Doctor Care Anywhere Group PLC (DOC) Earnings Call Transcript & Summary

Good morning or evening for those who are joining us today either from Australia, the United Kingdom or elsewhere. My name is John Stier, and I'm the Chair of the Board of Doctor Care Anywhere Group PLC. I would now like to welcome you to our Annual General Meeting. I confirm that we have the necessary quorum, and I declare the meeting officially open. With me today attending from the U.K. are my fellow Board members: Romana Abdin, Non-Executive Director and Chair of our Remuneration and Nominations Committee; Ola Spencer, Non-Executive Director who chairs our Audit and Risk Management Committee; David Ravech, Non-Executive Director and a major shareholder; and Ben Kent, our Chief Executive Officer. Also in attendance today are our newly appointed Chief Financial Officer, Seema Sangar; our Interim Company Secretary, Cathy Baxandall. We are grateful to Crowe LLP for making their City of London office available to us for this meeting. DCA plays a dynamic and rapidly evolving space of digital health where the health care need is great and the opportunity is growing. Our ambition is to be the U.K.'s market leader in digitally enabled primary care, and we believe that we have the expertise to succeed. 2023 has been a successful year for DCA. The company delivered on market guidance, implemented a Mixed Clinical Workforce, strengthened its balance sheet and created headroom for growth by agreeing the removal of AXA exclusivity. This puts DCA in a much improved position to deliver its strategic plan for the years to come, and we're really excited about the opportunities ahead of us. 2024 has started strongly with consultation growth of 14% quarter-on-quarter and reporting an EBITDA profit for the first time in the company's history. We expect to build on that margin progression going forward and now expect to be at the upper end of revenue guidance for the first half of 2024. In 2024, we're evolving the business to respond to an opportunity-rich U.K. market environment, and our goal is to deliver a new proposition and commercial model. We expect our customer base -- I beg your pardon, and expand our customer base so that we can build profitability and cash flow going forward. This is the next chapter of DCA's evolution as we work towards our long-term ambition. I will now hand over to our CEO, Ben Kent. Ben, supported by our CFO, Seema Sangar; and our Chief Medical Officer, Tim Bray; and our Chief Digital Information Officer, Luis de Miguel, will give an overview of how the business has progressed over the last 12 months and summarize how we are positioning the business for future growth. Thank you.

Thanks very much, John. I'm delighted to present to you the highlights of DCA's performance in 2023 and our strategic direction in 2024 and beyond. As John said, DCA is in the digital health sector where digital technology is used to enhance health care systems, services and, ultimately, the health and well-being of individuals. We've seen rapid growth in digital health. It's been accelerated by the COVID pandemic and by exciting advances in technology, including the introduction of more and more powerful AI to make health care more efficient and to support clinical decision-making. The U.K. health system, like many others around the world, faces the challenges of an aging population with complex long-term conditions as well as funding pressures and resource shortages. Digital health solutions could transform health services. They can support increased efficiency, more joined-up care and a better patient journey. It has the potential to improve health outcomes for individuals, for employers and for the U.K. as a whole. This market is projected to grow at a rate of 7% to 8% per year over the next 4 years. I'm personally very excited to be leading DCA at such a time in such a vital sector. But first, I'll describe our core service today. We provide a top-quality virtual consultation service to our patients, and they love it, as shown by our exceptional Trustpilot and Net Promoter Scores. Our service is available 24 hours a day, 7 days a week, every day of the year. This is exceptional in the U.K. market. We provide up to 20-minute consultations, longer than many of our competitors. We make sure we have clinicians available when our patients want them. This differentiates us. Our consultations are provided by both GPs and advanced nurse practitioners, ANPs. Our Health Navigator technology guides patients to the most appropriate treatment pathway. This medical device capability sets us apart from many of our competitors and creates opportunity for the future. Our physician can provide the patient with advice, an electronic prescription, medicine delivery and a referral to a specialist. We can also guide our patients through our diagnostic referral pathway. We arrange a diagnostic test, we capture the test results in our medical record and we arrange a review of the diagnostic results by our specialist. The specialist advice is then given to the patient through a follow-up consultation by one of our clinicians. This is pathway navigation in action. We set our services direct to companies and through