Hi all,
This morning we released our Appendix 4C and a business update for the three month period ending 31 December 2020 (Q2 FY2021).
We are pleased to report Q2 was one of Alcidion’s best sales quarters to-date, with $12.6M revenue added during the quarter. Material contracts included a milestone $11.3M five-year agreement with South Tees Hospitals NHS Foundation Trust, as well as further success with Smartpage in the UK following our appointment to the NHS’ Clinical Communications Procurement Framework. A total of $6.9M of revenue added in Q2 will be recognised this financial year. In Q2 we also broadened our competitive position in the UK market, expanding our reseller agreement with NextGate Solutions to include the UK and Ireland.
At end Q2, total contracted revenue able to be recognised in FY2021 was $21.7M, already 17% higher than full year FY2020 revenue with six months of the year remaining.
Cash receipts from customers during the quarter were $4.4M. This excludes a $3.0M payment received on the first business day in January instead of as expected in late December. Overall Alcidion’s net operating cash outflow was $2.2M. Our cash reserves at end Q2 were $12.5M. This has since been strengthened by the $3.0M receipt mentioned above.
We have entered the second half of FY2021 advantageously positioned to deliver further growth. Our sales pipeline is strong across all markets and our value proposition is seeing increasing recognition in the UK, where health IT procurement continues close to normal despite COVID.
Read the Appendix 4C here.
A reminder that Alcidion Managing Director Kate Quirke will host an audio webcast with investors at 9:00am AEDT this morning to discuss Alcidion’s Q2 FY2021 performance. Details on how to register can be found on today’s ASX announcement.
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