Atrys Health

Atrys Health is a biomedical company with its main area of focus on oncology. It provides diagnostic services and medical treatments. Atrys Health is the world leader in providing telemedicine services in Spanish.

Atrys Health business may look technical or complex at first but its business model is easy to understand.

It has 5 business segments: 1. Telemedicine (17% of 2021’s revenue), 2. Oncology / radiotherapy (13%), 3. Laboratory / pathology (8%), 4. Big data / data services (2%) and 5. ASPY excluding Conversia (45.9%), and Conversia (13.6%).

Since 2021 the company breaks down its results considering three business lines: precision medicine(includes segments 1-4 above), preventive medicine (ASPY) and compliance services (Conversia).

Below is a summary of the most relevant information for each segment:

  • Laboratory: Atrys Health offers cancer diagnostic services to hospitals like Quirón or Grupo Ribera Salud. The company is a clear market leader in Barcelona. There are clear barriers of entry in this business as laboratories must be located either in hospitals or close to them. Atrys Health focuses on local markets.
  • Telediagnosis: Atrys Health is the clear market leader in teleradiology in Spanish speaking markets, with the capacity to write more than 4,000,000 reports per year. Its position in this market is very strong and the market is expected to grow at a very high rate over the long-term.
  • Radiotherapy: Atrys Health is an expert in the deployment of an advanced radiotherapy technology. Thanks to its expertise, it can launch oncology centres as it recently did with CIMAS Sanitas de Barcelona Hospital. Return on capital employed from launching a new centre is extraordinarily high, showing the complexity of the projects and the expertise required.
  • Big data services: Atrys Health bought Real Life Data, a company with the largest database in the health sector in Spain. Atrys Health can benefit from all the data acquired both externally and internally (writing more than 4,000,000 diagnostics reports per year, you can imagine how much data can be extracted) and sell it to pharmaceutical companies, hospitals or the public sector.
  • ASPY & Conversia. In January 2020, Atrys Health made the important acquisition of ASPY, a company dedicated to the provision of all kinds of services and activities related to occupational safety and health. We believe it is an acquisition with good strategic rationale. The ASPY acquisition also allowed Atrys Health to add Conversia, a regulatory compliance company that was acquired by ASPY in 2020.

If Atrys Health executes its plan as expected, it will grow exponentially.

Please, find below the following research materials:

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