partners. Our biggest partner is AXA Health, the U.K.'s largest health insurer. We also sell to health providers, such as Nuffield Health, to health and well-being platforms and directly to employers, such as Meta. Through these routes to market, we serve over 1,500 organizations, and we have over 1 million patients registered and ready to use our service. We have a track record of growth and improving financial performance, and we are growing into profitability. Our track record demonstrates our resilience, and it sets the foundations for our goals for the rest of 2024 and beyond. So I'll take you through the highlights of 2023. This was a year of successful transformation and delivery. Back in 2022, we were struggling to service the high growth in demand for consultations. It's a quality problem to have, but we could not source all the clinicians we needed, and our technology platform was struggling to cope with the volume growth. In 2023, we fixed those problems. We transformed our operating model by introducing advanced nurse practitioners into our service, and we strengthened our technology platform. With these changes, we delivered a 19% increase in consultation volumes and a 31% increase in revenue. The change in our clinical workforce enabled us to deliver more consultations with a lower cost to serve so that our gross profit margin grew by 4 percentage points from 42% to 46%. That margin improvement, together with good cost control, resulted in us reducing our EBITDA loss by 2/3. Finally, we strengthened our balance sheet through the issue of the convertible loan note, which settled in early January. And this is a 0 coupon loan note, so there are no interest payments over the life of the note and no principal repayments until it matures in December 2027. We believe that this financing gives us sufficient cash resources to get to profitability and cash generation. We've started 2024 strongly. In the first quarter, we delivered 199,000 consultations, our highest quarterly volume in DCA's history. We reduced our cash burn, and we achieved the milestone of positive EBITDA, in line with our market guidance. So next, I'll set out our priorities for 2024. I've described the space we play in and the services we provide today, our track record of growth and our recent performance. I want to tell you about the focus in 2024 that will position us for success. First, AXA Health is the U.K.'s largest health insurer and is our largest customer and a key partner. We must continue to serve AXA with quality and value, developing our service to meet its needs. Second, we want to win new customers and partners beyond AXA. Our focus is on the U.K. corporate sector where we believe that there is an unmet need, which Tim will talk about, and where there is a lower cost of acquisition than selling direct to consumers. A key enabler of our growth is a change in our contractual relationship with AXA. Since 2020, DCA and AXA had a mutual commitment to exclusivity. That means we don't sell to AXA competitors and AXA doesn't buy from our competitors. In the fourth quarter of 2023, we agreed to remove that commitment, so that later in 2024, DCA will be able to sell our consultation service to AXA's competitors, other health insurers. This gives us a growth opportunity that we've not had before to win new business to expand beyond AXA. And so now we are actively marketing our services to other potential partners. To retain AXA and to win new partners, we're focusing on developing our proposition to the market. We want to enhance our existing consultation service to make it more flexible to meet the needs of a wider range of customers. We'll continuously optimize our operating model and cost base to reduce our cost to serve and increase profitability, and we want to develop our new pathway navigation proposition. Health services are increasingly about pathways, and we have the expertise and the experience to build and manage them. Expanding our proposition will mean that we diversify our revenue model over time. Through our focus on customer growth and efficient operations, our goal for the second half of 2024 is to build our underlying profitability and cash generation. Today, we own most of our revenue through our largest customer, AXA Health. We've paid an agreed price based on the volume of consultations, so our revenue varies based on usage. Our other clients today pay us on a subscription basis, a set fee per member per month, which means that we have a set and recurring level of revenue. For our pathway navigation service, we could earn a subscription for managing pathways for a customer base or we can earn revenue each time that a patient uses our pathway. The key is that the pathway is enabled by technology. It will be increasingly automated, and therefore, the cost to serve is low. This is an attractive revenue model because it can be both recurring and higher margin. We expect the revenue mix to develop in this direction over time. I'm now going to hand over to Dr. Tim Bray, DCA's Chief Medical Officer, who will take us through the U.K. health market and our clinical capabilities. But first, Tim is going to explain how our pathway navigation proposition can work.

