InteliCare reports record quarter with 120% growth in B2B partnerships

SaaS tech company InteliCare has reported its best ever sales result for the September quarter with significant growth in B2B and B2C customers.

Health tech company InteliCare Holdings (ASX:ICR) has reported its strongest sales results to date for the September quarter, with receipts of $239k, the highest since the company was founded.

The company reported a massive increase in B2B with over 50 commercial care provider and distributors, an uplift of more than 120% from the same period in FY20.

This includes growth within existing clients, including government contracts, and new marquee clients such as St John of God Healthcare.

In September, InteliCare announced it had successfully secured a competitive contract to supply St John of God, one of the largest Catholic providers of healthcare services in Australia, with its AI-based technology support.

Under the agreement, National Disability Insurance Scheme (NDIS) clients at St John of God Accord, part of St John of God Health Care, will use InteliCare’s assistive living technology to help them live independently in supported accommodation.

Reduction in cash burn and expenditure

The quarter has also seen InteliCare reduce its cash burn by 19% and consolidate expenditure by 34%. InteliCare expects this trajectory to continue for non-labour expenses.

A successful multi-channel brand awareness campaign in the WA market also resulted in continued growth in B2C sales to individual consumers. This is backed by an expansion in the company’s east coast sales presence with a pipeline of opportunities already in place in NSW despite the challenge of ongoing lockdowns. Recruitment will continue in other regions and as COVID-19 restrictions ease, InteliCare anticipates increased benefit from face-to-face customer engagement.

The quarter also saw InteliCare incorporate new features and functionality into its products from end-user feedback, including rebranding and an improved layout.

Growth upon growth

InteliCare closed the quarter with cash and cash equivalents of $1.474 million. Cash outflows from operating activities for the quarter amounted to $1.193 million, representing a 19% decrease in cash burn.

The record-breaking quarter followed strong results in June, including a 69% increase in sales revenue from the previous period and a 48% rise YTD from HY FY21. Receipts from customers increased by 36% in H2 compared to H1 and the growth is expected to be furthered by the easing in COVID-19 implications on the aged care sector.

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.