 million.
- The acquisition is expected to be earnings accretive in FY18.
- To finance the acquisition and to provide additional working capital, MedAdvisor will raise in excess of $6 million. Peloton Capital is acting as lead advisor in the capital raise.
To view the full announcement, please click on the button below.