Healthia expands national presence with NSW acquisitions

By Alfred Chan. Published at Aug 2, 2019, in Stock of the Week

Allied healthcare operator Healthia (ASX:HLA) has continued its clinic acquisition spree, this week announcing the addition of 4 hand therapy clinics in Sydney.

Since listing on the ASX in September 2018, Healthia has now acquired 26 new clinics across it’s podiatry and physio businesses with the latest round of clinics forecast to deliver annual earnings of $775,000, having been acquired for a total of $3.5m via a combination of cash and equity.

“The 4 speciality hand therapy clinics, which provide physiotherapy and occupational therapy for the hand and upper limb, complement our existing 9 Extend Hand Therapy clinics in Queensland,” said Tony Ganter, Healthia CEO of Physiotherapy.

“We are pleased that we are able to expand these speciality services across the group.”

These new acquisitions maintain Healthia’s momentum having last month acquired 6 podiatry and 3 physiotherapy clinics, further fueling their national expansion since listing.

Healthia’s acquisitions have been funded by a $37 million cash facility but one factor which has made partnership with Healthia attractive is the company’s unique Clinic Class Share model where partner-operators gain equity in the company’s national operations.

With cash consideration for the 26 clinic acquisitions since listing totalling $13.55 million, the company has flagged further national expansion plans for the Group which also operate DBS Medical Supplies and iOrthotics - one of Australia’s largest orthotics producers.

Canaccord has a price target on HLA of $1.45 (currently $1.08). However, price targets are speculative and investors should seek professional financial advice for further information if considering this stock for their portfolio.

Aussie bookmaker shares surge following major US partnership with Penn National Gaming

In two short months since listing on the ASX, PointsBet Holdings Limited (ASX:PBH) has accelerated its activities in the lucrative US gaming market, this week announcing a strategic partnership with Penn National Gaming (Nasdaq: PENN).

Under the agreement, the Melbourne-based bookmaker has secured market access to West Virginia and Indiana where sports betting has been legalised, as well as Ohio, Indiana and Missouri where licenses are expected to be issued in the future.

“Partnering with Penn provides PointsBet access to five important States and the potential for further State deals,” said PointsBet CEO Sam Swanell.

“We are delighted to partner with such a forward thinking and innovative organisation.

“This agreement evidences the confidence our partners continue to have with PointsBet’s in-house technology, products, brand and team.”

Under the terms of the 20-year partnership, PointsBet will become the digital sports betting partner in the 5 States where the American casino operator can provide market access following last year’s landmark decision in the United States where the Supreme Court overturned a 1992 law which prevented sports betting beyond the States of Nevada and New Jersey.

Penn National Gaming currently operates 41 facilities across 19 jurisdictions with facilities featuring approximately 50,500 gaming machines, 1,300 table games and a loyalty program of more than five million active customers.

“PointsBet has proven that a great product, creative marketing strategy, and best-in-class team can win in a competitive market,” said Jon Kaplowitz, PNG Senior Vice President, Interactive Gaming.

“We are thrilled to be forming a strategic partnership with PointsBet and are confident that they will continue to thrive in the growing sports betting marketplace.”

As consideration for the partnership, PNG has entered into a subscription agreement with PointsBet which will issue shares equivalent to a 5.28% stakes in PointsBet Holdings, as well as 10,372,549 options exercisable at $4.75 per option.

Shares in PBH closed on Wednesday at $2.98 per share but reached highs of $3.53 (+18.5%) on Thursday morning following the pre-market announcement

PointsBet Holdings listed on the ASX on 12 June 2019 at an IPO offer price of $2.00 per share.

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