Thank you, Ben. My name is Dr. Tim Bray, Chief Medical Officer. And today, I am thrilled to paint a picture of the transformative power our path navigation proposition holds within the realm of digital health care. Imagine a seamless journey through the complexities of health care where every decision point is expertly managed and every technological advancement seamlessly integrated. This is precisely what Doctor Care Anywhere will offer. At the heart of our proposition lies a commitment to holistic pathway management. For example, in a mental health pathway, Doctor Care Anywhere takes the reins, orchestrating a symphony of technology solutions and clinical services, including working with strategic partners to engage, triage, navigate and treat patients. It's not just about managing pathways, it's about optimizing them for unparalleled patient care and better outcomes. What sets us apart is our dedication to automation through meticulous clinical logic created by top-tier clinical experts and powered by technology, much of the process becomes effortlessly streamlined. Efficiency meets efficacy in every aspect of our operations. But it's not just about efficiency, it's about empowerment. With patient consent as our guiding principle, Doctor Care Anywhere captures and shares crucial patient information with precision. This will allow our partners to deliver their services with unparalleled insight and effectiveness. And let's talk business. Our pathway isn't just a conduit for care, it's a gateway to revenue. Every time a patient embarks on this journey, we open the doors to a high-margin, repeatable revenue stream. It's not just about delivering care, it's about delivering value. So in conclusion, our pathway navigation proposition isn't merely an innovation. It's a significant advancement in our patient care, operational efficiency and financial sustainability. With your valued support, we are positioned to lead the way in reshaping the landscape of digital health care, setting new standards of excellence with each pathway we navigate. Allow me to shed some light on the imperative behind our focus on pathway navigation. The United Kingdom's National Health Service stands at a crossroads, grappling with the relentless surge in demand for health care services. This surge is propelled by an aging populace and a mounting prevalence of chronic conditions. Concurrently, the NHS faces critical constraints in both clinician availability and facility capacities. These challenges are not transient. They are systemic with solutions requiring substantial time and investment. In response to this evolving landscape, we anticipate a notable shift towards private health insurance and services as individuals and employers seek alternatives to alleviate the strain on the public health system. Moreover, the future of health care demands a paradigm shift towards preventative care, early diagnosis, optimal resource allocation and embracing digital innovation. It is within this dynamic context that Doctor Care Anywhere emerges as a beacon of promise. Positioned at the nexus of these transformative trends, Doctor Care Anywhere is primed to harness the opportunities they present. In essence, our commitment to pathway navigation is not just a strategic move, it's a forward-looking investment in addressing the pressing needs of health care delivery today and tomorrow. So let's zoom in on a critical facet of health care: the realm of workplace, health and well-being. Next slide, please. Within the U.K.'s vast workforce of approximately 30 million individuals, a staggering 22%, over 6 million people are economically inactive with many sidelined by long-term sickness. Despite significant investments of our employers in employee health and well-being initiatives, the problem of long-term sickness absence persists and intensifies. In 2022 alone, long-term absence soared to nearly 8 days per year per employee, a staggering 40% increase from 2021. Mental health and musculoskeletal issues emerged as primary culprits, driving 63% and 51% of long-term absences, respectively. Regrettably, current solutions fell short of addressing this pressing challenge, leaving both employers and employees grappling with its ramifications. This status quo not only jeopardizes the health of U.K. employees, but also imposes a substantial financial burden on businesses with the average cost of absence hovering around GBP 1,000 per year per employee. However, amidst this adversity, we identify an immediate opportunity to drive differentiation and effect change. Leveraging our pathway navigation proposition, we aim to zero in on the key drivers of lost productivity within the workplace. While the market offers a myriad of point solutions for various segments of the patient journey, our value proposition lies into seamlessly integrating these disparate elements. With our blend of clinical expertise and technological prowess, we endeavor to guide patients along the optimal journey while empowering employers to tailor services from their health and well-being budgets. Our ultimate objective, delivering tangible returns on investment for employers by curbing absence rates and enhancing productivity levels. So now next slide, let's delve into how we're empowering health care excellence today and setting the stage for tomorrow. First and foremost, our commitment to clinical excellence