Wearables play DorsaVi might need a back rub after flat revenue numbers
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Wearables play DorsaVi has fallen flat on full-year revenue.
DorsaVi makes sensor-based wireless devices that are worn by workers, allowing bosses to collect data on how staff bend, twist and step to improve workplace safety.
Customers such as Heathrow Airport are said to have significantly reduced manual handling injuries using the technology.
Today, however, DorsaVi (ASX:DVL) reported full-year revenue for 2018 came in at $3.43 million — down slightly from the $3.47 million it made last year.
Managers blamed delays in a software rollout and operational changes that included sending the CEO Andrew Ronchi to the US.
Over the last 12 months DorsaVi has set up an operation in the US and signed five contracts worth over $100,000.
The company took in receipts of $639,000 during the three months to June, down 50 per cent from the last quarter.
But it said revenue (earnings booked in the quarter as opposed to actual cash received) was up 60 per cent, after slipping in the third quarter.
But with cash of just under $4 million and expected outgoings of $2 million, the company may need to consider raising capital.
DorsaVi shares have had a disappointing run since late 2016 falling from about 54c to 10c.
The stock was steady in early Monday trade.