Specialist
Former executive at Optegra UK Ltd
Agenda
- UK ophthalmology market trends and developments, high-demand services and volume outlook
- Comparison of key players such as SpaMedica, Optegra and Newmedica
- Reimbursement process, pricing and labour capacity
- Growth outlook, organic growth drivers and M&A strategy
Questions
1.
Could you give an overview of the UK ophthalmology clinics market? What are the remaining impacts from the pandemic, perhaps differentiating across volume, delayed procedures and so on?
2.
What proportion of 2022 volumes are from the pandemic-related backlog?
3.
With procedures in 2022, how should we think about the split between emergency and non-emergency? You highlighted the distinction between emergency and non-emergency procedures with Lasik, etc.
4.
You mentioned procedures perhaps being pushed back to 2023. Could that continue for the next 2-3 years, or do you think the backlog will have been worked through in two years?
5.
In terms of procedures such as Lasik, Lasek, Smile and RLE [refractive lens exchange], what is your outlook for private self-pay procedures considering the dynamics we discussed?
6.
You mentioned a potential 10-15% market reduction. Can you elaborate on that? What reduction are we talking about and what benchmark did you make this calculation around?
7.
We talked about Lasik, Lasek and Smile being a bit more sticky. How should we think about the YoY growth for each category?
8.
What’s the growth of other procedures, such as RLE, Presbyond and cataract?
9.
How should we think about the procedure split across insurance-based patients vs private self-pay patients vs those commissioned to the NHS?
10.
Out of SpaMedica, Newmedica and Optegra, which player would you say is best-placed to capture the growth drivers we discussed?
11.
You mentioned NHS contracts. How should we think about the level of outsourcing in the next 2-3 years, considering the backlog?
12.
Could impacts on the sector – such as waiting lists and outsourcing – change with a Labour government?
13.
What is your outlook for the availability of skilled surgeons to perform routine or more urgent treatments such as cataract vs other procedures such as Lasik and Lasek?
14.
We mentioned SpaMedica, Newmedica and Optegra, but do any of the main players differentiate themselves in how they attract and retain staff?
15.
What is your outlook for greenfield sites in the UK? You said SpaMedica has more geographical presence, so the NHS contracts have been easier to award.
16.
What is your outlook for margin sustainability as competitors start to enter the same towns that players such as SpaMedica and Optegra have clinics in?
17.
Optegra announced its sale has moved to the second round of auctioning with three PE firms. What is your outlook for this sale in terms of multiples and possible acquirers?
18.
What is your outlook for the UK ophthalmology clinics market? Do you see it as still being fragmented? Could bigger players such as SpaMedica be more active in purchasing assets in the market?
19.
You said SpaMedica has more important NHS contracts, whereas Optegra just started to get a foot in the door with NHS provisioning. How important is it for SpaMedica to have this history with the NHS to be awarded further NHS contracts?
20.
What other KPIs should investors focus on in the next 1-3 years?