and workforce satisfaction is unwavering. With a highly satisfied clinical workforce reflected in exceptional colleague satisfaction ratings and reputation, we're not just retaining, but we're attracting top-tier talent. Access to a diverse and highly qualified clinical workforce, spanning over 9 specialties ensures comprehensive care from primary to specialized services. Risk management and governance are paramount in our journey. Through integrated risk and governance structures, we promote an ethical culture and optimal performance. Our instant management systems enhance its reporting and drives quality improvement, fostering a culture of continuous enhancement. In the realm of patient-centered care and safety, we're forging partnerships for seamless integration. By sharing data with the NHS, we support future treatments, ensuring holistic care for our patients. Safeguarding and clinician assurance remain at the forefront, bolstering patient safety through enhanced systems and rigorous processes. Technology is the cornerstone of our commitment to patient well-being. Prioritizing safety, we employ our MHRA-registered Class I medical device into our advanced online booking systems. And our MyHealth well-being platform promotes positive lifestyles and healthy behaviors, empowering our community to thrive. So the future of health care is a landscape ripe with innovation and opportunities. So let's explore how DCA is leading tomorrow's health care by building on and developing its clinical capabilities further. Our goal is to leverage innovative practices to enhance patient care, ensuring that every step we take leads to better results for those we serve. At the core of our vision is our commitment to measuring and optimizing clinical outcomes. In addition, by evolving our digitally enhanced diagnostic pathways, we will be improving patient treatment and outcomes, ensuring quicker access to diagnoses and onward management plans, informed by our existing capability from over 4 years of delivering diagnostics to thousands of patients. But we don't stop there. We will be crafting, in particular, clinical pathways and logic, shaping the future of patient care delivery through strategic partnerships. We have already started that journey today in partnership with Medichecks where patients can purchase a Medichecks test kit and choose to have a DCA virtual GP consultation to review and discuss onward management advice in one simple journey. Efficiency will be redefined as we strategize to maximize workforce capacity as we empower our clinicians with cutting-edge tools and processes to enhance patient care delivery. And in the realm of billing, we're going to be redefining processes for accuracy, transparency and efficiency in health care transactions. Because in tomorrow's health care landscape, efficiency is key to delivering exceptional care. But above all, our focus remains on patient-centered care and safety. We're building out further robust governance structures to uphold the high standards of patient care and safety. Embracing new models of care, including the option of either real-time or asynchronous clinical services, means we're ensuring flexible and accessible care tailored to meet patient needs anytime, anywhere. And as we spearhead the power of medical devices, we will be seamlessly integrating them into future patient care pathways, shaping a tomorrow where health care is not just innovative, but also profoundly human-centered. Now I'm going to hand over to Luis, who is going to talk about how we are innovating our technology for the opportunities ahead.

Thank you, Tim. Next slide, please. Good morning, afternoon, everyone. I'm excited to share how our platform is well placed in the business, thanks to our cloud-native foundation. Being borne in the cloud means we'll start fresh without any legacy behind us. This allow us to fully embrace the benefit of cloud technology, scalability, agility, resilience, innovation and security. One of our key strengths is our partnership with Microsoft. This collaboration allows us to deliver our services more efficiently and leveraging from Microsoft cloud solutions. Since 2023, we have an improvement in the stability and resilience of our services. Our systems scale up as demand increases, ensuring that we meet customer needs. In summary, our platform is not just keeping pace. We are setting the pace in our industry. Our foundation in the cloud drives innovation and growth. Next slide, please. Our platform is designed to be the digital front door for our customers, providing a single digital identity to access all our services. We will also provide data capabilities that offer a comprehensive view of each customer health, improving personalization and service quality. Our common data model not only ensures a unified patient view, but also facilitates deeper insights and simpler integrations. Our integration capabilities are key to fostering interoperability within the health ecosystem, ensuring that different systems and services can work together. Looking ahead, we plan to integrate native Microsoft health care services, which will simplify our platform and enhance our ability to integrate new services using standard protocols like HL7 and FHIR. This integration extends to market services such as booking hubs and NHS services, allowing us to quickly incorporate new solutions