ASX-listed healthcare technology company, InteliCare has shown it is capable of scaling up after posting first-half customer revenues of $235,518 against revenues of just $9,497 for the previous corresponding quarter. The company also banked an additional $553,813 on the top line for the December 2020 half-year, largely from an R&D tax offset grant and Government COVID-19 grant payments.
Two standout orders from the period include a cornerstone order for 120 InteliLiving Systems from NSW services provider CCNB and a $150,000 agreement signed with Eremea Home Care Services.
In another breakthrough, which came subsequent to the reporting period, the company received its first order from a Victorian specialist disability accommodation reference site, opening a potential window for InteliCare to access the vast $700-million National Disability Insurance Scheme market.
In a sign that the company is making a dent in its cash burn as it heads for break-even, total losses for the December 2020 half came in at just 83 per cent of the losses incurred in the previous corresponding period.
The company’s commercial and financial performance in the back half of 2020 has been recognised by a number of awards including a top 12 placing in the 2020 Deloitte’s Technology Fast 50 Awards. The Perth based company also scooped the pool at the national technology 2020 iAwards, winning in each of its nominated categories.
Additionally, InteliCare won the Social Impact and Smarter Communities category at the Lateral INCITE Awards last year.
The company’s proprietary artificial intelligence software platform uses smart sensors in combination with its proprietary software to monitor the movements of the sick or the elderly in their own homes.
The system eventually learns what “normal” behaviour looks like and it is then able to report back to loved ones via InteliCare’s APP if normal behavioural patterns are breached or even if they are being maintained.
Optus is also a supporter of InteliCare’s technology with the ink barely dry on a five-year agreement penned just over a fortnight ago. That partnership will drive indirect InteliCare sales through the telco’s large national business customer network – many of whom are in the health care sector.
InteliCare spread its wings beyond its backyard in Western Australia during the half-year, appointing some sixteen resellers and distribution agents beyond the state’s borders.
The bigger names amongst the new group of national agents and resellers include Rehab Hire Pty Ltd and Technology for Ageing and Disability ACT Inc or “TADACT”.
Rehab Hire supply equipment and services to over 2,000 aged care, hospital and private clients in Victoria and TADACT supplies equipment to meet the needs of people with disabilities, older people and their carers.
TADACT serve almost 400 families per year in Canberra.
With momentum on its side, a growing commercial customer base and now a tier-one corporate to assist in future sales growth, InteliCare’s full-year report, due mid-year, will no doubt be an interesting read.
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