Industry Overview
Operates across the physiotherapy, fitness and wellness markets. The Ontario physiotherapy market is stated at approximately $1.7bn across roughly 7,000 operators, alongside approximately 22,000 fitness and wellness businesses.
Business Description
Asset-light physiotherapy services platform operating through 80+ partner gyms, wellness clinics, recovery centres and studios. Registered physiotherapists assess patients virtually, with in-person follow-up delivered at partner locations. The business manages clinician recruitment, scheduling, billing and governance, with no clinic acquisitions, lease exposure or greenfield build-outs.
Financial Summary
FY26 compiled revenue was $2.25m with $249k adjusted operating income. Current run-rate is stated at $4.1m, with a $5.0m+ Fall 2026 run-rate and estimated 2027 revenue of $7.0m. The business reports positive EBITDA. Ramped partner economics are approximately $60k, $81k LTV, below $3k CAC and approximately three months.
Investment Rationale
Asset-light model with no lease or build-out exposure. The network includes 80+ partner locations, with 129% same-store NDR, 136.5% mature two-year cohort performance and 22/22 core logos retained. Growth is expected through expansion into additional territories and increased billings per partner location.
Customer Overview
80+ partner locations, 9,700+ patient accounts and 30+ contracted clinicians. Partner locations provide the physical footprint and embedded demand, while the business supplies clinicians, scheduling, billing and governance.
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