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Atrys Health A new stage on the stock market begins this Monday. After six years as a listed company in the alternative BME Growth (antes MAB), the sanitation company debuts in the Continuous Market of the Spanish Stock Exchange, a higher echelon with greater regulation through the CNMV and the presence of investors due to the activity of international brokers.

The stock market revival is scheduled for this Monday, February 7 at 12:00 p.m. through a ‘listing’ -direct admission to trading of the current shares- that will culminate the process of transformation of a startup into a large company based on rapid growth and expansion of capital to integrate other companies that it has been acquiring in recent years.

Its capitalization has multiplied by 38 times since it debuted in the markets with just 16 million euros of capitalization. On Monday, its 61.4 million shares will put that valuation at 620 million. However, its price and the profitability of the shares also presents an accumulated revaluation of 622% (7 times) in this time.

According to its data, Atrys currently has more than 3,000 shareholders, including some of the members of the nucleus that supported Másmóvil for years. The operator also followed the same path of listing on the BME alternative market -after the merger of In another way e Ibercom, which was already listed on the stock market- to make his leap to the Continuous Market after his career in acquisitions with Pepephone (Globaly) and Yoigo, among other.

Elías, on the platform, next to Romeu, seated in the foreground.

VIP shareholders

The history of the company they lead Santiago de Torres (President), Elizabeth Lozano (CEO) and Josep Maria Huch (Financial Director) is accompanied in this phase by a first level shareholder group. At the head stands Jose Elijah Navarro, which maintains a controlling stake of 30.3% of the capital through its holding company Excelsior Times.

The businessman from Badalona is also the largest of the infrastructure company Ezentis (29%) and the energy company Audax Renovables (77%). Its majority stake in Atrys originates from the largest acquisition made by the telemedicine company: the merger in shares with aspy, a group of health services for companies and occupational risk prevention. Elías’s company went public in December 2020 and received a takeover bid from Atrys just a month and a half later after a friendly agreement between both groups.

Some of the partners who have accompanied Elías have also joined Atrys. Among them stands out the Dominguez de Gor family, owner of the textile Mayoral and owner of the holding company Global Investment Portfolio which owns more than 400 million euros in various listed companies, including Audax. His percentage in Atrys stands at 6.35%.

Just behind is Onchena, the investment vehicle of the Ybarra Careaga family, with 6.2% of the capital, and in fourth place the insurer caser, controlled by the Swiss Helvetia with 5.1%. With a similar weight of 5.1% is the venture capital manager Inveready, a fundamental piece of the current shareholding configuration and the architect of the success achieved in the markets by the operator Másmóvil.

Josep Maria Echarri, one of the founding partners of the venture capital firm, has once again brought together the core shareholding of the operator in the capital of Atrys before the sale for more than 3,000 million euros to the venture capital consortium led by KKR, Cinven and Providence. They also have minority stakes in Atrys, the venture capital fund MCH and the Isidro Rincón family, former owner of the Europac paper mill.

José Elías Navarro is the largest shareholder of Ezentis and Audax.

A technology and health business

Atrys Health has managed to successfully unite its technology and health proposition to date. Although it began as a telediagnosis and second medical opinion company specialized in areas such as oncology, its medical activities now cover almost all areas.

The company divides its business into two pillars. On the one hand, the precision medicine -which includes diagnosis, telemedicine, advanced radiotherapy and smart data- with more than 6 million medical tests, 280,000 laboratory tests and 60,000 cancer treatments in 2021. In second place, the area of preventive medicine-prevention and training in the field of risks and occupational health- serves more than one million workers and has a network of 234 delegations inherited from Aspy.

At the income level, its turnover has gone from 4.5 million euros in 2016 to a proforma turnover of more than 160 million euros estimated for 2021. In these six years, the size of the company has also multiplied in terms of staff and has gone from having a team of 44 professionals to more than 2,000 today.

His consolidated result shows losses of 4.7 million euros until June 2021 and closed 2020 with some ‘red numbers’ of 19 million euros. His net financial debt amounts to 173 million euros and it is perhaps its Achilles heel due to the associated costs. However, Atrys closed a refinancing in December with the banks and warns in its prospectus for going on the Continuous Market of this “high” leveraged profile.


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