Mach7 Technologies Limited (ASX: M7T) is into the development of innovative data management solutions. The data management is used to create a clear and complete view of the patient based on which diagnosis is done. The company provides a vendor-neutral foundation for unstructured data consolidation and communication through its imaging platform.
The company today on 11 March 2019, announced a restructuring coupled with a cost-cutting program which is focused on accelerating sales growth and service delivery. This will help the company to achieve greater financial stability.
The organizational improvements announced today by the company will enable it to achieve cash flow break even from operations for the next 12-month period, as expected by the company. Going forward this means cash derived from new customer wins can be reinvested into the business to accelerate sales, business momentum, and continued product enhancements.
The restructuring will also impact the labour costs and overheads to be reduced. The combination of reduced cash costs and forecast contracted receipts from the existing customers provides the Board with confidence in the Company’s improved cash flow forecast. The Board and Management have determined that the announced changes made today are essential to make the company more capital efficient and therefore better positioned to meet industry demand and customer needs.
The Chief Executive Officer of the company Mike Jackman will depart the company with immediate effect and plans to remain an investor in Mach7. The Board of the company would like to thank Mike for his efforts during his tenure at Mach7 and wish him well for the future. The Board has appointed Chief Operating Officer, Mike Lampron, as interim CEO. Mike Lampron has significant broad experience ranging from private start-up organizations as well as long-established companies such as IBM and GE, owing to twenty years of experience in business and operational management for Healthcare IT companies. He has proved to have the ability to drive results through a combination of astute analysis, innovative execution, and cross-functional leadership and teamwork.
The Founder and Chief Strategy Officer of the company Ravi Krishnan will continue to take an active role in the product development of the company and will expand his involvement with U.S. sales going forward. This is in addition to developing Asia-Pacific and Middle East business regions which also represent high growth market opportunities for Mach7. Ravi Krishnan commented said that it is in his plan to leverage the recent successes in Asia to accelerate the growth of the company in the U.S. market. He will work closely with the U.S. team to achieve commercial success and deliver important customer implementation milestones.
On the price-performance front, the stock of Mach7 Technologies Limited is trading at $0.180 with a significant decrease of ~10.0% during the day’s trade (AEST 4.00 PM, March 11, 2019) and with a market capitalization of $29.55 million. The stock has generated negative returns of 13.04% over the past three months period. It had a 52-week high price of $0.30 and a 52-week low price of $0.170 with an average trading volume of 101,074.
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