Medical technology company Opyl (ASX:OPL) told shareholders that Q3 represented a major step for the success of its Opin platform

Medtech company Opyl is building a market-leading platform that finds eligible patients for clinical trials and studies in Australia and around the world.

Poor recruitment is a common reason for clinical trial failure – either failing to recruit on time or recruiting the wrong patients.

Opyl generates revenue by charging research organisations conducting trials a direct fee to access matched and qualified patients as well as allowing them to feature themselves on the Opin website.

While the September quarter was overshadowed by COVID-19 lockdowns in Victoria and New South Wales, the company says with restrictions behind it, better times are ahead.

Opyl says a number of clients are due to commence clinical trials both this quarter and next and it remains on track to meet its first year targets.

The company invested in the development of Opin – enhancing and expanding the features and functionality – as well as its Trial Key platform which is a protocol design and prediction platform.

In another positive Q3 development, Opyl was also invited to join the Australian Alliance for Artificial Intelligence in Healthcare.

Opyl says this is an opportunity to gain visibility as an industry leader, and also to accelerate and access emerging technologies alongside organisations including Google Health and IBM.

The company closed the quarter with $1.74 million in cash.

After booking cash receipts of $182,000 for the quarter, Opyl said it expects the company’s sales pipeline will bring increased revenue in the second half of the financial year.

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.