In its Strategy and Business Model Update, Doctor Care Anywhere outlines a profit-led reset and a model investors can track
In its Strategy and Business Model Update dated 23 October 2026, Doctor Care Anywhere (ASX: DOC) set out a six-page investor primer on the business, how to model it, and what each update will report. The primer states it contains no new financial information, and no forecasts, targets or projections. Figures are in pounds sterling.
Management outlined a reset since the January 2025 appointment of Chief Executive Laura O’Riordan. Mental health practitioners and physiotherapists were added to widen the service offer and lower the cost to serve, and labour hours and mix were brought under control.
The primer detailed these key figures:
- £4.9m EBITDA for the twelve months to 30 June 2026, with no adjustments (FY2025: £4.4m, or £5.3m on the Company’s underlying basis)
- £7.7m cash at 30 June 2026, up 60% in a year
- 10.8% subscription revenue share in H1 FY26, from 7.1%
- Labour cost down 4.9% in H1 FY26 while revenue grew 6.3%
Company statement, October 2026
“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.”
For investors, the figures show profitability and diversification being evidenced from lodged numbers rather than promised.
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How the model works: five lines from consultations to free cash flow
Doctor Care Anywhere earns revenue in two ways. Utilisation revenue is paid per consultation, most of it under insurer agreements. Subscription revenue is paid monthly or annually by employers and by people directly, and includes weight management.
For an Australian reader: in the UK a visit to an NHS GP is free, and private medical insurance, unlike Australian private health insurance, can cover GP consultations. The Company sells into the part of UK healthcare paid for outside the NHS.
The primer sets out the H1 FY26 model in five lines, each using a figure the Company reports.
| Line | H1 FY26 |
|---|---|
| Consultations | 354,900 |
| × Revenue per consultation (utilisation revenue divided by consultations) | £51.4 |
| = Utilisation revenue | £18.2m |
| + Subscription revenue, 10.8 per cent of the total | £2.2m |
| = Revenue | £20.4m |
| × Contribution margin, 42.0 per cent, less overheads = EBITDA | £2.6m |
| ± Working capital, then less purchases of property, plant and equipment and of intangible assets = Free cash flow | £1.5m |
The £1.5m free cash flow is after the £0.9m paid for the weight-management business.
That business was bought in May 2026 for £0.9m. It contributed £0.9m of revenue in its first 54 days at approximately breakeven. It has no reported volume, so it is modelled as revenue.
The primer also noted a partnership with Ramsay Health Care UK that opened a self-pay channel. It has no revenue or volume yet, and will show in consultations and revenue when reported.
For readers wanting to understand how the deal came together, our full explainer on the MedicSpot weight-management acquisition sets out the 0.16x EV/Sales multiple, the absence of earn-outs or deferred consideration, and how the 11-person team fits the direct-to-consumer strategy.
Growth levers and the scorecard investors will watch
The Company estimates the UK telehealth market at around £6.3bn, drawing on Grand View Research. Its FY2025 revenue of £38.0m is roughly 0.6% of that market.
Three routes were outlined:
- Direct to consumer: 2.4 million UK adults use GLP-1 medication, and the NHS programme reaches about one in fifteen of those eligible.
- Employers: demand for private virtual GP appointments is accelerating, on Mercer Marsh Benefits’ account.
- Insurers: a large UK insurer added a second virtual GP provider in February 2026 rather than consolidate on one.
Management identified three headline numbers to show whether the reset is working:
- Consultations
- Revenue
- Subscription share
Each quarter the Company will also report cash at bank, alongside consultations, total revenue and subscription revenue.
The primer pairs each element of the vision with the figure that would show it is not holding.
| For the vision to hold | The figure that would show it is not holding |
|---|---|
| Patients keep choosing the service | Consultations falling |
| Revenue broadens beyond the largest relationship | Subscription share flat or falling |
| Weight management grows as a second line | Weight-management revenue flat or falling |
| Growth is not bought at the expense of margin | Contribution margin falling |
| The business funds itself | Free cash flow turning negative |
Management has committed to carrying the same figures in each update, so progress can be read the same way every time.
The three Hard Facts and leadership
The primer presents three Hard Facts as lodged, so progress can be measured against them:
- Customer concentration: around 89% of H1 FY26 revenue from insurance, reducing from 93% in FY2025. The 93% relates to a single insurer relationship, reported once a year.
- Convertible notes: £10.6m, interest-free, issued January 2024, just over half held within that relationship. Full conversion would be about 38.7% of the enlarged capital.
- Maturity: 31 December 2027. The notes convert and no cash leaves, or about £10.6m is repaid against £7.7m of cash at 30 June 2026, or a combination of the two.
Net debt at 30 June 2026 was about £1.7m with the notes at carrying value, or about £3.1m at face value. The Care Quality Commission rating is “Requires Improvement”, unchanged since October 2023.
The leadership team named in the primer:
- John Stier, Chair
- Laura O’Riordan, Chief Executive
- Lisa Barter, Chief Financial Officer
- David Ravech, founder director
The full Strategy and Business Model Update is updated after every quarterly update, half-year and full-year result. The primer gives no forecasts, targets or projections.
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