Volpara shares jump as revenue beats guidance
Shares in ASX-listed Volpara Health Technologies were up 6.25% to 76c in late trading after the startup beat its revenue guidance.
The Wellington-based maker of software for analysing breast cancer screening X-rays said it had exceeded its goal of lifting annual recurring revenue 200% for its financial year ended March 31.
There was no word on its search for profit. More details are expected when the company’s full financials are released at the end of this month.
Annual recurring revenue (ARR) now stands at $3.6 million, compared to $1.1 million at the end of the last financial year – a 223% increase (ARR, commonly used by software-as-service or cloud software companies that sell by monthly subscription, extrapolates the current monthly revenue rate for a full year).
Volpara also says it signed contracts worth a total $11. 2 million in the year to March, up from the previous year’s $4.1 million (all of its update is in New Zealand dollars).
The company also said that approximately 3.2% of all women screened in the US are now contracted to Volpara’s software (approximately 1.27 million women), compared to the target for the year of 3%.
"We are just scratching the surface of the market in the US but the signs are very encouraging," Volpara chief executive Ralph Highnam says.