- Mach7 Technologies (M7T) announces a record year for cash receipts and back-to-back annual profits in its latest quarterly financial report
- According to the company, annual sales orders grew 95 per cent to $25.64 million, while cash receipts grew 23 per cent to $21 million
- As such, though the company was just shy of breaking even over the June quarter, annual cash flows for the year were still positive by $1.21 million
- Mach7 says a string of new customers signed on this year and a low churn rate of less than 2 per cent helped drive the growth
- Nevertheless, shares in Mach7 Technologies are down 5.21 per cent and trading at 91 cents each at 11:11 am AEST
Mach7 Technologies (M7T) has announced a record year for cash receipts and back-to-back annual profits in its latest quarterly financial report.
While the health tech specialist was just shy of breaking even over the June quarter of 2021, with operational spending outweighing cash receipts by just $60,000, the company said cash flows for the 2021 financial year were still positive by $1.21 million.
The company cited its highest-ever cash receipts and sales orders as drivers of the positive result. Mach7 received $25.64 million worth of sales orders in FY21, which is 95 per cent higher than the year before, while cash receipts grew 23 per cent to $21 million.
All this translates to expected annual revenue of between $19 million and $19.5 million, according to Mach7, though the company said it will release its audited annual financial report in August.
In any case, Mach7 had around $18.36 million worth of cash on hand and no debt at the end of June.
The company said it is now generating $13.36 million of annual recurring revenue, which has doubled since this time last year.
New customers, steady retention
Mach7 signed several new sales orders, contracts, and contract renewals over the June quarter, helping drive the revenue growth and sales orders.
New customers signing up for Mach7’s products include Cabell Huntington Hospital in West Virginia, the University of California San Francisco Health (UCSF), St Paul’s Hospital in Hong Kong, and more.
At the same time, the company said it has continued to receive purchase orders from the Hospital Authority of Hong Kong (HAHK) as per a sales order contract signed during the 2019 financial year.
What’s more, Mach7 said its customer churn remains “very low” at less than 2 per cent.
Mach7 is a health technology partner, helping hospitals and doctors’ offices around the world streamline their medical imaging and other health processes.
The company’s tech lets hospitals and clinics receive, transfer, store and view medical images from several different connected devices.
Mach7’s technology can be integrated into any device and gives clinicians seamless access to high-quality medical images, even if the images were taken at a different location. This means clinicians get the same images as radiologists easily accessible on their own devices.
Further, the Mach7 tech platform helps optimist storage, workflow and patient management across a hospital’s IT ecosystem.
Shares in Mach7 Technologies were down 5.21 per cent and trading at 91 cents each at 11:11 am AEST. The company has a $214 million market cap.