Decision paper

Enter Spain in 2027

The case, the cost and what would change our mind.

$18M

addressable revenue in the first three years

Clinics on the waiting list

Break-even path ($M, cumulative)

Why now

Demand

A waiting list of 240 clinics

Regulation

New rules favour our model

Competition

One local player, no leader

The risk

Hiring is the bottleneck

We need twelve Spanish-speaking staff before launch.

Two ways in

Build

Slower, full control

Partner

Faster, shared margin

vs
Decision

Go, with a partner

Review after six months against three measures.