Technology expansion capital fund Bailador Technology Investments [ASX:BTI] today updates markets on its portfolio company InstantScripts, having now finalised a $10.0 million follow-on investment in the online digital healthcare platform.
The valuation of the investment round has resulted in a 30% ($7.3 million or 5 cents per share) uplift to the valuation of Bailador’s existing $24.4 million investment in InstantScripts, bringing the total investment valuation to $41.8 million.
By Wednesday afternoon, Bailador’s share price had moved up 2.5%, to the total of $1.21 per share.
Comapred to the wider market average, BTI is trending more than 2% below, and is also down 3% by its own performance in the past 12 months:
Source: TradingView
Bailador increases InstantScripts investment 30%
BTI has increased its stake in the online medical scripts and doctor care platform, by adding a further $10 million follow-on investment in the company.
Upping its investment has resulted in a 30% increase to the valuation of Bailador’s current $24.4 million investment, which is equal to $7.3 million or 5 cents per share.
It also brings Bailador’s total investment in InstantScripts to $41.8 million, which will show up in the company’s next shareholder update.
The group believes InstantScripts to be a sound investment, a leading player in the digital healthcare platforms industry, and one that enables Australians to conveniently access high-quality doctor care and routine prescriptions services, while also accessing medication safely and securely.
Bailador sung InstantScript’s praises, claiming that the platform continues to grow revenue over 100% year-on-year, ‘reflecting tremendous consumer demand for telehealth and digital healthcare in Australia’.
The medical group reports over a million patient interactions annually across consumer and cosmetic healthcare segments.
Bailador made its latest investment alongside a third-party institutional investor, an investor which remains unnamed.
Bailador’s Co-Founder and Managing Partner Paul Wilson reflected on the decision:
‘Under Dr Asher Freilich and Richard Skimin’s leadership InstantScripts has delivered sustained and impressive revenue growth, all while reaching profitability. This a testament to InstantScripts’ solution which consumers are embracing in large numbers. We remain very positive about the future growth opportunities available to InstantScripts and are pleased Bailador is increasing its shareholding in this outstanding company.’
Last month, the investment group released its half yearly report for FY23, in which it declared dividends of 3.5 cents per share fully franked, as part of its ongoing dividend commitment.
This represented an annualised yield of 5.4% and 10.9 cents a share having been paid over the last 12 months.
The group reported a net cash total of $120 million at the end of December, at which point it had just made two additional investments in both InstantScripts and Rezdy (of $5 million and $1.5 million).
BTI’s portfolio ended 2022 with combined portfolio revenue of $316 million, representing 72% growth in the full year:
Source: BTI
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Regards,
Mahlia Stewart,
For The Daily Reckoning Australia
