Induction Healthcare PLC (LON:INHC) said it has a strong sales pipeline that will provide a “solid foundation” for future growth as it provided a progress report alongside its interim results.
The group, which delivers app technology that helps healthcare staff work more effectively, also said it had a number of promising acquisition targets that have developed new and complementary products both here and abroad.
Stand-out achievements in the half-year included a first NHS contract (in South Wales) for Induction Switch, the collaboration platform, and admission onto the NHSX Clinical Communications Framework.
“We are proud to work in collaboration with Apple and Milton Keynes Hospital NHS Trust on a 'first of type' NHS innovation, enabling patients to view their health records on their own iPhone,” said joint chief executive, Dr Hugo Stephenson.
Induction provides tools that make life easier for physicians and patients, including the aforementioned Switch, used by most junior doctors.
It also owns MicroGuide, on which are stored hospital guidelines, and Zesty, a platform for patients visiting hospital.
Induction delivered revenues of £582,000 in the six months to September 30. In common with most businesses at the early stages of the commercial journey, it was loss-making – to the tune of £3.2mln.
More importantly, net cash at the period-end was £5mln.
“Sales momentum, recurring revenue, our pipeline of orders with multi-year contracts, and a healthy acquisition pipeline provide a foundation for future growth,” said Stephenson.
“This allied to growth in registered users and user engagement underpins our confidence of further progress in the remainder of the financial year.”