InteliCare doubles sales revenue as aged care AI delivers record customer growth

InteliCare’s turbo-charged marketing blitz is paying off with the Perth-based SaaS company reporting record customer growth.

InteliCare Holdings (ASX:ICR) has shrugged off the COVID headwinds facing the aged and disability sectors, posting a strong half-yearly report.

The company saw sales revenue double for the period ending December 31 while customer receipts grew by a whopping 265%.

The company almost halved its losses, down some 46% on the previous six month period and even slashed costs, with expenditure 17% lower.

CEO Jason Waller said, this is a team-led company which has more than proven itself to be particularly resilient, even as giant COVID headwinds capsized large parts of the sector.

“The company has done very well continuing to grow revenue in a climate where COVID-19 has impacted the aged and disability care industries severely. It has set us up well for future results and recurring revenue,” said Waller.

“We’ve repeatedly demonstrated a strong upward trajectory. The ability of the sector to engage in innovation projects will increase as we move down the pandemic curve. I expect that we will further improve our achievement of growth milestones, with the expansion of our national sales strategy and marketing campaigns a priority.”

A pattern of growth

Sales revenue from the first half is already 72% of the company’s total FY21 revenue.

The results also continue a strong start to the year for InteliCare which posted record quarterly results in January, where the company saw invoices sales increase by 55% and customer receipts up well over 80%.

Customer cash flow was ten times that of the prior corresponding period for FY20.

Injection of cash

InteliCare announced it has received a $756,318 research & development (R&D) tax refund for the financial year 2020-2021.

The receipt of these funds reflects InteliCare’s significant and ongoing investment in developing its proprietary internet of things (IOT) platform.

Capital on track

In December 2021, InteliCare successfully completed a capital raise of $2.99 million through an entitlement offer and underwritten placement.

The Entitlement Offer was strongly supported by eligible shareholders, raising approximately $1.3 million. The Entitlement Offer shortfall was allocated by Westar Capital Ltd, resulting in a new cornerstone investor, Merchant Biotech Fund which will now hold 6% of InteliCare’s expanded share capital.

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.