The company is on track for a big year following the successful launch of its Opin clinical trial recruitment platform.

Shares in medical technology company Opyl (ASX:OPL) rose sharply this morning after the company provided its Q4 trading update.

OPL recorded full-year revenues of $1.24m, up from $917,000 in the year prior.

And just as importantly, it flagged more strong growth in the year ahead following the key launch of the Opin clinical trial recruitment platform in May.


Opin launch

The successful launch of the Opin platform demonstrated the ability of Opyl’s management team to execute on its operational objectives on time and on budget.

Shares in Opyl jumped by around 10% following the announcement to 17c.

Alongside the Opin launch, Opyl also maintained consistent revenue generation from its retainer clients and income streams via its social media insights capability.

“By using the Opin platform, patients and caregivers can now view and self-select to register for open clinical trials and studies seeking participants anywhere in the world,” Opyl said.

Opyl CEO Michelle Gallaher said the Opin launch represents a “significant scale and transformation period” for the business.

“In a matter of a few short weeks, we have established a new clinical trial recruitment revenue stream and the first of a series of planned global strategic clinical trial alliances to support future growth and depth,” she said.

With recruitment functionality now available for patients, the platform will be a key new channel of revenue growth as Opyl commits to ongoing research & development.

“During the quarter, we continued to work on our Protocol Design and Prediction platform, generating recruitment prediction models that can be applied to Opin as a novel service for clients,” Opyl said.

In addition, the Opyl research team is working with data scientists to build out new automated features such as real time quoting and digital triage.

As the platform builds a bigger data bank, the company will also be able to leverage machine learning to drive improved data outcomes for clients.


Capital management

Opyl closed the quarter with $2.32m cash at bank, and now has the balance sheet strength to drive further growth following its successful capital raise in April.

The company raised $1.3m in a share placement, and a further $1.3m in a heavily oversubscribed share purchase plan that received more than $2.6m of applications.

Commenting on the company’s Q4 business update, Opyl chairman Julian Chick said the company had successfully executed on its two core operation objectives: the Opin launch and “maintaining the revenue-generating retainer and project clients.”

In particular, the launch of Opin was a testament to the management team’s ability to execute on a challenging project in a timely manner.

“The fact we have initial clients onto the platform is testament to the remarkable commitment of the Opyl team and the quality of the platform and offering,” Chick said.

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.