The Doctor Care Anywhere Ltd (ASX: DOC) share price is on the move on Wednesday following the release of an update.
At the time of writing, the telehealth company's shares are up 6% to $1.46.
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How is Doctor Care Anywhere performing?
Doctor Care Anywhere was on form during the fourth quarter and revealed a 151% increase in revenue to 3.8 million pounds.
This led to the company's unaudited full year revenue increasing 102% year on year to 11.6 million pounds.
This was driven by a 186% increase in the oddly named "Eligible Lives" metric to 2.2 million. This metric represents the total number of patients who have an entitlement to use its services.
Also growing strongly was the number of consultations via its platform. The company reported a 333% increase during the fourth quarter to 74,300. This was comfortably ahead of its guidance.
Pleasingly, its growth looks set to be given a boost in FY 2021 thanks to a recent channel agreement with Allianz Partners. This agreement will see the insurance giant embed Doctor Care Anywhere's service into Allianz UK and European international private medical insurance policies from 1 January 2021.
At the end of the period, the company was in a strong financial position with cash of 38.4 million pounds.
Management commentary
Doctor Care Anywhere's CEO, Bayju Thakar, commented: "We continue to see robust growth in consultation volumes across all channel partners, as new and existing patients become accustomed to adopting digital healthcare into their everyday lives."
"Consultations have grown over 300% on the prior corresponding period and this demand has helped deliver positive financial outcomes for DOC while demonstrating that we are providing a much-needed service to patients across the UK and Ireland."
The CEO notes that the COVID-19 pandemic has helped drive the digitisation of the healthcare industry, which has been supportive of its growth.
He explained: "During the last 12 months we've seen a structural shift in the way in which patients seek to be treated. The COVID-19 pandemic has placed massive strain on healthcare systems globally, accelerating the adoption curve of telehealth as patients and clinicians become increasingly comfortable using technology to access convenient, cost effective and world class healthcare."
"We look forward to continuing to execute on our growth strategy to become a leader in digital health globally by providing the best healthcare service to our patients, with clinical excellence at its core," he concluded.
