Here's why the Doctor Care Anywhere (ASX:DOC) share price gained 57% in two months

The Doctor Care Anywhere share price roared 57% higher over the past 2 months. Here's a summary of recent announcements driving performance.

| More on:
Young doctor raising arms in air with hands in fists celebrating a new development

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Doctor Care Anywhere Ltd (ASX: DOC) share price has shot up roughly 57% since early December 2020. During today's trading, it's dipped 0.74% and is presently trading at $1.34.

Doctor Care Anywhere is a company which offers a range of telehealth services. Its services include 24-hour GP access by video or phone call.

Access to telehealth services has become of particular importance as communities continue navigating through the coronavirus

Let's take a look at what's been moving the Doctor Care share price over these past few months.

Doctor Care Anywhere signs deal with Allianz

On 22 December 2020, Doctor Care Anywhere announced it was entering a strategic partnership with Allianz Partners international health line of business.

The Doctor Care share price started climbing after this and gained approximately 4% over the following 2 weeks.

The agreement with Allianz allows Allianz Partners international private medical insurance (iPMI) holders to access Doctor Care Anywhere consultations for a fixed price.

Commenting on the deal, Dr. Bayju Thakar, Founder & CEO of Doctor Care Anywhere, said:

"We are thrilled by the opportunity to work with another world leading insurer; this is further recognition of the value that the Doctor Care Anywhere platform brings to patients, payors and providers. Being engaged by Allianz Partners adds to the company's growth trajectory and supports our ability to service patient needs globally. This agreement is integral to our strategic plans for 2021 and beyond, helping us to deliver joined-up, accessible, quality health and disease care in the UK and globally."

Share price bumps following quarterly results

After the release of the company's quarterly results on 27 January 2021, the Doctor Care Anywhere share price fired up 6% stronger.

Quarterly highlights included a 151% increase in revenue to 3.8 million pounds.

Part of the driving force behind this gain was the total number of patients entitled to Doctor Care Anywhere services, referred to as 'Eligible Lives'.

The 4Q21 'Eligible Lives' total was 2.2 million people. This was a 186% increase compared to 4Q20. 

The company reported cash of 38.4 million pounds as of 31 December 2020.

The Doctor Care Anywhere share price has climbed around 22% over the previous 12 month period.

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Businessman smiles with arms outstretched after receiving good news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another strong showing from the share market today.

Read more »

Three miners looking at a tablet.
Resources Shares

Own ASX mining shares? Experts say an upswing in commodity prices has begun

HSBC economists Paul Bloxham and Jamie Culling explain why global commodity prices are rising.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Brambles, Lifestyle Communities, Northern Star, and Select Harvests shares are sinking

These shares are having a tough session. But why?

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop
Share Market News

Will the Reserve Bank wait for the US Fed to cut interest rates first?

Here's when AMP thinks interest rates will be cut in the US, Australia, New Zealand, Canada and the Eurozone.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Healthco Healthcare, Medadvisor, Ramsay Health Care, and Tamboran shares are rising

These shares are having a strong session. But why?

Read more »

drug capsule opening up to reveal dollar signs signifying rising asx share price
Share Gainers

If you invested $6,000 in Mesoblast shares a month ago you'd have $15,636 now!

Mesoblast shares have been on a tear this past month. But why?

Read more »

Gold bars on top of gold coins.
Gold

Is it too late to buy gold as an investment in 2024?

Can we still take advantage of gold at new record highs?

Read more »

A female broker in a red jacket whispers in the ear of a man who has a surprised look on his face as she explains which two ASX 200 shares should do well in today's volatile climate
Mergers & Acquisitions

Wesfarmers shares baulk on fresh acquisition gossip

A healthcare company gone nowhere in a decade might be on Wesfarmers' radar.

Read more »