September 19, 2020

One of the main Spanish health start-ups warns of the risk of “new hard quarantines”



Atrys Health, one of the health sector start-ups with the greatest projection, has warned of the risk of “a scenario of new waves that entail new hard quarantines of similar duration to that of the first wave in Spain” due to the expansion of the coronavirus.

The notice appears in the “risks” section of the prospectus for a recent 50 million euro bond issue carried out by this Spanish firm, which is listed on the Alternative Stock Market (MAB) for expanding companies.

In the document, Atrys assures that this scenario of “new hard quarantines” should not put its liquidity levels or the fulfillment of its financial commitments at risk. It is the first time that the company has issued this warning for a crisis whose duration it initially estimated at about three months.

The company has first-hand information on the healthcare sector through its Smart Data division, which has recently worked selflessly with three regional governments (it does not identify them for “confidentiality” reasons) in the development of predictive models on the evolution of the coronavirus to “estimate, using mathematical models, the number of COVID-19 cases, the daily number of hospital beds and ICUs”.

“This has allowed regional governments to make strategic decisions during the first wave of the pandemic,” he explains in the brochure sent to the Fixed Income market. The firm owns BigPac, “the most important database of clinical records in Spain with which health studies of high strategic value are carried out”. This tool “provides information at both the hospital and primary care level.” With it, it offers all kinds of analysis and reports for the pharmaceutical industry.

Coronavirus test

Founded in 2007 and headquartered in Madrid, Atrys Health specializes in telemedicine and radiodiagnosis, although with the outbreak the pandemic quickly redirected part of its activity to conducting tests for the coronavirus. Since April, the company has carried out around 10,000 tests of this type. “The bulk of the tests are being carried out at the request of companies that have wanted to test their employees, although we have also carried out free tests in several nursing homes in Madrid, Barcelona,” indicate company sources.

“Our response to COVID-19 has also gone through the remote diagnosis of CT and chest X-rays of patients with coronavirus in public and private hospitals through our teleradiology division,” these sources add.

In the field of R&D, the company has been developing in recent months, together with researchers from the Complutense University of Madrid and the University of Granada, a portable device for rapid and low-cost diagnosis to detect infection in less than 15 minutes based on graphene technology. She has also worked on a second test that measures the degree of immunity of patients diagnosed or suspected of having contracted the disease, developed together with the Leitat technology center and the Vithas hospital group.

Atrys was included by the Financial times in the 2019 edition of its traditional ranking with the 1,000 European companies with higher growth. It has been listed on the MAB since 2016 and the objective has been to jump to the Continuous Market, which brings together medium-sized companies. With a turnover of 20.8 million euros in 2019, its expansion has been based on organic growth and purchases from other companies. The latest, that of the Chilean ITMS, was announced in June and will allow it to double its size.

The company, whose annual profitability reaches 38%, is one of the most bullish on the MAB in 2020, in a year of sharp falls in the stock markets. Since its debut, it has tripled its market value, to the current 231 million. Its main shareholders are the investment fund Inveready (14%), the insurance company Caser (12.36%) and the Onchena fund (6.2%), owned by the Ybarra Careaga family, one of the richest in Spain.

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