InteliCare targeting expansion as quarterly sales revenue rises 69%

At-home aged care tech company InteliCare has released its June quarterly results for 2021.

Perth based InteliCare Holdings (ASX:ICR) has released strong quarterly results including a 69% increase in sales revenue from last quarter and a 48% rise YTD from HY FY21.

H2 receipts from customers increased by 36% against H1 FY21, following a strong growth trend from last quarter which saw InteliCare’s customer receipts more than double.

The impressive sales figures have been from a concentrated focus on successfully executing conversions from InteliCare’s B2C marketing campaign, which saw $315k in media placements nationally and delivered 7.5x B2C growth.

To support this national sales strategy, InteliCare has engaged a Chief Revenue Officer (CRO), Mark Geddes, to further drive expansion and growth across key markets.

InteliCare’s CEO Jason Waller said the funds received were intended to support the growth of the national B2B sales team this coming quarter.

“I’m very pleased with the stellar growth of the company this quarter. We’ve had great success over the last few months with strong growth in sales and customer receipts,” said Waller.

“We’re also very excited to have engaged Mark Geddes as Chief Revenue Officer to help us continue this growth trajectory. Mr Geddes will focus on growing the east coast sales team, deliver on stretch sales targets and deliver customer support and operational capability.

“The company will continue to focus on meeting our growth milestones with the expansion of our national sales strategy and marketing campaigns a priority.”

Marketing hits early targets

National marketing placements achieved a better direct response than expected for the quarter with more than 5.67 million exposures secured, 21% above planned.

These exposures included 2.1 million Metro TV exposures in Perth, over 352K exposures via social media, and 18,741 total website page views at a rate of 28,000/mth that is 263% above a baseline of 7,700/mth.

These placements achieved a 256% above the forecast Market Qualified Leads (MQL) per week target, and a 7.5x increase in B2C monthly sales with further conversions of leads expected as awareness campaign continues.

The TV and radio media elements of the campaign were limited to Western Australia to control costs and create a test-bed before committing nationally.

Grant to spur innovation

InteliCare’s quarterly report also included that the company has been awarded a grant by the New South Wales Smart Sensing Network (“NSSN”) for $100,000 to further develop the Company’s machine learning capability.

In conjunction with the University of Sydney (USyd) and Macquarie University (MU), Intelicare’s multidisciplinary research team will build machine learning (ML) algorithms to predict and prevent events that are likely to impact on the quality of life of the elderly.

These product features will extend InteliCare’s artificial intelligence (AI) accuracy at predicting risks of chronic disease and mental health deterioration that on their own can result in loss of independence, but can also lead to injury.

Product intellectual property developed through the project will be owned by InteliCare and deliver significant competitive advantage over out-dated assistive technology, particularly duress/alert wearables.

Capital on track

Earlier this year, InteliCare announced its successful capital raise of $2.5 million. Following the capital raise, InteliCare closed the quarter with cash and cash equivalents of $2.673 million.

The Placement funds of $2.5 million in conjunction with existing cash reserves will enable InteliCare to fund national marketing campaigns, expansion to a national sales team and implementation of newly outlined sales strategies, and general working capital requirements.

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.