Aussie wearable tech maker DorsaVi is saving backs and reporting higher revenue
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Wearables pioneer DorsaVi credits US sales momentum for a half-yearly revenue increase as it prepares for the launch of its latest model.
The sensor-based wireless device, which is worn by workers, collects and analyses movement in areas such as workplace safety, health and sport.
Customers such as Heathrow Airport are said to have reported a 57 per cent reduction in manual handling injuries in a 12-month program with the device.
Results from its half yearly report this week showed a 15 per cent increase in revenue to $1.95 million, mostly attributable to the 34 per cent increase in US customer revenue.
Losses for the half-year widened by 56 per cent to $1.97 million due to an increase in share-based payments, depreciation and marketing spend.
Shares in the Melbourne-based company (ASX:DVL) were steady at a 52-week low of 22.5c at close.
DorsaVi told shareholders its US marketing and selling expenditure, though expensive, had paid off with large multinational companies such as Caterpillar signing as repeat customers.
So much so, the company’s chief Andrew Ronchi relocated to the US earlier this year.
This quarter the company plans to launch its latest clinical solution in the market, ViMove2, after passing FDA clearance for the measurement, recording and analysis of movement and muscle activity.
At the end of the half-year, the company had $6.7 million left in the kitty.
“The market opportunity across our technology platform is diverse and should facilitate substantial growth in the coming years – particularly given our target of the significant, yet underserved, OHS and clinical markets,” chief Andrew Ronchi said.
“dorsaVi will also target commercially valuable deals in specific medical applications to broaden revenue opportunities. Ultimately, the benefit of our technology is its wide applicability and open market opportunity.”