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Highlights
- Volpara marked 32% increase in revenue from customer contracts to NZ$26.1 million.
- Volpara delivered gross profit margin of over 91% in FY22.
- Volpara recorded 45% surge in the cash receipts.
Health care technology provider, Volpara Health Technologies Limited (ASX:VHT), on Thursday, has shared the full-year results for the period ending 31 March 2022. The group has delivered a strong set of numbers despite Covid-19 driven uncertainties. The company exceeded its revenue guidance and met gross margin guidance in FY22.
At 10:18 AM AEST, the shares of VHT were spotted trading 1.36% up at AU$0.74 apiece. The shares have dipped by 40.40% in one year, and the year-to-date fall is 29.05%.
Volpara is an ASX-listed health technology software company. The company offers AI-powered and clinically validated software for the early detection of breast cancer and personalised screening.
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Key highlights of the full-year results
Image source: © Everythingpossible | Megapixl.com
In FY22, the company delivered record revenue from customer contracts of NZ$26.1 million, up by 32% on previous corresponding period. According to the ASX-announcement, Volpara has exceeded the revenue guidance of between NZ$25 million to NZ$26 million.
Subscription revenue grew faster and surged by 37% in a year to NZ$24.8 million.
Annual recurring revenues have improved by around 19% to US$22.2 million in a year. The group also shared that approximately 35.5% of US women have had a Volpara product applied on their images and data as compared to 32% at the end of previous corresponding period.
Image source: © 2022 Kalkine Media®
The company met its gross margin guidance of 90 – 92% and recorded a gross margin of 91% in FY22, consistent with FY21. For FY23, Volpara expects gross margins above 90%.
Net loss improved by 6% during the year to NZ$16.4 million. Normalised GAAP EBITDA dipped by 13% to NZ$14.1 million. The operating costs were up by 11% to NZ$43.2 million. The administration and general expenses were largely flat. The marketing and sales costs increased as the company slowly returned to trade shows and travel.
De-identified image data set improved by 52% to 60.2 million within a year.
The cash receipts increased from NZ$19.7 million to NZ$28.5 million, up 45%. The operating payment to employees and suppliers increased from NZ$35.1 million to NZ$40.2 million, up by 14%. Overall, the operating cash outflows decreased by approximately 20%.
As of 31 March 2022, the cash balance of Volpara was NZ$18.1 million.
Management commentary
Chief science and innovation officer of Volpara, Ralph Highnam, commented on the development:
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