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- Medical technology company Volpara raised $55 million in the first quarter of the 2020 financial year
- Volpara acquired medical software company MRS Systems which is expected to generate US$4.5 in annual recurring revenue
- Volpara’s share price is up just over six per cent today, currently sitting at $1.64 per share.
Medical technology company Volpara reports it raised $55 million during the first quarter of the 2020 financial year.
Volpara produces artificial intelligence imaging algorithms which help with in early breast cancer detection.
Alongside the capital raise, the company acquired medical software company MRS Systems out of Seattle, United States.
The company explained the acquisition sets its up with an “experienced US office, much greater market penetration and strong cross-selling opportunities”.
Volpara also highlights gaining MRS Systems “provides a range of products today and in the future that offer much greater potential average revenue per user for our sales team to sell into the US and other markets”.
MRS Systems’ software track and report results from breast and lung cancer screenings, among others. Patient history, risk factors and outcomes of X-Rays, MRIs and Ultrasounds can be logged, with options for patient and physician access.
Currently the company has NZ$39.9 million cash on hand and operating costs remain on track with no debt accumulated.
Annual Recurring Revenue (ARR) at the end of the first quarter was NZ$13.6M for breast sales and NZ$970,000 for lung sales. MRS Systems is expected to turn out US$4.5 million in ARR.
Volpara’s share price is up just over six per cent today, currently sitting at $1.64 per share.
