Australia’s population is growing and getting older, but labour costs, sluggish revenue growth and big fixed cost bases have earnings and balance sheets under pressure.
It is also sitting on a newish New Zealand network of clinics, a fast-growing tele-radiology business and a hefty and valuable dataset that underpins a world-leading AI business dubbed Annalise.ai. “This is one of those institutions that can really shift health outcomes on a population level,” Viranna says from I-MED’s head office on George Street, in Sydney’s CBD.
I-MED’s size, scale and relatively stable earnings profile arguably means it is more likely to attract a private capital buyer, be it another traditional PE group or an infrastructure-minded investor. It may be a different story if the IPO market was hot. Those comments are interesting. The sector’s dream deal is merging it with ASX-listed Integral Diagnostics; it was even pitched to. It hasn’t happened – Permira’s stint was interrupted by COVID-19, and it has been busy growing in New Zealand and tele-radiology since.
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