Doctor Care Anywhere outlines profit-led reset in strategy update
In its 23 October 2026 Strategy and Business Model Update investor primer, Doctor Care Anywhere (ASX: DOC) detailed EBITDA of £4.9m for the twelve months to 30 June 2026, against £4.4m in FY2025 (or £5.3m underlying). Cash stood at £7.7m at 30 June 2026, up 60% in a year.
Management outlined a reset that began with Laura O’Riordan joining as Chief Executive in January 2025. The presentation described the company as a profitable UK virtual healthcare provider offering four services (GP, mental health, physiotherapy and health assessments), plus GLP-1 weight management sold direct to consumers since May 2026.
Company vision
“DCA has built a trusted digital clinical infrastructure and distribution at scale, and can use that platform to keep people well, deliver rapid care, and add new pathways efficiently.”
H1 FY26 results line by line
The presentation set out the half year to 30 June 2026 against the prior corresponding half.
| Line | H1 FY25 | H1 FY26 | Movement |
|---|---|---|---|
| Revenue | **£19.2m** | **£20.4m** | Up **6.3%** |
| Contribution margin | **41.0%** | **42.0%** | Labour hours and mix |
| EBITDA | **£2.1m** | **£2.6m** | Up **27.1%** |
| Free cash flow | **£0.7m** | **£1.5m** | More than doubled |
The existing business grew revenue by 1.7%. Labour cost fell 4.9% in H1 FY26 while revenue grew 6.3%.
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How the business model works
Two revenue lines on one platform
Utilisation revenue was £18.2m in H1 FY26. It is paid per consultation, mostly under insurer agreements, and Doctor Care Anywhere carries no underwriting risk.
Subscription revenue was £2.2m, or 10.8% of revenue (H1 FY25: 7.1%), driven by weight management. That business was bought in May 2026 for £0.85m from cash, and generated £0.9m of revenue in its first 54 days at approximately breakeven.
How to read a virtual healthcare model
Utilisation revenue depends on how many consultations are delivered. Subscription revenue is paid monthly or annually by employers and by people directly, so a higher subscription share points to a revenue base less tied to consultation volumes and to insurers.
The presentation framed the model in five lines for H1 FY26:
- Consultations: 354,900
- Revenue per consultation: £51.4
- Utilisation revenue: £18.2m
- Plus subscription revenue: £2.2m
- Revenue: £20.4m
Contribution margin of 42.0%, less overheads, gives EBITDA of £2.6m.
Free cash flow is defined as net cash from operating activities less purchases of property, plant and equipment and of intangible assets, before lease payments and financing flows. The £1.5m figure is after paying for the weight-management business.
Growth opportunity and the reporting commitments
A small share of a large market
Doctor Care Anywhere estimates the UK telehealth market at £6.3bn, drawing on Grand View Research. FY2025 revenue of £38.0m is about 0.6% of that market, with segment growth of about 8% a year (the company’s estimate for the employer-funded and self-pay virtual GP segment).
Management identified three routes. Direct to consumer, where 2.4 million UK adults use GLP-1 medication; employers; and insurers.
Competition is present. Four of five insurers use an outside provider, which the presentation described as a market that is “occupied, not closed.”
What investors can track
The company committed to reporting the following:
- Consultations, revenue, subscription revenue and cash each quarter
- Weight-management revenue, free cash flow, contribution margin and EBITDA each half year
- Customer concentration once a year
Every announcement will state which line of the model it moves. The presentation also listed figures that would show the vision is off course.
| For the vision to hold | The figure that would show it is not |
|---|---|
| Patients keep choosing the service | Consultations falling |
| Revenue broadens | Subscription share flat or falling |
| Weight management grows | Weight-management revenue flat or falling |
| Margin holds | Contribution margin falling |
| The business funds itself | Free cash flow turning negative |
Hard facts the company set out in full
Management presented what it called three hard facts so progress can be measured against them. Insurance accounted for 89% of H1 FY26 revenue, down from 93% in FY2025, and around 93% of FY2025 revenue came from a single insurer relationship.
Convertible notes total £10.6m, are interest-free, and just over half are held within that relationship. Full conversion would be about 38.7% of the enlarged capital. The notes mature on 31 Dec 2027 and would convert, be repaid, or a mix of the two.
Net debt at 30 June 2026 was about £1.7m with the notes at carrying value, or £3.1m at face value, against £7.7m of cash. The Care Quality Commission rating remains “Requires Improvement”, unchanged since October 2023.
The leadership team comprises Chair John Stier, Chief Executive Laura O’Riordan, Chief Financial Officer Lisa Barter (appointed permanent in October 2026) and founder director David Ravech.
For investors, the disclosure itself is the framework. Stated risks sit alongside the figures against which progress will be measured each quarter.
Investor and media enquiries can be directed to Matthew Pearson, Investor Relations, at investorenquiries@doctorcareanywhere.com.
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