- Digital healthcare company Alcidion (ALC) achieves record quarterly cash receipts of $14 million for the June quarter
- Total cash receipts for FY22 came to $41.4 million, a 29 per cent increase on the prior year, resulting in positive operating cashflow of $1 million for the full year
- Alcidion signed several strategic contracts during the quarter, leading to a total contract value (TCV) of $14.8 million which is the second highest quarter recorded to date
- The company ended the quarter with $17.3 million in cash and says it enters FY23 in a “strong position” with almost $30 million in revenue to be recognised in FY23
- ALC shares are up 7.41 per cent to trade at 14.5 cents at 11:47 am AEST
Alcidion (ALC) has reported a record $14 million in quarterly cash receipts for the June quarter.
The quarterly figure took total cash receipts for FY22 to $41.4 million which is a 29 per cent increase on the $32 million in the prior corresponding period (pcp). As a result, the company achieved positive operating cashflow of $3.3 million in the fourth quarter and $1 million for the full year.
The digital healthcare company also experienced its second-highest quarter of total contract value (TCV) of $14.8 million and $57.7 million TCV for the full year which marks a 96 per cent increase on the pcp.
Alcidion said this reflects a number of signed and extended contracts during the quarter for its Miya Precision and Miya Flow technologies.
Miya Flow is one of the product modules within the company’s broader Miya Precision platform. It gets integrated with existing systems in a hospital for staff to efficiently view all patient information on one electronic platform.
“During the quarter we signed several new customers in the Australian and UK markets and signed contracts to upgrade a number of strategic, long-term customers to the latest Miya Precision platform,” Managing Director Kate Quirke said.
“Alcidion’s continued growth in the face of a challenging external business environment is driven not only by large scale contracts but also by several smaller contracts which cumulatively contribute meaningfully throughout the year, delivering record new sales for FY22 with TCV of $57.7 million.”
The company ended the quarter with $17.3 million in cash.
Alcidion said it has entered the 2023 financial year in a “strong position” with $28.3 million of contracted revenue to be recognised which is up 87 per cent on pcp. The company has a further $2.9 million of scheduled renewal revenue that it expects will be converted over the course of FY23.
ALC shares were up 7.41 per cent to trade at 14.5 cents at 11:47 am AEST.