Doctor Care Anywhere reported steady consultation growth and a third consecutive quarter of positive cashflow in Q4 2025, while advancing digital health pilots and reaffirming ambitious medium-term revenue and profitability goals.
- Consultation volumes up 3.4% in H2 2025, activated lives rise 7.9% YoY
- Third consecutive quarter of positive net operating and investing cash inflow (£1.1m)
- Digital treatment pilots in MSK, Mental Health, and Dermatology show promising early results
- Cash position strengthened to £6.6m, supporting ongoing investment
- Medium-term guidance reaffirmed, revenue doubling in 3–5 years, 15% EBITDA margin target
Steady Growth in Patient Engagement
Doctor Care Anywhere Group PLC (ASX, DOC) has delivered a solid operational update for the quarter ended 31 December 2025, continuing its trajectory of growth in the telehealth sector. Activated lives, the number of people registered on its platform, increased by 7.9% year-on-year to 1.3 million, while consultation volumes grew 2.7% compared to the same period last year. This growth was supported by the introduction of Mental Health Practitioners and Physiotherapists, alongside improvements to the booking process that reduced patient wait times.
Despite a seasonal dip in consultations during the winter quarter, repeat patients accounted for 75% of consultations, up slightly from previous periods, indicating increasing patient loyalty and platform engagement.
Robust Financial Performance and Cashflow
Financially, Doctor Care Anywhere reported its third consecutive quarter of positive net operating and investing cash inflow, amounting to £1.1 million (A$2.2 million) in Q4 2025. This marks a significant improvement over the £0.8 million inflow in Q4 2024 and £0.6 million in Q3 2025. The company attributes this to higher customer receipts, reduced operating and staff costs following restructuring, and productivity gains.
Cash on hand strengthened to £6.6 million (A$13.2 million), up from £4.4 million a year earlier, providing a solid foundation for continued investment in growth initiatives and product development. The company also manages £10.6 million in convertible loan debt maturing in 2028, which carries no interest, easing financing costs in the near term.
Innovation Through Digital Treatment Pilots
Operationally, Doctor Care Anywhere is advancing digital treatment pathways in key clinical areas including Musculoskeletal (MSK), Mental Health, and Dermatology. Early results are encouraging, particularly in MSK where physiotherapists prescribing digital exercise programs have driven an 80% reduction in onward referrals and an 80% improvement in reported pain scores. These outcomes not only enhance patient care but also reduce costs for corporate clients.
Additionally, the company is developing new propositions in corporate weight management and preventative health assessments, aiming for launches in 2026. These initiatives reflect a strategic push to diversify offerings and deepen market penetration.
Reaffirmed Medium-Term Targets and Operational Efficiencies
Management has reaffirmed its medium-term guidance presented at the April 2025 AGM, targeting revenue growth to £76 million (A$156 million) within 3 to 5 years, effectively doubling 2024 revenues, and achieving a 15% EBITDA margin. The company’s ongoing operational transformation, including streamlined processes and cost reductions, is expected to underpin these financial ambitions.
While some cost increases were noted due to timing of insurance payments and supplier settlements, overall the company is focused on converting efficiency gains into sustainable profit growth.
Bottom Line?
With a strengthened balance sheet and promising digital innovations, Doctor Care Anywhere is well-positioned, but investors will watch closely for sustained growth and execution on new propositions.
Questions in the middle?
- How will seasonal fluctuations impact consultation volumes in upcoming quarters?
- What is the timeline and expected market impact for the new corporate weight management and preventative health products?
- How will the company manage the £10.6 million convertible loan maturing in 2028 amid growth investments?