presented as “a company of real economy”, which sells medical services, that “invoices and charges”. None of that ethereal new economy. Atrys is also an apt pupil in the Alternative Stock Market (MAB), the Bag of small values: in 2019 appreciates in value by 82%, and after Agile Content and Fadephi Biometrics, but with a market capitalization superior to them, to 116 million. The Financial Times has placed in the position 341 FT 1000: Europe’s Fastest-Growing Companies, which recognizes companies most promising on the continent. What can go wrong? “This is an ambitious project, which has more future than the past”, believes its president, Santiago Torres. Sees a clear “tail wind” for your business: the aging of the population, lack of doctors and, in particular, the growth of the incidence of cancer and advances in its treatment.
In the corporate presentation to cite those expectations through a study of the WHO on the disease: the probability of having had a cancer at age 85 in 2040 will be from 50.8% for men and 32.3 per cent for women.A chilling statistic that for companies it is an opportunity, as that will trigger the health care expenditure in developed countries and will cause the increase of the middle class to demand better medical services in the States in the developing world. “Our business is in two areas, in oncology and diagnostics in the Network through the cloud. In the future, the most important thing that will in the health sector will be accurately diagnosed,” says Torres. To do this Atrys already has a large lab in Barcelona of diagnostic oncology with three areas of pathological anatomy, cytology and hematology. Works for both the public sector (30%) as for the private, and this year billed close to 20 million euros with an ebitda of seven million.
Atrys was created in 2015 from two companies: Ediagnostic, telemedicine, and Althia, diagnostic oncology. “Years ago, I had read the experience of an indian company, of Bangalore, who worked in the emergency room of USA, in English, reporting from India. I thought that there are only two languages in all the world able to work with seven or eight hours of difference with significant population and professionals to the two sides: Spain had that ability with Latin america”. That was the approach that followed from a technology platform: work with physicians in any location at any time. “In the Spanish health system is public or private is a bottleneck there. You can make soon a resonance, but it takes a radiologist to see it, and make a report. And while that does not happen, the orthopedic surgeon that has asked you will not see the patient. We inform the year more than a million tests with professionals in Spain and Colombia. We prepare a report on any image that comes to us in 48 hours. Mris, ct scans, densitometrías, mammograms, electrocardiografías… any medical specialty that you generate an image able to be sent to the cloud we are interested in”.
technology has allowed this breakthrough that overcomes physical limitations. Created a “bank for compensation of medical specialists”, In Torres puts an example: “In summer, there are specialists in Madrid, but it is missing in Mallorca, an island which receives 16 million tourists. Through the cloud platform our 120 radiologists may report even though they are in A Coruña, Madrid or Colombia, with doctors who have made the MIR in Spain. We compensate for the demand for territorial or seasonal”. Echocardiograms, funds eye for diabetics, tests for dermatology… “If you are urgent, we guarantee a response in 60 minutes”. Up to now, the company has grown through acquisitions: in 2018 were made with the companies ITH and Llebalust Pathology. And this year they bought a firm analysis of the data (Real Life Data), other smes colombiana (Teleradiology), and Timor, of onco-radiotherapy. They believe that their way of integrating them is what differentiates them, to pay for each transaction with a combination of shares, equity and debt. “Our obsession is that these people continue rowing with us as one more, creating value for the shareholder”. In terms of the security and the quality of the results, ensure that its 150 contracted physicians and other 150 employees will be subject to a strict quality system and double read to avoid errors. “When a radiologist passes a range of errors, for example, it will be removed from the list. It is very structured”.
Its Stock market value has appreciated this strategy, but according to an analysis by Morningstar, the stock could be slightly overvalued. Luis Arredondo, analyst, equity of banco Sabadell, believes, however, that the company is doing well. “It has all the ingredients to continue generating value. The management of the company has been able to read very well the market with a very attractive proposition”. On the side of the liabilities, the financial director of Atrys, José María Huch, explains that they have 30 million of gross debt, 25 net, with a bonus program that pays an interest rate of euribor plus 5.5 per cent. And he adds that the covenances, requirements imposed by funders, they are very demanding in terms of the ratios of solvency and growth.
So, the company has only one immediate objective: to continue to grow to two digits. “Set up a company with a volume of income that will awaken interest in the funds, which have a good position in health care.” Maybe sell it to some great background interested? “No man, no!” responds its president. “But if the conditions are given, yes we would like to move to the continuous market”. A possibility that, for the analyst of Sabadell, “will occur naturally if you continue to grow your business and increase its capitalization”. So natural, perhaps, as the desire expressed by Torres: “We are moving forward in the treatment of cancer of future that we want to offer. Surely we will not die of cancer. Will treat you and you will live”.
Expolíticos and large fortunes
With a floating capital of 31%, Atrys account with about 1,000 investors and is one of the most active companies of the MAB in terms of the trading of its securities. In its latest capital increase, of five million euros, had a sobredemanda of 33. Inveready, the fund management company, partner at Másmóvil, it has an almost 17%; other 14.7 per cent is in the hands of Caser and 18.9%, in the power of ‘family offices’ as Onchena, family Ybarra Careaga. The management team owns the other 18.9 per cent. On its board sit Jaime del Barrio, exconsejero of Health of the Government of Cantabria who subsequently developed his career in Roche and EY and Josep Piqué, a former minister who has served with the PP several portfolios. The Santiago de Torres held various public officials in three ministries during the Governments of Felipe González. He believes that having expolíticos in the council “does not open doors”, but add value because they “know well how it works the public administration”.
