ASX-listed Volpara Health Technologies signed 28 new customers in the three months to June 30, the most in a quarter, and saw both its total contract value and its annual recurring revenue lift.
Wellington-based Volpara, which focuses on early detection of breast cancer using artificial intelligence, said customers on its VolparaEnterprise platform now number 85 and while the customers were on average smaller, the fee obtained per woman was up 80 percent compared with the financial year that ended March 31.
In a statement published on the Australian stock exchange, Volpara said $4.5 million was added to its total contract value versus $4.1 million in the final quarter of last year. The TCV is the value of contracts signed in a specified period.
Annual recurring revenue increased 25 percent to $4.46 million from $3.6 million at the end of March. ARR is the normalised amount of cash reasonably expected to be booked for the next 12 months based on contracts signed previously.
"The $890,000 increase in ARR represents the largest increase in a single quarter and puts Volpara on track for its target of $9 million by the end of March 2019," it said. The percentage of US women screened by companies which are contracted to VolparaEnterprise is now 3.7 percent, with an aim to reach 9 percent by March 2019.
The company continues to hold no debt and had $22.8 million in cash on June 30. Its expenditure in the first quarter was just over $4 million and the company said it expects an increase in costs this year in pursuit of "aggressive growth, before settling next year." Its estimated cash outflow for the next quarter is $4.4 million.
Volpara's shares were unchanged at 75.5 Australian cents and have lifted 7.9 percent so far this year.