Aussie startup Opyl had another strong December quarter – customer registrations have almost doubled as demand for its AI-powered clinical trial recruitment platform, Opin, grows.

Medical technology company Opyl (ASX:OPL) has delivered positive Q2 FY22 results

with a closing cash balance of $1.24 million on the back of executing key contracts for its Insights projects.

Receipts from customers for the quarter were $228k up from $136k in the previous quarter. Trade and receivables increased to ~$534k with 74% attributable to November and December, which the company expects to collect in Q3 FY2022 based on 90-day terms.

Opyl says the size of its AI-led social media insights services contracts had increased compared to prior engagements.

The increase recognises the conversion of several larger opportunities that the company has been working on over an extended period and is expected to flow into Q3 FY22.

Revenue continued to be impacted by COVID-19 throughout the quarter, particularly with lockdown in NSW and Victoria.


Demand for Opin

Demand is continuing to build for Opyl’s AI-based clinical trial recruitment platform Opin.

The Opin platform matches eligible patients to clinical trials and studies around the world and has unlocked new revenue streams for the company within the Australian clinical trial sector.

During the quarter Opyl continued to invest in building new Opin features as well as improving functionality and the user experience for both patients and researchers.

The company said enhancing user experience and increasing value for patients using the platform leads to higher patient registrations and volunteered data.

In turn, this is a critical success factor for matching eligible patients to appropriate trials which exponentially increases the value of the platform and data assets for Opyl.

The Opin platform has been shown to improve clinical trial recruitment times and efficiencies while empowering people to understand and access clinical trials in areas of their interest.


An Opin experience

Opyl CEO Michelle Gallaher said improving the Opin user experience is the priority R&D investment in Q3 and Q4.

“The company’s R&D plan includes further enhancement and expansion of features and functionality on Opin which will continue over the coming year,” said Gallaher.

“Opin’s value is accelerating each quarter as the R&D and Operations teams move closer together and work on Opin advances at a faster pace.”


OPYL and RMIT awarded grant

Opyl has been granted an Innovation Connections Grant to fund a data science researcher placement in collaboration with RMIT University’s School of Computing Technology.

The new data science resource will be applied to the continued development of Trial Key, the company’s clinical trials protocol design and prediction platform.


Improving company operations

Changes in the internal structure of Opyl has enabled the company to successfully focus on scaling its two primary revenue growth drivers, clinical trial recruitment and social media insights to drive clinical trial recruitment.

The changes have been key to implementing enquiry process automation, improving conversion of customer projects during the quarter, rapid and systematic onboarding of customers, and ensuring projects commence quickly with subsequent cash flow improvement.

The company continues to build agile scale and growth systems including processes such as codifying methodologies, automating elements of the customer and service engagement, progress goal setting, and accountability.


New customers

Gallaher said the quarter had delivered excellent results with growth in new customers across clinical trial recruitment and social media insights both in Australia and the US.

“Despite the obvious immediate constraints on hospital systems coping with the pandemic, momentum is building to accelerate clinical trials — and therefore recruitment,” she said. “Our global digital recruitment solution is without doubt becoming more in demand, particularly in APAC and the US, and we are ready to make the most of market conditions.”

This article was developed in collaboration with Opyl, 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.