They are Indias leading and largest diagnostic labs and they bring over 920 pathology tests to their clients doorsteps. They began as only a place to test thyroid but now have expanded to over 920 services and products. Their key strengths are affordable, speedy, pan India, and high quality. They have over 66000 samples processed every day. They have expanded globally by going into Tanzania in April 2024. They acquired think health care so that they can offer ECG at home services also. In 21 and 22 their pathology business saw significant drop in total revenue but because of Covid testing they managed to get record high revenue still. Pathology revenue has recovered growing at a CAGR of 18 percent since covid. Laboratory diagnostics play an important role in patient care, providing essential accuracy for diagnosis, risk assessment, treatment and follow up. They added more then 200 tests in fy 2024 alone and are planning to partner up with several larger businesses to grow their business. They also launched the first blood test in India to check heart attack risks. In the last year they processed more then 22 million samples and served more then 15 million patients. They also own a subsidiary called nuclear healthcare through which they operate molecular imaging centres throughout India. They collect their samples through a pan-India network of authorised service providers who collect their samples from local providers like hospitals and labs. Through nuclear they are working to expand their molecular imaging network which works on identifying cancer early. The diagnostics industry in India is highly fragmented which gives an opportunity for players to consolidate and gain market share. The industry is usually dominated by unorganised small regional players but because of covid and all the new tech that is expected to change with the tech requirement meaning more capital which they do not necessarily have. Their collaboration with Pharm easy is another good benefit for them as they can cross sell their product. They want to focus on expanding their B2B business. They want to keep on expanding on their wellness offerings. Overview. Thyrocare is Indias largest diagnostic lab and they offer over 920 pathology tests to their clients. They processed more than 22 million samples last year. Covid make their pathology business take a big hit but because of the revenue earned from covid their overall revenue grew. They have a collaboration with Pharm easy which allows them to expand their reach to more and more people. Lastly last year they expanded to Tanzania. Personal thoughts. Thyrocare is quite similar to metropolis and doctor lal pathlabs but at the same time has more exposure and a focus on B2B compared to metropolis and Dr lal pathlabs exposure in B2C. Because of this they process way more samples because they get most of theirs in bulk from local suppliers. They are also very affordable so I think they are targeting the middle to lower class population. If there molecular imaging business takes off they can really grow that into a whole new segments. I like how they keep on adding value to their clients by adding more tests.