The stock price of Mach7 (ASX: M7T) showed an increase after winning a $15 million contract in Hong Kong. On October 29, 2018, the company made an announcement that it has been selected to provide its Enterprise Imaging Solution for the entire territory of Hong Kong by the Hospital Authority of Hong Kong (Hospital Authority). This contact is given to Mach7 for a period of 5 years at a price of A$15 million which is equivalent to HK$81 million. It may also be possible that the Hospital authority might extend the initial term for another 5 years at an incremental cost. In the areas of intelligent data routing and image normalization, the Mach7 platform will allow the physicians and radiologists to access clinical data across the entire territory of Hong Kong followed by a constant and informed user experience. Mach7 single imaging network will provide platform that will diagnosis at a faster speed, provide better outcome and will avoid repeat examinations, reduce exposure to radiation and save time and money. The imaging platform provided by the Mach7 enterprise that allows image transfer, image storage, image receiving and data that can be viewed across public and private healthcare providers. The Mach7 solution also provide support in order to share radiology image across all hospital authority and electronic Health Record Sharing System (eHRSS) participating healthcare providers. It also includes components that enable archiving the vendor neutral image, view and transfer them even.
Ravi Krishnan, who is the Founder and Chief Strategy Officer at Mach7 demonstrate the power of Mach7 solutions to deliver a highly efficient and reliable platform in Hong Kong to meet the imaging requirements.
Since the inception of the company, it has shown a negative performance of -92.92%. The one year, 5 years and 5 years data of the company shows a performance of 3.03%, 750% and -91.50%. For the year ended 2018, the company made a net loss of A$4,953,396. The total asset of the company is A$21,205,921 and total liabilities of A$6,959,121. This indicates that the company has potential to clear its long term obligations. The total current asset of the company is A$6,495,872 and total current liabilities A$3,992,499. This indicates that the company has potential to clear its short term obligations. The total shareholders equity is worth A$14,246,800. The net cash used in the operating activities was A$2,186,028. The major cash outflow from operating activities was due to payments made to the suppliers and employees. The net cash used in investing activities was A$18,278. The major cash outflow was due to the payments made for the plant and equipments. There was a cash inflow of A$2,026,147 where major cash inflow was due to the proceeds from the issue of shares, options etc. The cash and cash equivalent at the end of the year to be A$2,504,587. The current market price of the company is A$0.215 with a market capitalization of A$22.47 million.
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