Tech: LiveTiles has increased its revenue 10x in just two years
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Artificial intelligence stock LiveTiles (ASX:LVT) has boosted its annualised recurring revenue (ARR) 10x in two years.
The company revealed today that ARR for FY19 was up from $4m two years ago to $40m today.
In the last 12 months, ARR has grown 167 per cent and the preceding quarter saw $5.6m growth – a record for the company.
LiveTiles also recapped its client wins and product launches. Among its clients were universities in Australia and the UK, an international film studio and two professional service firms.
The company is predicting a strong year ahead.
“LiveTiles expects to deliver another year of strong customer and revenue growth in FY20, driven by our continued investment in our products, partners and sales and marketing channels,” the company said.
“Our key company objective is to deliver ARR of at least $100m [by] 30 June 2021 — and we are well positioned to achieve this.”
Shares jumped 8 per cent at market open and have more than doubled this year.
Osprey Medical (ASX:OSP) believes an executive order signed by Donald Trump this week will help the company. The order increases the home care dialysis reimbursement and aims to shift patients on kidney dialysis to home care. The company’s product, DyeVert, reduces the effect medical imaging contrast dyes can have on kidney patients. “We believe Osprey is well positioned to capitalise on kidney disease prevention given DyeVert is the only FDA cleared device for reduction in dye use during coronary angiograms,” CEO Mike McCormick said.
Norwood Systems (ASX:NOR) expects to formalise a partnership with a significant telecommunications vendor this coming quarter — specifically Oracle or Metaswitch. But this is later than it stated in December and the ASX have queried the company on the delay. “The proposed partnerships remain subject to ongoing discussion and negotiation,” company secretary Steven Wood said. “No specific event during the ongoing discussions has led Norwood to consider that the status of discussions have changed.” Norwood said it expected the deal to be finalised during the January quarter.