15 Sep Global Health Limited 2022 Annual Report Released
Global Health Limited is pleased to present our full year-2022 annual report and business update.
Financial highlights
A year of investment, following a capital raising, has delivered a material increase in sales, marketing and software development capability. Reduced professional service revenue in FY22 impacted the top line, however, recently secured sales will remediate this in FY23.
- Available Cash and Cash Equivalents $6,376,082 (+32%)
- Annual Recurring Revenue $5,186,222 (+10%)
- Total Expenses $8,546,161 (+6%)
- Total Revenue and Income $6,536,631 (+13%)
- EBIT ($1,976,059)
- EBITDA * ($1,688,268)
- Net Total Operating Cash Flow ($1,182,580) (+186%)
(Unaudited Non IFRS Financial Information)*
Key statistics
- Recurring Revenue Recurring revenue base of the business increased 10% to $5.19m.
- One Off Customer Revenue Professional services down 58% onboarding/covid restrictions. We will see a significant uplift in one-off revenue in FY23 as a result of sales created in FY22.
- New Contract Value Recurring revenue uplift from new contracts was secured late H2 FY22. H1 FY23 CARR will exceed the FY22 full year results. Contracted Annual Recurring Revenue (CARR) $800k secured since April 2022.
Profit and loss
Key comments
- Annual recurring revenue at record high $5,186,222
- Other customer revenue down 41%
- Expected increase in FY23 topline due to recent sales
- Total comprehensive loss up 320%
- Increased marketing and staff investment
- Decreased professional services revenue
- Staff costs up 33%
- Consistent with strategy of investment in sales team and key management personnel
- Market wage pressure for key roles has impacted the cost base
- Marketing costs up 39%
- Increased investment in sales and marketing
Key Updates
Sales and marketing update
Sales and marketing activity
- Additional new sales BDM
- More events + target brand campaigns
- Focus on conversion
- Cross sell/ Always on campaigns optimise
- Nurture campaigns to warm prospects
Implementations
- Waratah, WAMHC, Ballarat and Peninsula Health
New Contract Wins
- Homeless Healthcare (WA), Peninsula Health (Vic), Arcadia Pittwater Hospital (NSW), Matilda Nepean Private Hospital (NSW), Waikiki Private Hospital (WA)
- Yarram District Health Service (Vic) (July 22), Latrobe Community Health (Vic) (August 22
Customer success and product focus
Listening to customers
- Pilots are underway to test solutions in collaboration with clients
- User group meetings to act as ‘sounding board’ for additional development
New product innovation
- Connect mobile application for in home care
- Patient Portal integration for greater patient engagement
Enhanced capability
- Account management model successfully rolled out
- Consultative engagement model delivered for account management
- Structured support model developed for quicker client resolution
New product innovation
Inpatient Electronic Medical Record (iEMR)
Identified a gap for private/independent hospitals to digitise their patient records, this integrates with existing Patient Administration systems (PAS). The solution is being co-designed with clients and delivery of modules starts late 2022.
Inpatient EMR offers:
- A roadmap to complete digitisation
- Supports HL7, FHIR and interoperability
- Feature rich, web-based patient management ~ monitor in-patient stays
Many of our clients have already expressed interest in this new solution.
Overseas Market Development
- Appointment of Martin Murnaghan as a Non-Executive Director to drive overseas market development
- Appointment of Regional CEO Robin Armstrong to drive and develop ASEAN opportunities
- Focus on expanding B2B partnerships and client growth as well as facilitate Global Health’s expansion into these key strategic markets
- Drive subscription revenue from the Global Health community portfolio of patient-centric SaaS platforms which provide a rich set of digital engagement tools and secure connectivity for clinicians and consumers
Moving Forward
Our growth
Strong balance sheet and a positive pipeline of opportunity.
- Deals were slow to sign in FY21-22 ~ federal election and budget constraints. Decision-making timings returning to normal.
- In home care capabilities position us well to capitalise on this rapidly emerging demand in healthcare.
- More sales resource; integrated cross-sell activity, and an uplift in brand activities to drive top of funnel.
- Delivered a new MasterCare website to improve conversion.
Outcome of recent contract wins Master-Care.com.au
- Contracted Annual Recurring Revenue (CARR) lifted over $800k since April 2022
- Contracted Professional services revenue lifted over $1,300,000 since 1 April 2022.
To view the full update please click here.