Hi allThis morning we released our Appendix 4C and business...

Hi all

This morning we released our Appendix 4C and business update for the first quarter of FY22 – the period ending 30 September 2021 (Q1 FY22).

We continued to build on the momentum of FY21, adding $2.7M of new contracted revenue, including renewals, during what is historically the slowest quarter of the year, resulting in contracted revenue at the end of Q1 of $17.2M. Of this new revenue, $2.4M will be recognised in FY22.

The pipeline continues to develop with several sizable opportunities now entering the contract negotiation stage which has provided a heightened optimism about the broader opportunity for Alcidion, particularly in the UK market. We are increasingly seeing the potential to cross and up sell our products to existing customers.

After the end of the quarter, Alcidion won a new contract in the UK for the ExtraMed patient flow platform at Queen’s Hospital Burton, which is the first new ExtraMed contract won following the acquisition in April 2021 and a cross-sell validation as Burton is a current user of Patientrack.

As a result of a competitive tender process, Alcidion won a new contract with Sydney Local Health District, having a TCV of approximately $1.8M. This is an important reference site for Alcidion for the use of Miya Precision in supporting virtual care monitoring along with the roll-out of Alcidion patient care app Miya Care. This is the first deployment of Miya Care and we are excited by the potential this addition of patient entered information brings to the quality of data available to clinicians.

As per the announcement in April, Alcidion was selected, as part of a Consortium, as the preferred provider for major health IT project across the Australian Defence Force. The contract is expected to be finalised before the end of the year, with the project commencing promptly thereafter.

At the end of Q1, contracted revenue able to be recognised in FY22 was $17.2M ($12.2M recurring and $5.0M non-recurring revenue), which represent a 17% increase on the same period last year. Contracted revenue only includes revenue from current signed contracts and does not include the revenue from contracts that will renew during the next twelve months or are yet to be signed.

During the quarter, Alcidion appointed Ms Victoria Weekes and Mr Daniel Sharp to the Alcidion Board as Independent Non-Executive Directors. The appointment of both Ms Weekes and Mr Sharp demonstrates the Company’s ability to attract high calibre Directors to its Board and positions Alcidion strongly as it continues to deliver on its growth strategy following the achievement of multiple strategic milestones in 2021.

We invite you to read the full announcement and Appendix 4C here.

Alcidion Managing Director Kate Quirke will host an audio webcast with investors via Zoom this morning at 11:00am Australian Eastern Daylight Time (AEDT).To register for the webcast, please follow this link.