Opyl is ready to scale up AI platform Opin after delivering full-year revenue growth
Health & Biotech
Health & Biotech
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Opyl has successfully pivoted into the digital health business during the last financial year by launching its AI-based clinical trial recruitment platform, Opin.
Opyl (ASX:OPL) has reported a 24% increase in sales revenue in a year where its focus was primarily on executing a change in direction into digital health.
The most significant achievement and priority for the year was commercialising the first of its three artificial intelligence (AI) technology platforms, launching Opin to address the rapidly growing global clinical trials services market.
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.
Following its successful capital raising of $2.68m earlier this year, the company is now in a strong financial position to continue the development of Opin with new features planned for roll out in the coming months that will be expected to translate into revenue.
Despite the full year bottom line loss of $1.14m, in line with forecast increased investment in the three technology platforms, the company is well funded with no bank debt and a cash position of $2.3m as of June 30th.
The theme of the year for Opyl has been about implementing the change in direction into digital health — specifically in the clinical trials services market.
Within weeks of the launch of Opin in May, the platform had signed customers and unlocked the first of a new revenue stream. Opyl anticipates that as it continues to commercialise the Opin platform, it will significantly increase revenue and decrease its loss quarter over quarter.
The Opin platform leverages social media networks to reach patients and carers, thereby raising awareness and access to clinical trials. Opins customers are global and local pharmaceutical, biotech, medtech, and public health researchers who need to find motivated patients to participate in trials and studies.
Poor recruitment is frequently cited as one of the core reasons for clinical trial failure, according to Opyl. It’s estimated that 86% of trials fail to recruit on time. Each day of delay can cost drug and device developers hundreds of thousands in lost sales, and prevent patients from having life-saving access to new therapies.
Access to the platform is free of charge for patients and carers, but is designed to allow Opyl to generate revenue in several ways.
First, Opyl charges a fee to research organisations conducting trials to unlock matched and qualified patients in Opin’s patient data base who have self-selected an interest in trials for specific diseases or conditions.
It also generates revenue by offering research organisations the option to have a trial or study featured on the Opin site, gaining access to Opin’s social media and precision digital marketing tools and expertise.
Going forward, Opyl says its research team will continue working on new features to improve the patient experience and value on the site as well as creating operating efficiencies with regard to service delivery and customer acquisition to enable rapid scale into global markets.
Opyl has built up a significant number of active client proposals for Opin services during FY21, and expects to convert these to paid contracts over the coming months.
To accelerate its global expansion, the company appointed Dr Megan Robertson to the Opyl board as a non-executive director in May.
Dr Robertson has extensive clinical trial experience and brought to Opyl not only her expertise in the health sector, but also her networks within the global clinical trials industry.
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.