from other partners. This capability not only speed up the launch of new products, but also helps in reducing costs. Finally, our configurable pathways and guidance capability enable us to create and manage health care pathways, guaranteeing that each patient gets the right care at the right time. Next slide, please. Our strategic use of artificial intelligence will transform how we deliver health care, enhancing both capacity and efficiency. By automating routine tasks, AI will facilitate our clinicians to dedicate more time to the patient, focusing on what truly matters. We will leverage AI across entire patient journey, aiming for optimal health outcomes at competitive cost. The patient journey will be enhanced by AI from navigation to outcomes. In navigation, from the moment a patient interact with us, AI will be there to guide them. It defines the purpose of their visit and that extend to the right next steps. AI-powered chatbot streamline initial interaction, making our processes faster and more user-friendly. During consultations, AI will reduce the administrative load on our clinicians. This allows them to concentrate more on patient care, increasing the number of patients seen without compromising on quality. Outcomes. AI automates essential follow-up tasks like writing prescription and fit notes and provides personalized advice based on the consultation. In the future, AI will play a crucial role in managing conditions by sending medication reminders, scheduling tests and offering advice based on these results. As AI technology advance, we see it playing a larger role in complex diagnostic as a decision support tool and in the management of secondary care, further transforming the health care landscape and improving patient experiences. Next slide, please. Finally, let's talk about technology priorities for the next 3 years, which will serve in DCA's competitive edge. Technology is not just part of our business, it is what makes us different. Our focus is to deliver a multi-tenant platform that introduce new offerings to new customers swiftly. We are building a new strategic integration fabric to ensure interoperability across the health ecosystem. By investing in data and analytics, we are setting the stage for AI. Cybersecurity and resilience are at the forefront of our strategy, and we aim to be a best practice of agility in the industry. All of these developments are in line with optimizing our total cost of ownership. And to achieve this, we have initiated the Technology Transformation Programme, which includes 8 comprehensive initiatives spread over the next 3 to 4 years. These initiatives are designed to transform our technology landscape and move us towards a future where our technology is a beacon of excellence in the industry. Now I'm passing to Seema, who is talking about profitable growth. Thank you.

Thank you, Luis. Good morning and good evening to everybody. As mentioned earlier, Doctor Care Anywhere has demonstrated a strong track record of growth and successful delivery of change and transformation. The convertible loan note that was settled in January 2024 has strengthened our balance sheet and means we have sufficient funds to support organic growth. We will continue to grow our top line through new client wins with our existing and new propositions whilst managing our costs and ensuring we continuously drive efficiencies. Our focus will be to deliver more with less, continually rightsizing the business to deliver profitable growth and a high quality of service to our clients. We have a number of opportunities to grow our margins, the key ones being a different revenue mix, lower cost to serve and also by driving down operating and nonoperating costs. So just to go into a little bit more detail on the areas of opportunity I've just mentioned. Firstly, the change in revenue mix. The move to more recurring and scalable revenue based on subscription and SaaS-like models will enable us to allocate costs and resources more efficiently. With SaaS-like services, we shall have increased automation and, therefore, should have reduced operating costs. Our focus will be to deliver higher-margin revenue through our new proposition. Moving on to cost of sales. We are continuing to develop the Mixed Clinical Workforce model, which will reduce our cost to serve. We have seen the successful impact of this change in workforce mix in 2023, and we'll continue to see further benefits as we move forward. Additionally, our focus on flexibility in our workforce enables us to protect margins when volumes fluctuate. Our focus is and will continue to be to deliver a high level of quality and service to our clients with the most efficient workforce mix. And finally, onto operating and nonoperating costs. As we invest in our systems and processes, enabling more automation, we will continually look to drive cost efficiencies. A lot of work was done in 2023 to manage our cost base, and we will continue to do this in 2024 and beyond. So to summarize, we see further opportunities to drive our margins up, and we are continually reviewing the operating model to drive efficiencies whilst delivering more. The business has delivered a strong set of quarter 1 numbers, and we are extremely pleased with our progress so far. We believe we have reached the scale where we can be profitable. Thank you, and now I'll hand back over to Ben.

