Virtus Health Collaborates With Vitrolife And Harrison. AI For Ivy AI Technology

Virtus Health Collaborates With Vitrolife And Harrison. AI For Ivy AI Technology

Virtus Health Limited (ASX: VRT), based in Greenwich, Australia, offers a range of fertility care and related specialised diagnostic and day hospital services in New South Wales, Queensland, Victoria, Tasmania, Denmark, the United Kingdom, Ireland, and Singapore. It operates around 125 of the world’s leading fertility specialists supported by over 1200 professional staff.

Recently on April 10th, 2019, Virtus Health announced that it has entered into transfer and collaboration agreements for its Artificial Intelligence (AI) software Ivy, with Sweden-based Vitrolife, a manufacturer of EmbryoScope time lapse incubators and an Australian technology company Harrison.AI, specialising in AI in healthcare.

The agreements include two key components. Firstly, Virtus Health will provide Vitrolife with their intellectual property and patent applications relating to the Ivy AI technology and Harrison.AI will be responsible for product development. Secondly, there are also collaboration agreements between the parties for an initial period of three years to enable further development of the technology in the time-lapse incubator application.

With respect to the transfer of IP, Vitrolife will extend an initial payment of USD 6 million. In addition to the initial purchase price, additional payments of up to USD 2 million may be paid in relation to the achievement of product development targets over the next three years. Accordingly, Virtus Health will share all revenue amounts equally with Harrison and the financial benefits of the whole initiative are expected to be realised over a period of three years.

In its financial results for the half-year ended December 31st, 2018, the company posted the revenues from ordinary activities at $ 140.69 million, reflecting a 5.1% rise on the prior corresponding period (PCP) ended December 31st, 2019. The EBITDA was down by 6.8% to $ 32.44 million and the EBIT reduced by 9.8% to $ 25.85 million relative to PCP. Besides, the Profit for the half-year attributable to the owners of the company stood at $ 14.64 million. However, the International segment EBITDA increased by 20.7 % to $ 5.5 million.

As of December 31st, 2018, the company’s net assets were valued at $ 291.82 million including net cash and cash equivalents of $ 18.82 million. The net cash generated from operating activities reduced to $ 15.12 million due to large payments to suppliers, interest and other finance costs, and income taxes paid.

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Besides, large payments for acquisition of non-controlling interest amounted to $ 9.04 million resulting in the net cash outflows of $ 8.62 million from investing activities. Meanwhile, financing activities also led to net cash outflows of $ 9.63 million on account of large dividends paid and payment of finance facility fees in relation to refinancing.

The company also paid out an interim fully franked dividend of 12 cents per share.

Virtus Health has around 80.39 million outstanding shares and the VRT stock price closed the market trading on April 11th, 2019 at AUD 3.850, down 1.03% by AUD 0.040 with ~ 372,694 shares traded. Recently, Allan Gray Australia Pty Ltd increased its voting power in the company from 5.09% to 6.11%.


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