The purchased UK business performed 454 cycles for the year to 31/03/2018 (the period prior to Virtus takeover). Virtus performed 125 cycles in the 3 months to 30/06/2018 and then 228 cycles in the 6 months just reported. That's about the same rate as the prior owner and Virtus makes reference to the fact that "the clinic experienced some disruption to operations resulting in lower than expected volumes". Their UK revenue for the six months was about $2.9m. Maybe it could have been $3.5 without disruption. Their EBITDA (once up and running properly) might reasonably be expected to be between 20% and 25%. So maybe EBITDA may potentially be about $750,000. Lots of maybe's in there but you made an interesting point and that's as close as I can get. They did say (in August for the last financial year) that they would EPS accretive in 2019. The UK is the only one you could possibly consider as vaguely "checkable" at this stage. As has been suggested, another 6 months (at least) is needed to discern the logic for the purchase price(s).
VRT Price at posting:
$4.02 Sentiment: Hold Disclosure: Held