Today we released Alcidion’s Half Year Results for H1 FY2021. It has been an important period for Alcidion, with one of our strongest sales performances to-date off the back of recent investments in growing our sales capability, that has seen strategic contract wins and headway made with key UK and ANZ customers.
The period saw Alcidion deliver $11.1M revenue, a 36% increase on H1 FY2020 (PCP). Our gross profit was $9.8M, up from $7.1M PCP (please note a change made to the presentation of gross profit that is explained in the Managing Director’s Report). Our overall EBITDA for H1 was a loss of $0.9M, a 47% improvement on the $1.6M EBITDA loss in H1 FY2020. This reflects both an increase in revenue as well the completion of several investments in key areas of our fixed cost base.
During H1 FY2021 we added $17.4M in contracted revenue, up 190% vs PCP. The total contracted revenue able to be recognised in FY2021 now stands at $21.7M, 17% higher than FY2020 full year revenue with six months of the year remaining. Of this, $14.0M is recurring revenue.
Significant contract wins during H1 included the milestone contract and extension with South Tees NHS Foundation Trust for Miya Precision, OPENeP, Smartpage and services, valued at $11.3M, and strategic Miya Precision contracts with Murrumbidgee Local Health District and Sydney Health District in Australia. The period also saw important headway made with Miya Observations, Miya Assessments (Patientrack) and Smartpage in the UK. This included a $1.5M agreement with NHS Lanarkshire to implement Miya Observations and Assessments across the Board, as well as success with Smartpage following its appointment to the NHS £3M Clinical Communications Procurement Framework in August 2020. A full list of significant contracts signed can be found in the Managing Director’s Report.
Cash receipts were up 17% vs PCP, with $10.8 million received during H1 (excluding a $3M payment received in the first week of January). Cash reserves remain strong with $12.5M cash at 31 December 2020, which was further bolstered in January by the above $3.0M receipt.
The outlook for the second half is favourable, due to the solid sales headway made in H1, a growing sales pipeline across all geographies and health IT procurement returning close to normal.Read the full H1 FY2021 Half Year Report and cover note here.
A reminder that Alcidion Managing Director Kate Quirke will host a webcast and Q&A with investors at 11:30am AEDT this morning to discuss Alcidion’s financial and operating performance for H1 FY2021. You can register for the webcast at this link.
ALC Price at posting:
23.0¢ Sentiment: None Disclosure: Not Held
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