Mednow Acquires Medvisit, Canada’s Largest and Longest Standing Doctor Home Visit Provider
- In fiscal 2020, Medvisit earned approximately $3 million in revenue, with a gross margin of approximately 25%
- Combined with Mednow’s virtual care pharmacy and telehealth business, Mednow enhances its multidisciplinary, full spectrum healthcare services in Canada
- The strategic acquisition provides a database of approximately 400,000 patients and Medvisit provided approximately 30,000 patient home visits in its last fiscal year
- Medvisit has a large network of over 100 doctors who deliver health care for patients across Ontario, with a focus on the Greater Toronto Area (GTA)
August 06, 2021 07:00 AM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Mednow Inc. (“Mednow” or the “Company”) (TSXV:MNOW; OTCQB:MDNWF), Canada’s on-demand virtual pharmacy, is pleased to announce the Company has acquired 2716725 Ontario Inc. dba Medvisit (“Medvisit”) for $1,320,000 in cash upon closing and a conditional earn-out of up to $680,000, subject to profitability milestones.
Medvisit is Canada’s largest and longest standing doctor house call service, having been in operation for over 30 years. Medvisit conducts approximately 30,000 patient home visits per year and has served over 400,000 patients since inception. In its latest fiscal year, Medvisit earned revenue of approximately $3 million and a gross profit of approximately $790,000. Patients that are unable to leave their home rely on over 100 doctors in the Medvisit network for the treatment of acute and episodic illness and injury.
The acquisition of Medvisit bolsters Mednow’s holistic healthcare offering for patients, which currently includes pharmacy services, telemedicine and mental health assessment. Through the Medvisit patient network, Mednow is well positioned to offer a full platform of services to a large sub-set of patients that can benefit greatly from a full suite of digital healthcare and delivery services.
“Medvisit is a very attractive and strategic acquisition for Mednow as we strive to become a household name in Canadian healthcare. Combined with our virtual care business, we can now send a physician to a patient’s home when a virtual visit is not adequate to meet the patients needs in the GTA. Our fully digital pharmacy, unique medication adherence solutions and telemedicine offering are ideal compliments for Medvisit’s client base that have limitations on mobility. The market for pharmacy and healthcare services in Canada is large and remains ripe for disruption. Mednow aims to continue adding services to its platform that change the way healthcare is delivered to patients. The Medvisit acquisition also highlights our continuing approach to accelerating our strategy through both organic development and mergers and acquisitions,” said Karim Nassar, Chief Executive Officer.
About Mednow Inc.
Mednow is a healthcare technology company offering virtual access with exceptional care. Designed with access and quality care in mind, Mednow.ca provides virtual pharmacy services with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience. Pharmacy services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart™ system that packages prescriptions and vitamins by date and time, as well as access to telemedicine.
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