Brave new world: InteliCare sales soar 300% following strategic restructure

InteliCare has reported a landmark March quarter, featuring a massive jump in sales and announcing the appointment of new CEO, aged care sector specialist, Daniel Pilbrow.

Perth-based SaaS company InteliCare Holdings (ASX:ICR)’s March quarter sales are up 300% from the same period last year, despite the residual impact of COVID restrictions on the eastern coast.

The company which specialises in aged care AI, announced a new residential care partnership with marquee client Bethanie, one of the largest aged care providers in Western Australia.

The landmark contract for a proof-of-concept pilot project establishes InteliCare’s entry into a new $14.3 billion residential aged care vertical.

InteliCare also increased its national expansion through a partnership with Victorian-based home care provider, Like Our Own.

InteliCare is using breakthrough tech which can monitor needs-based elderly Australians or – for example – people with disabilities to provide valuable preventative insights on a 24/7 basis, effectively allowing for a freer, more independent life at home which would’ve been previously unobtainable.

Strategic restructure for growth

InteliCare also announced the appointment of Australian Aged Care Industry leader Daniel Pilbrow as the company’s new CEO to succeed Jason Waller, commencing on 1st July 2022.

Additionally, the Board was further strengthened with the appointment of Dr Neale Fong as Non-Executive Chairperson and Cam Ansell as an Independent Non-Executive Director.

Founder and inaugural Chairperson, Greg Leach, will remain as a Non-Executive Director, while Dr Terry Sweeney retired from the Board after accepting an executive position within the health industry.

InteliCare also welcomed Anne McCormack, a senior executive with Healthscope, to a newly established Clinical Advisory Committee.

Controlled cash expenditure, costs slashed by a third

InteliCare has continued its enviable record of controlling cash burn in line with revenue and brought down expenses by 32% against the previous quarter. Cash burn was down a further 6% on top of the 18% from the previous quarter (excluding extraordinary revenue from tax rebates).

Delivering on the roadmap, synching with wearable technology

Over the quarter, InteliCare locked into the lucrative global wearables market, syncing its tech with a huge range of leading smart health brands worldwide.

Through a new global partnership with leading Canadian digital health company Persona Informatic, InteliCare’s tech has been synced with more than 60 Therapeutic Goods Association (TGA) and US Food and Drug Administration (FDA) approved devices including some of the big name brands like FitBit, Garmin and iHealth.

With roughly one in five Australians owning a wearable fitness tracker and about a quarter using a mobile app or website to monitor their activity levels and health, the market is increasingly popular here at home and growing worldwide.

This article was developed in collaboration with InteliCare, 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.