Induction Healthcare Group PLC (AIM:INHC) has announced audited final results for the year ended 31 March 2022, showing a 464% leap in revenue from contracts with customers to £7.9mln, up from £1.4mln in 2021.
The company, which owns a leading digital health platform driving transformation of healthcare systems worldwide, saw its Annually Recurring Revenue (ARR) grow to £13.5mln (2021: £2.0mln) taking into account the multi-year renewal of NHS England Attend Anywhere contracts post-period end.
In the results statement, James Balmain, CEO of Induction Healthcare, said: "The global digital health market is predicted to grow by 23.31% to US$7,844mln in 2025 and Induction's market segment is maturing rapidly, driven by an acute need for digital transformation in hospitals around the world.
"We have made strong growth in FY22 and a key focus for the group following the acquisition of Attend Anywhere Pty Ltd was the renewal of Induction Attend Anywhere contracts throughout the UK, of which we have been very successful with many NHS Trusts choosing to renew for two or three years. We have continued to work alongside existing health providers to deliver results and our high-margin and scalable SaaS operation remains the core driver of the business. In the period we also achieved record ARR and retain a strong cash position of £7.5mln following the placing and acquisition.
"As the world recovers from the pandemic, the pace of change is creating significant opportunities for companies in our sector - Induction is well positioned to capture global market share in the coming years."
Induction said its NHS England contract renewals, representing £6.6mln ARR in the year to 31 March 2022, were ahead of management expectations, and the majority of NHS England Attend Anywhere contracts have now been moved from one year to a multi-year term.
The group delivered organic ARR growth of 100% year on year at £4mln versus £2mln in 2021. Adjusted EBITDA was break-even after a restated £4.1mln loss post-IFRS fair value adjustment in 2021.
The company had £7.5mln in cash as of 31 March 2022 (2021: £2.5mln).
In a separate statement, Induction Healthcare said will it announce its half-year results for six months ended 30 September 2022 on Monday 5 December 2022.