SYDNEY, AUSTRALIA: Consolidated Financial Holdings Limited (ASX: CWL) has signed a conditional share purchase agreement to acquire all of the issued shares in Amplify Eyecare Limited.
Amplify operates optometry practices, including the provision of vision diagnostics, vision therapy, surgery, dispensing of spectacle frames, lenses and contact lenses, and develops software services relevant to these services.
Amplify EyeCare Pty Ltd was incorporated on 10 March 2021 in Victoria as an operator of established optometry practices providing medical eyecare and dispensing optical products. The Company converted to an unlisted public company on 21 October 2021.
Amplify currently owns and operates four (4) optometry practices providing medical eyecare and dispensing optical products in the USA. The approximate combined revenue across the four practices for the year ended 31 December 2021 was $3.1million, and the approximate combined EBITDA for the same period was $0.6million (amounts in AUD and translated at a spot rate of 0.6889 USD to $1 AUD). Amplify also manages an independent practice under contract.
Amplify’s business model is to operate and expand a network of optometry practices, initially in the USA. Consolidated Financial Holdings intends to achieve this by identifying, acquiring and integrating new clinics and by organically growing its practice portfolio.
The Company’s plans for the future growth include:
• deploying new high-value medical and speciality optometry services to acquired practices, increasing revenue and profitability;
• create doctor engagement via training and focus on medical services;
• optimisation of practice operations, generating cost efficiencies through scale and digitisation;
• patient communication and management strategies that integrate leading approaches to treatment and ongoing clinical management, improving patient retention and value per patient; and
• further acquisitions.
To aid the delivery of these plans, the company has developed the AmpUp software suite, which optimises practice workflows, orchestrates new service delivery, engages clinicians by providing interactive learning programs for speciality services, and digitises routine tasks and patient communications.