We take a look at the largest financing rounds that have taken place in recent years in the telemedicine sector. In addition, we analyse the acquisition of Telrads by Atrys Health.
Atrys Health is a Spanish biomedical company dedicated to the provision of diagnostic services and medical treatments, which combines precision diagnostic techniques in pathological and molecular anatomy and online diagnostic imaging.
Founded in 2007, Atrys was born with the aim of providing a new model in the clinical management of cancer by combining new radiotherapy treatments with advanced precision diagnostic techniques in pathological and molecular anatomy.
In the field of non-oncology diagnostics, Atrys uses telemedicine through its own technology platform in the medical specialties of radiology, cardiology, ophthalmology and dermatology.
As we mentioned in our post "Atrys Health closes the second largest capital increase on the MAB"The Spanish biomedical company debuted on the MAB (Mercado Alternativo Bursátil) in July 2016 after closing a €4.5m share offering, bringing its initial capitalisation to €16.5m. Both the capital increase (for €9.2m) as well as the stock market listing were part of the company's medium to long-term growth strategy.
Telrads is a Spanish company specialising in tele-radiology with the capacity for comprehensive management of diagnostic imaging services. Its aim is to make the most of the technological advances available to improve the quality of care for its patients.
Founded in 2010 by doctors Iván Artero and Manuel Villa, Telrads has progressively diversified and extended its field of action to include the comprehensive management of the radiological services of several private hospitals, the provision of vascular and interventional radiology services, and tele-radiology services to clinics and hospitals throughout Spain.
Today, its team is made up of more than 50 radiologists covering all imaging modalities and subspecialties, and sees more than 10,000 patients every month, responding to the growing demand for specialised care in the field of tele-radiology.
Based in Malaga, Telrads has increased its turnover tenfold in the last ten years, reaching €1.79M in 2017, with an Ebitda of €634,000.
Atrys Health, a provider of diagnostic services and medical treatments, has reached an agreement to acquire 100% of the shares of Spanish teleradiology specialist Telrads. The transaction amounts to €4.8 million.
The deal consists of a combination of cash, equity and deferred payments subject to future business performance. The acquisition of Telrads is the first transaction announced as part of the inorganic growth plan that Atrys Health presented at the time of its recent capital increase. It also represents a significant step in the consolidation of the Group's telediagnostics division and strengthens its position in radiology.
Atrys thus becomes the leading independent operator in the radiology market in Spain, with a staff of 100 radiologists specialised in practically all organ subspecialties and a very competitive position to offer services to Spanish healthcare groups.
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