Beamtree, a leading provider of AI decision support and data insights solutions for the healthcare sector, is pleased to release an unaudited financial summary for the financial year ending 30 June 2024 and a trading update for FY24.
Overall, Beamtree has delivered another year of double-digit revenue growth combined with significant profitability improvement. Increased scale and prudent cost control have resulted in a positive operating profit and cashflow ahead of expectations. The pipeline for FY25 is strong across all products and core geographies and price increases are being passed through where appropriate.
Key highlights include:
- Double digit revenue growth (21%) in FY24 driven by international revenue growth of 47% and customer renewals continuing at +95%.
- Cost growth in FY24 was 12% year on year due to strong cost management whilst allowing ongoing investment in international expansion and key software product development.
- Moved into profitability in FY24 with an operating profit of $0.4m, an 129% increase versus the prior year loss of $1.4m as the Company continues to focus on profitable growth.
- Delivered cashflow break even in second half of FY24 with cash at 30 June 2024 of $5.0m versus $5.1m at 31 December 2023.
- Significant customer and contract developments in FY24 include:
- a $3.6m contract with Middle East’s largest private hospital group, Dr Sulaiman Al Habib Medical Service Group (“HMG”).
- a +$1.0m contract with Lean in Saudi for development of an integrated coding platform which is expected to be installed in 1H FY25 in its first site.
- Award of our first recurring revenue sale in Saudi for our coding product PICQ worth ~$0.5m.
- Further development of our presence in UK with establishment of 8 strategic partnerships and agreement for a proof-of-concept AI based clinical coding product with Milton Keynes University Hospital.
- Our hospital coding contracts in Canada increased from 10 to 14 hospital as a precursor to introduction of our PICQ software this year.
- Continued momentum with our distribution agreement with Abbott Laboratories Inc. with a ~25% increase in licence numbers and revenue increase of ~40% year on year.
- Our AI based deterioration index is now live in four hospitals (3 in Australia and 1 in Hong Kong) and is being trialled in an additional two hospitals in the UK.
- Completion of the upgrade to our major new analytics platform for the Health Roundtable which has been followed by a national contract with Te Whatu Ora (New Zealand Health) for analytics and benchmarking services and an agreement with The NHS Confederation to explore the formation of an NHS analytics and knowledge network in the UK leveraging this new platform and Beamtree’s experience of managing the Health Roundtable network in ANZ.
For more information on these results, read the ASX release.
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