Intelicare announces another record quarter with a 55% rise in sales
Health & Biotech
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Tech company Intelicare has announced another record quarter, following a strong start to the financial year.
SaaS aged care technology company Intelicare (ASX:ICR) has followed last year’s record Q2 results with another strong quarterly report.
Backing on from the previous high, December 2021 saw Intelicare increase invoiced sales by 55% to $340,000 and grow customer receipts by 82%.
Cashflow from customers was ten times the same period in FY20 and Intelicare expanded its B2B commercial care provider and distributor network by 40%, on the previous quarter.
As well as hitting new highs, Intelicare also celebrated a successful capital raise in the December quarter, raising $2.99 million with the addition of a new cornerstone backer.
Following the announcement, Intelicare CEO Jason Waller said he was delighted to welcome a new cornerstone investor in Merchant Biotech Fund.
Merchant Biotech Fund has a significant background with early-stage med tech, health tech, biotech and life sciences companies and will hold 6% of the expanded share capital.
The quarter also saw Intelicare announce a new major contract with leading not-for-profit MercyCare.
The deal sees MercyCare invest over $170,000 in InteliCare’s smart home technology, allowing the not-for-profit to use data to customise individual care.
Utilising in-home sensor technology and artificial intelligence, InteliCare’s smart technology will provide MercyCare with instant access to their clients’ 24/7 health and wellbeing data.
Following the announcement of the partnership with MercyCare, Intelicare’s stock price shot up 35%.
As a result of the rise in sales, the successful entitlement offer and the R&D tax refund, Intelicare reported cash and cash equivalents of over $4 million at the end of the quarter.
This, combined with a reduction of 18% in cash burn, puts the company in a very strong position for continued business operations in 2022 and allows it to continue its growth plans into the future.
This article was developed in collaboration with Intelicare, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.