InteliCare’s in-home monitoring technology for the sick and the elderly made a spectacular debut on the ASX this week with the company’s shares running hard from 20c to a crescendo of 58c for the week. Lead manager, JP Equity in Nedlands closed the book early after getting a flood of bids totalling $6.2m against a targeted $5.5m which caused some scale backs and a flurry of on market buying.
In the wake of COVID-19, healthcare stocks appear to be in favour with the market and InteliCare’s crossover between health care and technology turned the Jason Waller led company into an overnight market darling this week.
InteliCare’s core offering is an artificially intelligent remote monitoring system that uses off-the-shelf sensors that allow loved ones or health care workers to be notified if a sick or elderly person’s daily habits change.
This might involve failing to move from one room for an extended period of time or frequent trips to the bathroom, which can be a sign of health complications and the system can even report if a fridge door has not been opened for a few days.
Whilst many of the sensors used are commercially available units, InteliCare’s real smarts are in its predictive analytics embedded within its artificially intelligent monitoring and reporting platform that links to each sensor.
InteliCare’s existing partnership with the WA Government’s Department of Communities and its Bennett Brook Disability Justice Centre received a shot in the arm this week after InteliCare announced it had received a $50,000 order for a new type of “radar” sensor it had been trialling with Bennett Brook.
The WA Government order will initially see a limited number of InteliCare’s new radar sensors fixed to the ceiling’s above the beds at the Bennett Brook Disability Justice Centre.
Staff will then be able to use InteliCare’s platform to remotely monitor multiple inmates’ heart and respiration rates and according to InteliCare may even be able to detect if an inmate falls over.
The integrated radar sensors will be marketed as a component of its main product offerings, further paving the way into home care, aged care, hospital care and custodial facility markets for the company.
The ceiling mounted radar sensors are an upgrade on the bed mounted sensors that InteliCare used last year in a successful trial at Bennett Brook.
InteliCare Managing Director, Jason Waller said: “It’s very encouraging to see InteliCare receiving continued support from Government agencies, particularly in the disability sector. It reflects faith in our technology and the company’s ability to execute. We are also very excited about the future potential of this type of radar technology and many other emerging sensors in a rapidly evolving market.”
The InteliLiving system generates a rolling “software as a service” annuity style revenue stream and in a potentially game changing move, its core application, InteliLiving, is now available to purchase on Microsoft’s public cloud computing platform known as “Azure marketplace”, exposing the product to a global audience on the cloud.
Interestingly, InteliCare said that Microsoft’s global sales team is now incentivised to sell its InteliLiving app to its worldwide audience.
Commenting on the Microsoft deal, Mr Waller said: “Becoming available on the global Microsoft Azure Marketplace and acceptance to the Microsoft Co-Sell Program represents a major step forward in our relationship with Microsoft and an opportunity to reach more customers together.”
With a swelled up bank account, income already coming in and its new market darling status, InteliCare now has a chance to embed itself into the psyche of the sick and the elderly in Australia and perhaps more importantly, with their loved ones who will pay for the peace of mind that InteliCare provides.
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