Good start of the year for Mach7 as it lands largest customer in history. Picture Getty Image
Health & Biotech
ASX medical imaging specialist Mach7 Tech (ASX:M7T) surged 20% to ~4 month highs on the first trading day of 2023 after landing the largest customer contract in its history.
The company signed up Nasdaq-listed Akumin Inc, an outpatient radiology service provider in the US, as a new customer.
Under the deal, Mach7 will deploy its entire cloud-based enterprise imaging platform for Akumin.
The Total Contract Value is around $16.7 million, which will be staged annually across the life of the contract.
$7.5m of that is expected to be recognised in FY23, with annual support fees weighted to the second half of the contract term.
The agreement involves Mach7’s entire Enterprise Imaging Platform including its Vendor Neutral Archive (VNA), and eUnity Diagnostic Viewer and Workflow Applications.
The deployment will support Akumin’s decision to consolidate multiple systems into one common enterprise solution.
Mach7 says the deal is testament to the wide market appeal and application of its product suite from small customers all the way to nationally integrated healthcare organisations like Akumin.
“This deal together with the recent sales order received from our new partner, Nuvodia, increases our exposure to the fast-growing outpatient radiology market and demonstrates that our technology appeals to customers across the size spectrum,” commented M7T CEO, Mike Lampron.
In recent years, Mach7 has built a global network of diverse customers that range from National Health Systems, medical research facilities, to private radiology practices.
Proteomics (ASX:PIQ) achieved a major milestone after receiving a key approval in the US for its PromarkerD test for diabetic kidney disease.
The CPT PLA ( Proprietary Laboratory Analyses) code has been issued by the American Medical Association, and was a key approval in getting reimbursement coverage of the PromarkerD test by both Medicare and private health insurers in the country.
Approximately 32 million adults, or 11 per cent of the population, are living with diabetes in the US, costing patients US$130 billion per year.
Proteomics CEO Dr Richard Lipscombe said the approval was extremely significant in the commercialisation of the test in the US market.
“It’s a substantial accomplishment that will minimise barriers to access and could enable millions more Americans with diabetes to have this potentially life-changing test.”
The newly-approved code has been published, and will be effective from 1 April 2023.
Health & Biotech
Health & Biotech
Health & Biotech
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