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- Beamtree (BMT) has reported a 91 per cent boost in group revenue to $7.1 million for the first half of FY22
- The health data analytics company saw all of its customers renew their ongoing contracts which it says is a testament to their loyalty and the value of its products
- Importantly, Beamtree expanded its presence with new partnerships in South Africa and New Zealand as well as with Adelaide-based CALHN to implement new products
- Beamtree says it became Australia’s largest health data and AI decision support platform after acquiring and integrating two new companies to increase its capabilities
- Company shares are down 8.38 per cent to trade at 41 cents
Health data analytics company Beamtree (BMT) has reported a 91 per cent boost in group revenue to $7.1 million for the first half of FY22.
Of this, total recurring revenue accounted for over 85 per cent which the company said was a testament to customer loyalty. In line with this, 100 per cent of Beamtree’s customers renewed their contracts during the half-year.
As of December 31 2021, annualised recurring revenue totalled $16.8 million which marked a 160 per cent year-on-year increase.
Beamtree’s products and solutions aim to help healthcare providers improve efficiency to deliver better quality care and patient outcomes.
“[Our] mission is to support organisations around the world improve health outcomes through automation, artificial intelligence (AI) decision support and comparative data analytics,” CEO Tim Kelsey said.
The company said the 1H results demonstrated the success of its growth strategy with new contract wins in four countries and strategic partnerships with Ampath (South Africa), and Southern DHB (NZ) to develop new offerings.
A key win during the six-month period was partnering with Central Adelaide Local Health
Network (CALHN) to implement AI products to support safer care for patients.
Importantly, the companies also initiated a new trial using Beamtree’s AI decision-support product called ‘RippleDown’.
The six-month trial aims to support clinical decision making for pathology services and will integrate the Ainsoff Index into the electronic medical record which made it the first time the Ainsoff Index was implemented into a public hospital after Beamtree acquired it.
The acquisition of Ainsoff was driven by BMT’s goal to drive product innovation and was followed by the acquisition and integration of Potential(x) to expand global reach.
These deals reportedly led to Beamtree becoming Australia’s largest health data and AI decision support platform.
At the end of the first half of FY22, the company had a strong cash balance of $6.5 million.
Company shares were down 11.7 per cent to trade at 39.5 cents at 2:45 pm AEDT.