Thank you to Tim, Luis and Seema. I'd also like to take this opportunity to thank the wider DCA team for all that they have achieved in 2023. We described to you how DCA has started 2024 strongly with positive EBITDA achieved in Q1. We will continue to build on this underlying profitability. We've described to you the market opportunity that we see, the unmet health needs that we want to address. We've laid out our clinical and our technology expertise and our experience of operating in this market and the resilience that comes from 10 years of building this business. We set out our priorities for 2024: new customers, new propositions, efficient operations and financial progress. So here are our financial goals for 2024 and beyond. We are upgrading our guidance of revenue growth. We expect it to be at the upper end of the range of 5% to 10% in the first half of 2024. We're targeting underlying cash generation in the second half of 2024. Looking further ahead, in the medium term, our ambition is to grow our top line at 10% or more year-on-year, but our focus is on profitable growth so that our EBITDA margin moves over time to 10% or more. We have the experience, we have the expertise and we have the ambition to be the U.K.'s market leader in digitally enabled primary care. We've built the foundation. We are excited about the opportunity, now we're going to seize it. So I'll pass back now to John to take us through the formal part of this Annual General Meeting.

Thank you, Ben, Seema, Tim and Luis. Today's presentation slides and the audio recording will be available on our website to view over the next 24 hours. Before we start the formal business of the meeting, I will respond to those questions already sent by our shareholders. We will also allow time for shareholder questions as we progress through the formal items of business. At the moment, we have just one question, so I'm going to read that question out and the response to it. And we'll just take a pause to see if there's any other questions at this juncture. I invested in shares in the expectation of receiving dividends. At what point do you expect the business to start paying dividends? The business is focused on delivering sustainable, profitable growth for all of its shareholders and stakeholders. It is important to set a dividend policy as it's aligned with our growth and diversification objectives against the background of a fast-moving business environment. The profitable results for Q1 2024, following the progress made in 2023, gives scope for the Board to consider the payments of dividends. However, this will depend on the business showing a proven and sustainable track record of generating cash and profit and the Board determining the most appropriate use of resources to drive shareholder value. The agenda for today's AGM is set out in the notice of meeting dated the 5th of April 2024, which was circulated to all eligible security holders and shareholders. I will take the notice as read. Copies of this and our 2023 annual report are available on our website and the ASX company's portal. The minutes of the 2023 AGM have been signed and are available for inspection by arrangement through our Company Secretary. You will have received instructions on voting and submission of questions as part of your voting pack, but here is a brief summary. Today's meeting is being held online via the Computershare meeting platform. This allows shareholders, proxies and guests to attend the meeting virtually. All attendees can watch a live webcast of the meeting. In addition, shareholders and proxies have the ability to ask questions and submit votes. All our attendees can submit questions at any time. [Operator Instructions] Please note that while you can submit questions from now on, I will not address them until the relevant time of the meeting. Please also note that your questions may be moderated or, if we receive multiple questions on one topic, amalgamated together. [Operator Instructions] I should remind you that voting today will be conducted by way of a poll on each item of business set out in the notice of meeting and that all voting will be recorded electronically. I will shortly open the voting for all resolutions. If you are eligible to vote, once voting opens, press the vote icon, and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit the submit or enter button as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. You can change your vote at any time during the meeting up until the time I declare the voting closed. After voting is closed, at the end of the meeting, we will show a slide with the proxy votes received for each resolution. The final votes for and against each resolution will be released to the ASX after the meeting is closed, which is likely to be tomorrow morning, Australian time, following verification by our share registry, Computershare. Does anyone have any questions about the voting process? Thank you. I now declare voting open on all items of business. The vote icon and all resolutions will soon appear, so you may submit your votes at any time. The Board recommends that you vote in favor of all resolutions that are set out in the notice of meeting. I as Chair of the meeting intends to vote all open proxies in favor of all resolutions. The first item of business is to