Increases in all sales related KPI’s across the business for the quarter ended 30 September 2020:
• $750K revenue recognized during the quarter out of the $1.25M received in June 2020 in relation to the second quarterly license milestone as per the government funded licenses grant. • 795 Residential Aged Care (RAC) Facilities and 66,887 approved beds are under annual PainChek® license as at 30 September 2020, representing a 10% and 9% increase respectively over the previous quarter and 397% and 457% growth over the previous year. • Total beds under license as at 30 September 2020 equates to $2.79M in normalized contracted Annualized Recurring Revenue (ARR) in Year 2 of the client contracts (post government funded licenses)representing 323% growth over previous year. • There have now been more than 190,000 clinical pain assessments conducted by clients, a 41% growth in the quarter and 241% growth over the previous year, demonstrating the App’s strong clinical utility and uptake in the residential aged care market. • Three pilots in the $2 Billion Australian Home Care market now underway with leading Australian Home Care providers to support the increasing demand for home care service and packages. • New Hospital research commercial agreement in place with Ramsey Hospital Research and Cowan University for frail patient pain management. • New Disability commercial agreement with Nulsen Group, opening access to the large NDIS market. • Canada regulatory clearance pending and commercial partnership now in place with AlayaCare, the leading Home Care software care management system provider in Canada. • Positive progress in revised Children’s App clinical study – targeting 2021 TGA and CE Mark clearance. • Pre-submission supplement application with FDA completed. • The Company raised $10M in August 2020 via a private placement with professional and sophisticated investors at $0.11 per share. The funds will be used to accelerate international growth opportunities and to develop new products. • As a result of the capital raising, PainChek’s consolidated cash balance at 30 September 2020 increasedto $13.8M
PCK Price at posting:
9.0¢ Sentiment: Buy Disclosure: Held
