Allied healthcare services provider Healthia (ASX: HLA) has seen a significant growth for the first half of FY20, reporting a 50.2% rise in revenues which has also led the company to declare their maiden dividend. 

Compared to the corresponding H1 results for the year prior, Healthia reporting the significant jump to $44.2 million in revenue for the group (+50.2%), as well as a 33.7% rise in underlying EBITDA to $5.7m. Included in the good results was their maiden dividend distribution of 1 cent per share fully-franked.  

Key to the strong finish in 2019 for the Company was 5.8% organic growth in their physiotherapy division and 1.3% in their podiatry division. 

Listing on the ASX in September 2018 under the guidance of Chairman Glenn Richards, who previously chaired veterinary roll-up Greencross, Healthia consolidated the heavily fragmented physio and podiatry clinics to form Healthia, listing at an IPO issue price of $1.00 per share. 

With their consolidation of the My FootDr podiatry brand and AllSports physiotherapy brand, the Group has since acquired a further 19 health businesses funded by a $50 million finance facility where clinics have been acquired at an average multiple of 4.15x EBITDA. 

Bringing clinicians within the Healthia banner, the Company hosted their inaugural industry education conference on the Gold Coast in October which was attended by 437 clinicians and support staff who this year will also be joined by the 45 new graduates that have been hired in their 2020 graduate intake. 

Whilst Healthia’s H1 earnings highlight significant growth for the Company, there is likely more on the horizon with a further $23.3m available to fund further acquisitions. The earnings also did not take into account the newly launched 3D-printed orthotics laboratory in the United States which has the capacity to deliver USD $1 million in revenue from their single printer currently in operation, with the capacity for a further two in the same lab. 

On 14 January 2020, Emerald Financial released a ‘Buy’ recommendation on Healthia at $1.11 which can be viewed here. 

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