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- Healthia (HLA) reaches settlement for another seven Back in Motion (BIM) physio clinics, bringing the total amount of clinics settled to 39 out of the 64 BIM clinics being acquired
- The acquisition of BIM, which generated underlying revenue of $62.9 million in FY21, is expected to be around 12.7 per cent earnings per share accretive
- The diversified healthcare business is also acquiring three allied health businesses for a total upfront consideration of $3.19 million
- Healthia expects the acquisition of Scar Care, Eyre Sports Physio and Physioworks will contribute $4.35 million in revenue and $740,000 in EBITDA
- HLA’s shares are up 3.68 per cent to trade at $1.97
Healthia (HLA) has reached settlement for another seven Back in Motion (BIM) physiotherapy clinics.
This takes the total number of BIM clinics acquired to 39 and the company expects a further 25 BIM physiotherapy clinics to be settled as landlord consents and other conditions are satisfied.
BIM is one of the largest and fastest-growing physiotherapy businesses in Australia and New Zealand.
Importantly, the acquisition positions Healthia as a leading provider of physio services in Australia with a total of 122 clinics in its Bodies and Minds division. The acquisition of BIM, which generated underlying revenue of $62.9 million in FY21, is expected to be around 12.7 per cent earnings per share accretive.
The diversified healthcare business has also entered a binding agreement to acquire three allied health businesses for a total upfront consideration of $3.19 million. These include occupational therapy business Scar Care, one Eyre Sports Physio clinic and five Physioworks clinics.
Positively for HLA, the acquisitions are expected to contribute $4.35 million in revenue and $740,000 in earnings before interest, tax, depreciation and amortisation (EBITDA).
While settlement has been reached for Scar Care and Eyre Sports Physio, the settlement of Physioworks is conditional upon the assignment of property leases to Healthia, as well as other conditions.
The company expects the Physioworks acquisition to be completed by December 30, 2021.
HLA’s shares were up 3.68 per cent to trade at $1.97 at 2:46 pm AEDT.
