Medical software maker 1ST Group rockets 31pc on strong sales guidance
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Medical practice software maker 1ST Group went flying on Wednesday after revealing strong sales growth.
1ST Group sells online booking software that helps practices such as optometrists and vets use customer data to upsell clients to extra products and services.
The group reported $3.4 million revenue for FY18 — an increase of 51 per cent from last year.
The shares jumped 31 per cent to 5c before cooling to 4.7c. The stock has traded between 3.4c and 6.4c over the past year.
1ST Group listed in 2015 (originally as 1ST Available) after raising $5.3 million in an Initial Public Offering selling shares at 35c each.
Today the group said annualised subscription revenue for its software was expected to reach $4.6 million to $5.1 million by December — an increase of 13 per cent from June.
That didn’t include revenue from selling ads or collecting useage fees.
1ST Group shares (ASX:1ST) since listing in 2015.The group banked $971,000 in the June quarter (making a total of $3.5 million in customer receipts for the year) but reported cashburn of $1 million.
It was left with $277,000 in the kitty — plus $500,000 of a $2 million credit line provided by the group’s biggest shareholder Mr John Plummer.
1ST Group was planning to spend $1.8 million this quarter.
“FY18 was a critical and successful year for 1st Group,” said co-founder Klaus Bartosch.
“It is pleasing to see strong growth in adoption and engagement as we enter FY19 with confidence and momentum.”