Volpara Health Technologies exceeds annual recurring revenue goal
By Rebecca Howard
April 3 (BusinessDesk) - Volpara Health Technologies, the Kiwi digital health firm listed on the ASX, said it exceeded its goal of lifting annual recurring revenue 200 percent for the financial year ended March 31.
Wellington-based Volpara, which focuses on early detection of breast cancer using artificial intelligence, said in a statement to the Australian stock exchange that its ARR now stands at $3.6 million. That's compared to $1.1 million at the end of FY2017, an increase of 223 percent.
ARR is the normalised amount of cash reasonably expected to be booked for the next 12 months based on the contracts signed previously, and assuming installation upon order, according to Volpara. Its total contract value - or the value of contracts signed in the specified period - exceeded $11.2 million, up 173 percent on the prior year's $4.1 million.
The company also said that approximately 3.2 percent of all women screened in the US are now contracted to Volpara’s software (approximately 1.27 million women), compared to the target for the year of 3 percent.
"We are just scratching the surface of the market in the US, but the signs are very encouraging," said Volpara chief executive Ralph Highnam.
The ASX-listed shares rose 5.6 percent to 76 Australian cents.