NZ Tech Company Volpara Health Expands Further Into U.S.
Wellington-based Volpara Health, has hit 2021 running with the acquisition of a breast cancer risk assessment company in Boston, CRA Health.
Volpara Health, which is listed on the ASX, is a health technology software company whose integrated breast care platform assists in the delivery of personalised patient care.
CRA is a spinoff from Massachusetts General Hospital — a Harvard Medical School teaching hospital.
Volpara believes the combination will deliver personalised breast care to more women across the world – especially vital in the covid era where traditional screening has been delayed for many women.
Volpara is paying US$18.0M to acquire all outstanding equity of CRA, with a further US$4.0M payable upon its meeting key performance targets over the next 18 months.
CRA Health has been singularly focused on cancer risk assessment for more than 15 years and conducts more than two million assessments annually. CRA, which is cloud based, receives patient information, including breast density, and returns the risk of breast cancer alongside appropriate recommendations.
CRA Health and Volpara Health – both born out of scientific research at Harvard Medical School and Oxford – have long shared the common mission of saving more families from cancer and have already collaborated on major projects.
For more than a decade, Volpara’s science, a set of clinically validated algorithms that use AI to assess breast tissue composition and imaging quality, has helped breast centres in NZ, Australia and the U.S to optimise mammography workflow and deliver personalized care.
Dr. Ralph Highnam, Group CEO of Volpara, says “the acquisition of CRA is very significant for Volpara. CRA is a leading provider of risk assessment tools within major Electronic Health Record (EHR) systems and has integrations already built with the main genetics companies. CRA brings world-class knowledge about risk & genetics. CRA will accelerate us on our mission to save families from cancer by preventing advanced stage breast cancer.”
“Combining the two companies will allow us to identify and deliver personalised breast care to more high-risk women,” says Dr Highnam.
Both CRA and Volpara have experienced strong growth despite the pandemic, signaling the value placed on using evidence to medically necessitate genetic testing and additional imaging.
Volpara Health recently reported its largest-ever third quarter sales performance with an Annual Recurring Revenue (ARR) of US$13.5M — up 20% compared to the previous corresponding period — driven by increasing demand for the Volpara Breast Health Platform.
About Volpara Health
Volpara provides an advanced AI software platform that works with a healthcare provider's expertise to more efficiently enable a high-quality, optimised, and personalised cancer screening experience.
From the time a patient enters a clinic to the moment they obtain key results, the Volpara Breast Health Platform collects and analyzes information to better understand a patient's breast cancer risk, while also objectively evaluating image quality and workflow-improvement opportunities.
These capabilities are being extended to lung cancer screening.
The Volpara Breast Health Platform is supported by numerous patents, trademarks, and regulatory registrations, including FDA clearance and CE marking, and is validated by a volume of peer-reviewed publications unrivaled in the breast screening industry.
For more information, visit https://www.volparahealth.com