Working from home has its perks, but it most definitely has its downsides. No irritating colleague small talks also means less breaks. Limited space means working from the not-so-ergonomic dining table, or a greater sin- the couch.

The combination of couch working and a propensity to not take regular breaks has led to the recurrence of my old shoulder issue, now a full blown compressed-nerve-with-radiating-pain-through-my-hand situation. Ouch.

Allied health company Healthia (ASX: HLA) has obviously heard the ibuprofen packet opening, having acquired two hand therapy clinics for us battered and bruised home based workers.

With the goal of becoming Australia’s largest and most diversified allied health portfolio, Healthia has an aggressive acquisition strategy, deploying a minimum of $20 million per year on acquiring the best allied health clinics.

The Company will integrate both Bay Hand Therapy in Beaumaris, Victoria and Sunshine Coast Hand Therapy in Queensland into their network. The acquisitions are expected to contribute an annualised  revenue of $1.58 million and $0.43m underlying EBITDA to Healthia.  Upfront cash consideration of $1.26 million will be payable to vendors as well as$0.44 million of Clinic Class Shares where clinic owners can maintain equity and profit share for the clinics to be acquired by Healthia at an attractive EBITDA multiple of 3.95x when Healthia has been averaging 4.6x.

Following the major acquisition of physiotherapy clinic group Back In Motion, Healthia has used $112.5 million on acquisitions for FY22, their activities have been well supported by shareholders who backed the Company during a recent capital raise.

Despite COVID and flood related impacts, Healthia has managed to maintain its outlook on previous earnings guidance, expecting an annualised EBITDA portfolio of $40 million at the start of FY23, almost double the $21.4 million they reported in FY21.

With only 104 clinics under their banner when they commenced trading on the ASX in 2018, Healthia has undergone significant growth over the past few years of 200%, now boasting a portfolio of more than 300 allied health businesses, and counting. Seeking to expand services and enhance cross referral opportunities, Healthia has recently branched into audiology, and is co-locating audiologists within optometry clinics to provide additional services covered by Medicare and private health insurance that service Australia’s aging population. The acquisition of specific hand therapy clinics opens up another opportunity for cross referrals from physiotherapy and occupational therapy services in the Healthia network.

Interest from clinicians to join Healthia is strong, and the Company will be drawing on this as they continue growth via strategic acquisition, fully expecting to deploy another $20 million on new acquisitions in FY23.