PainChek cuts losses as it starts to make money from pain recognition app
Health & Biotech
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Facial pain recognition app PainChek is heading towards the black, cutting its full-year loss almost by half as receipts from customers start to trickle in.
PainChek (ASX:PCK)’s 2018 loss was $4.8 million, down from $8.5 million the previous year.
PainChek makes mobile medical apps that use facial recognition to assess pain in patients who are unable to communicate with their carers.
It is aimed at patients with conditions such as dementia who are unable to tell carers when they are in pain.
It’s been a year of slow-but-steady progress for the company formerly known as ePAT Technologies.
In February this year Stockhead reported that PainChek had cut its half-year losses as it made its first revenue.
At the time, cash receipts from licensing customers totalled $14,940; the full-year results reported late on Monday showed $32,842 for the full year.
It meant that the company reported full-year revenues of $50,647, a figure that included $26,227 in interest income. Revenue from ordinary activities was $24,420, up from nothing in 2017.
The shares were down 2 per cent to 5.1c just before 12pm AEST.