Beamtree is pleased to release a trading and operational update for the three months ending 31 March 2024 (Q3 FY24) and for the 9 months to 31 March 2024.
Beamtree continues to perform in line with previously disclosed FY24 outlook guidance including delivery of revenue growth of +20% and a positive operating profit for FY24. Key highlights for Q3 FY24 were:
- ARR at end of Q3 FY24 of +$25m up +20% year on year.
- Group revenue growth of 21% for the 9 months year to date compared to prior corresponding period (‘pcp) of 24%;
- International revenue growth year to date was 47% as the business continues to expand its footprint in target overseas markets (the UK, Canada and Saudi Arabia);
- Continued low customer churn with renewal rates +95% across the Company;
- Operating cost growth of 12% compared to the pcp with the cost growth primarily driven by ongoing investment in products, capabilities and overseas expansion;
- Operating profit of $0.1m in FY24 Q3 versus a $0.5m operating loss in Q3 FY23. Beamtree remains on track to deliver a positive operating profit in FY24;
Cash at 31 March 2024 was $4.3m versus $5.1m at Dec 2023, an outflow of $0.8m in Q3 FY24 compared to an outflow of $2.5m in Q3 FY23. - Significant contract wins in Q3 include implementation of our Ainsoff Deterioration Index™ in the Gold Coast Hospital and Health Service and also into the Hong Kong Hospital Authority, a new international market for Beamtree. During Q3 FY24 our Diagnostic AI product, RippleDown, was implemented in St Vincent’s Hospital Melbourne in conjunction with our partner, Abbott Laboratories.
- Operationally, Beamtree is focused on closing several large and significant contracts before the end of FY24 to deliver against its strategy to expand in its core international markets, the UK, Canada and Saudi Arabia. The Company’s strategic partnerships with Lean in Saudi Arabia and Abbott Laboratories Inc continue to provide significant opportunities and contribute to the strong FY25 and FY26 pipeline.
For more information on these results, including financial and operational highlights, read the ASX release.
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