receive and consider the company's annual report and financial statement for the year ended the 31st of December 2023. While we do not put this item of business to a vote, we would welcome any questions about the company's accounts or more generally. Does anybody have any questions on the accounts? If I have no further questions, I'll move on to the next item of business. Resolution 2 deals with the appointment of the company's auditors, Crowe LLP, who were appointed by the Board during 2023 after the last Annual General Meeting. It is proposed that they be appointed as the company's auditors for the next 12 months. I'll now put this resolution to the meeting. If you've not already cast your vote, please do so now. Resolution 3 relates to the election of Dr. Aleksandra Spencer, who was appointed to the Board in July 2023 and is, therefore, standing for election at this meeting. Ola's experience and credentials are set out in the notice of meeting and in our annual report, so we will not repeat them here. I'll now put this resolution to the meeting. Please vote now. Resolution 4 relates to the election of Ben Kent, who joined the business as Interim Chief Executive Officer in February 2023 and was appointed as Chief Executive Officer this year. He joined the Board on the 7th of March 2024. Although our constitution excludes the appointment of the Managing Director from the requirement to stand for election or reelection, the Board considers it good practice for all main Board directors to stand for election by shareholders. Ben Kent is, therefore, standing for election at this meeting. Ben's experience and the credentials are set out in the notice of meeting and in our annual report, so I will not repeat them here. I'll now put this resolution to the meeting. Please vote now. Resolution 5 relates to the adoption of the 2023 remuneration report. Before putting the resolution to a vote, I would like to remind shareholders that a voting exclusion applies to this resolution as set out in the notice of the meeting. This is an advisory resolution, but the Board will take the outcome of the vote into consideration when reviewing the future remuneration policies and practices of the company. I'll now invite questions on the remuneration report. Does anybody have any questions? Thank you. I will now put this resolution to the meeting. Please vote now. The following 3 resolutions relate to the company's share incentive schemes. We are seeking re-approval of 2 existing schemes, the LTIP and the CSOP, and approval of a new share save scheme, Save As You Earn, intended to allow all employees to participate in future share price growth by saving out of their earnings for the purpose of buying shares in the future. Summary details of each scheme have been circulated with the notice of meeting. It is proposed that the number of shares in respect of which options may be issued and that the 3 schemes in aggregate will not exceed 12% of the company's total issued share capital.

Sorry, John, I do have a question coming in, which really relates to the financials. The question is, when I invested in Doctor Care Anywhere, its share price was over $1, $1.04. It's now approximately $0.06 with a market cap of $22 million. When do you see this improving?

Yes, I think there's a few things around that. I think, firstly, we have to be mindful the whole sector has derated since that time, which has been heavily impacted by Babylon, one of the largest organizations in the sector, going into administration. And across all the globe, actually, SMEs have derated across the world hugely over the last few years. We genuinely hope and feel that the company has turned a significant corner in the last 12 months. And indeed, although we aspire and believe our share price should be a lot higher today, it has increased about 50% over last year. We expect that to continue to grow and make progress as the business delivers on this fund that the team has taken us through today.

Thank you. There are no other questions currently showing.

Thank you. So Resolution 6 seeks to renew the approval of the company's Long-Term Incentive Plan. I'll now put this resolution to the meeting. Please vote now. Resolution 7 seeks to renew approval of the company's CSOP. I'll now put this resolution to the meeting. Please vote now. Resolution 8 seeks approval for the introduction of a new Save As You Earn plan for employees. I'll now put this resolution to the meeting. Please vote now. That concludes all of the items of business in the notice of meeting. I will now give all shareholders a moment to finalize their votes as voting will close momentarily. [Voting]

I now formally close the poll. As I said earlier, the final numbers of votes for and against each resolution will be made available to shareholders when we release the results to the ASX. However, on the basis of proxy voting, all resolutions have been passed and the preliminary results are shown on screen. I now declare the meeting closed. Thank you for all of your time and participation today. If you have any further questions or matters to raise, please send in your questions via the meeting portal, and we will endeavor to respond after the meeting. For anyone attending in person, we'll be available for the next few minutes to speak to. Thank you, everybody.