Australia’s leading healthcare appointment booking service provider 1st Available Ltd. (ASX:1ST) added twelve new customers in Q1 FY16.
The new customers include Macquarie University, TAL, Betts Group and several councils including Blacktown City Council, City of Melbourne, and City of Canada Bay Council etc. The company acquired GObookings in June 2015, allowing it to diversify horizontally into Corporate and Government businesses.
1st Available Ltd will provide study space booking services to Macquarie University’s research students and internal solutions for enabling teleconferences for claims on life insurance policies with TAL. The company will cater to the Government councils in various methods, like allowing appointment bookings for public resources and common areas, video teleconferencing, and other services.
The company has announced two main business operation segments, mainly the healthcare private practice market and the corporate and government market. The former is going to include healthcare online appointment booking services for doctors and other specialists, while the latter is going to be managed under the GOBookings brand and services.
According to Klaus Bartosch, 1st Available Managing Director, “These customer agreements validate 1st Available’s superior product offering and technology platform and our ability to expand that technology offering outside of the Healthcare sector, into other verticals. We recently reaffirmed our place as Australia’s largest online healthcare booking platform, announcing the three millionth online booking and the Corporate and Government business continues to support and compliment this key growth area of our business.”
1St Available Ltd.’s income is driven by subscriptions which increases the penetration of the private practitioner market. The recent diversification of the company’s services pose integration risks and may not confirm any economic gains. Whilst Wise-owl recognises its growth potential we currently do not cover 1ST in any of our portfolios. We are attracted to its potential to increase in market share but are cautious regarding integration risks.
Author: Simon Herrmann
Oct 19, 2015
Simon is a financial analyst at independent research firm Wise-owl specialised in small-mid cap growth opportunities and ethical investment opportunities. Simon's aim is to disrupt the cliché approach to investment decision making as he believes that socially and environmentally responsible behaviour is a necessity to long-term wealth creation. Simon has a deep fundamental understanding of the global financial landscape and has compiled 300+ research reports, valuations and corporate appraisals. Simon is commonly featured in major media outlets and his research is published weekly in The Australian.