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Wealth Column: 1st Available Ltd (1ST)

Wealth Column: 1st Available Ltd (1ST)
May 04, 2015 By Tim Morris

Company: 1st Available Ltd
ASX Code: 1ST
Shares on Offer: 28.5m
Listing Price: $0.35
Market Capitalisation: $31.7million
Listing Date: May 29th  

The nation’s medical fraternity is receiving a much needed injection of youth. During the two decades to 2007, the proportion of General Practitioners aged below 35 declined from around a third of the industry to less than ten per cent of the workforce. However the past five consecutive years have heralded a trend reversal, with Australia’s ‘youthful’ GP segment aged 35 or below now constituting just under 14 per cent of the industry.

A combination of entrenched habits and community service pressures have to date relegated GP clinics as a frontier bastion for purveyors of managerial innovation. However could the creeping tide of youthful exuberance provide an opportunity for technological advance?

The coming listing of 1st Available aims to enable healthcare professionals to provide online booking systems for their patients. The company’s principal focus is the delivery of enabling software capable of being integrated with a practice’s existing patient management system. 1st Available’s listing represents the amalgamation of four established appointment booking services with over 400,000 registered patients.

Part of the proceeds from 1st Available’s Initial Public Offer are earmarked to facilitate its amalgamation with Gobookings, Clinic Conect and DocAppointments – however marketing of the combined group’s services is scheduled to command the bulk of funds raised. Incentive for new investors is provided by the combined group’s existing, yet modest income profile, and potential to expand market share.

It is estimated that only 2-3 per cent of private healthcare professionals in Australia offer some form of online patient booking service. A recent survey completed by Frost and Sullivan suggested that two thirds of practices without an online booking system would consider using one. As 1st Available’s current income profile doesn’t eliminate its reliance on external capital, the listing represents speculative exposure to shifting medical practice management technologies. Whilst its potential to increase market share is an attractive quality, integration risks and a significant degree of unallocated free float may impact early trade.

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Tim Morris Author: Tim Morris May 04, 2015

Having studied Commerce and Science at the University of New South Wales, Tim began his career in an analytical capacity with Wise-owl. Tim has conducted over 500 corporate valuations and appraisals, specialising in pre revenue assets and emerging markets. For the last five years, his Equity Capital Market insights have been featured as part of a weekly column in The Australian and regularly features on Sky News, CNBC, ABC and Bloomberg TV.

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