Volpara shares rocket 15% on new contract with RadNet

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Volpara shares rocket 15% on new contract with RadNet

 Volpara shares rocket 15% on new contract with RadNet
Image source: © Psnoiret | Megapixl.com

Highlights

  • Shares of Volpara were trading with a gain of over 15% on Monday morning
  • Volpara has signed a volume-based contract with a US-based company, RadNet Management
  • Under the agreement, RadNet will employ Volpara® Analytics™ and Volpara® Risk Pathways™ software all through its company

Volpara Health Technologies (ASX: VHT) marked an uptick of about 15% to AU$0.54 this morning. The surge in the VHT share price followed an upbeat update about a contract signed by the company. 

Volpara, a software firm for early detection of breast cancer, signed a 42-month contract with a US-based company, Radnet Management, Inc.

RadNet is a prominent provider of outpatient imaging services. It operates 353 imaging centres across seven states of the United States.

RadNet to employ Volpara’ s software

Volpara enables clinicians to offer personalised breast care and enhanced risk assessment to patients via its software providing feedback on breast density, dose and quality, and compression.

The agreement will see RadNet execute VHT's Volpara® Analytics™ and Volpara® Risk Pathways™ software throughout its company. Volpara Analytics’ artificial intelligence will continuously oversee mammography quality in 350+ sites of RadNet. Volpara Risk Pathways offers risk-based screening to ensure patients of RadNet have access to essential imaging and genetic testing.

The volume-based contract is expected to be implemented in 2023, and the revenue generated is projected to be material to Volpara.

Partnership with Microsoft

Last month, Volpara secured a research and development partnership with Microsoft. The alliance will enable expediting the design of a product for identification and quantification of breast artificial calcifications (BACs). The product is expected to pave the way for Volpara to enter the US$146.4 billion cardiovascular disease market.

Power-packed March quarter

In the quarter ended 31 March 2022, Volpara reported record cash receipts from customers, up by 48% compared to the previous corresponding period (pcp).

Similarly, there was a 39% increment in subscription-based receipts compared to the pcp. Also, unaudited cash receipts for the full year ended 31 March 2022 surged by 45% year on year.

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