Half Year 2024 Alcidion Group Ltd Earnings Call Transcript
Key Points
- Increased forward five-year revenue to $126 million, providing long-term financial stability.
- Gross profit margin improved to 88%, driven by a favorable product mix.
- Signed significant contracts, including a $23.3 million extension with South State, with potential to extend to $54 million.
- Continued product innovation with new modules like My Emergency and My Results Tracking, enhancing healthcare efficiency.
- Strong cash position with $7.9 million in cash and $7.3 million in trade receivables, ensuring liquidity.
- Revenue growth impacted by significant procurement delays and budget constraints in the healthcare sector.
- EBITDA loss of $2.9 million due to increased headcount and operating costs.
- UK revenue decreased by $700,000, reflecting procurement delays and focus on large EPR contracts.
- Cost base reduction of $6.4 million required, including headcount reductions, impacting staff morale.
- Uncertainty in the timing of large contract awards, affecting short-term revenue and cash flow projections.
Good morning, everybody, and welcome to Alcidion's results for H1 FY 24, and that's in the six months ended 31st of December 2023.
Before we begin, I'd like to acknowledge the traditional owners and custodians of the various lands on which we work and meet today and pay my respects to their elders past, present, and emerging. I extend that respect to Aboriginal and Torres Strait Islander peoples who have joined us on the call today.
So presenting today, we have Alcidion's Managing Director, Kate Quirke; and Chief Financial Officer, Matthew Gepp. Kate and Matt will take you through a presentation, which will cover off the commercial and financial highlights of the half. And once it's completed, we will conduct a Q&A. (Event Instructions) We don't have all day to do the call, unfortunately. So I will group some questions together to avoid repetition. And if we don't get to your questions today and please don't worry, I will come back to you on e-mail. So with that, I'll hand over to you now, Kate. Thank you.
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