ASX listed health-tech player InteliCare Holdings continues to build momentum, completing another successful quarter and recording strong sales growth. The company recently turbo charged the marketing of its remote monitoring healthcare technology, leading to a leap in sales of some 69 per cent quarter on quarter.
Sales were up 48 per cent when compared to the previous financial year.
The company has engaged key personnel after completing a $2.5m placement to assist in its ongoing growth whilst initiating work on its suite of products to enhance their functionality.
InteliCare charged onto the ASX in May 2020 delivering its innovative suite of internet-based movement monitoring technology to the market. The core of the company’s business is a range of internet-based products and software that utilise artificial intelligence to allow seniors and people with disabilities to continue to live at home independently whilst maintaining a high-quality of life.
InteliCare’s product range utilises sensors, not camera, to delivers associated parties of the sick and the elderly an automated service which remotely identifies abnormal daily movement activity.
The company has two main product offerings, with the flagship InteliLiving package being the basic product line whilst the InteliCare Pro system builds on the premise of the InteliLiving range and provides a networked package to manage multiple systems for use in aged care facilities and hospitals for example.
InteliCare is now looking to expand its market reach having spent over $500,000 during the quarter on marketing and appointing ex-Telstra executive Mark Geddes as the company’s Chief Revenue Officer. This increase in market visibility is already paying dividends, with end-user sales showing strong growth as its advertising campaign ramps up.
The company’s unaudited accounts are already demonstrating a healthy growth in revenue, with cash flows growing from around $300,000 during the 2020 financial year to more than $550,000 in the 2021 financial year. The company is projecting revenues to grow to over $1.2 million in the year ahead.
Elsewhere, InteliCare is also further developing the InteliLiving product via various partnerships in government and academia. It recently received a $100,000 grant from the from New South Wales Smart Sensing Network to enhance the artificial intelligence and machine learning capabilities of its products.
InteliCare has partnered with the University of Sydney and Macquarie university to develop the new artificial intelligence program which will focus on learning the lifestyles of the various users, by monitoring their activities and then developing algorithms to predict and potentially prevent hazardous events.
The primary aim of the program will be to monitor and detect a deterioration in health or mental state and the company says work will focus on developing systems to detect a range of potential diseases including cardio-pulmonary and cardio-vascular disease which causes a decrease in mobility and dementia, which can manifest itself in night time wanderings.
In addition, the software will learn to monitor for a range of other health conditions which may manifest with symptoms such as vomiting, diarrhoea, infection, loss of appetite and mobility.
InteliCare will tip in a further $152,898 into the project whilst the two universities will provide $161,021 to bring it to fruition.
InteliCare will ultimately own the intellectual property for the final product.
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