Induction Healthcare Group PLC
(“Induction”, the “Company”, or the “Group”)
FY23 Audited Final Results
Induction (AIM: INHC), a leading digital health platform driving transformation of healthcare systems, announces its audited final results for the year ended 31 March 2023.
Financial Highlights
- Revenues up 12.1% to £13.6m1 (proforma 2022: £12.1m2)
- Gross margin steady at 63.1% (2022: 63.1%)
- Business rightsizing programme completed by year end with projected annual savings of £6m compared to FY23
- Operating loss narrowed to £4.8m3 (2022: (£5.3m))
- Net cash at the year-end of £4.3m (2022: £7.5m)
Operational Highlights
- Attend Anywhere (video conferencing platform) revenues increase by 9.9% and margins maintained despite competitive pressures.
- Renewed Attend Anywhere national contracts with NHS Scotland (3 years) and NHS Wales (1 year with option to extend).
- Zesty patient management platform revenues increase by 50% despite delays in Government funding and NHS Wayfinder programme. More than 1 million UK patients are using Zesty to manage their care.
- Completion of NHS Single Sign On and integration of core portal features into the NHS App.
- Completed business right sizing and cost reduction programme which puts us on track with our commitment to self-sustaining growth and cash breakeven in 2024. Removed circa £6.0m annualized costs.
- Initiated an integrated product development programme to allow patients and clinicians to use our entire product suite seamlessly, creating a strong platform for future growth.
Post Period End Highlights
- Paul Tambeau appointed CEO and John McIntosh appointed CFO. Christopher Samler returns to a non-Executive Chair position.
- Non-core asset (Switch) sold for a material consideration.
Paul Tambeau, CEO of Induction Healthcare, said: “We are pleased to report an overall revenue growth rate of over 12% despite market headwinds and at the same time as we completed on significantly rightsizing our cost base. The business is now firmly on a sustainable footing and this, together with our fast-growing patient management platform (Zesty), which grew significantly, indicates that we are well positioned for the coming year.”
Note1: Reported revenue from continuing operations is stated after reclassifying assets held for sale under IFRS5 (Induction Switch and Induction Guidance £0.7m). These product assets were held for sale at year end 31 March 2023 and classified under discontinued operations (Total recognised revenue from continuing operations £12.9m plus discontinuing operations £0.7m was £13.6m). Note 2: Reported revenue from customer contracts as at 31 March 2022 is stated after the application of IFRS3 being a fair value adjustment (£4.2m) relating to the deferred revenue acquired as part of the Attend Anywhere Pty Limited acquisition in June 2021. Had this adjustment not been applied, pro-forma recognised revenue from customer contracts for the year would have been £12.1m compared with the reported figure of £7.9m. Note 3: Operating Loss from continuing operations (£17.4m) before depreciation £0.1m, amortisation £4.8m and non-cash impairment £7.7m.
Annual Report and Accounts and Notice of AGM
The Annual Report and Accounts and notice of AGM will be available later today on the Company's website: https://inductionhealthcare.com/investors/financial-reports-and-publications/. Copies of both documents will be posted to shareholders in due course.
Enquiries
Induction Healthcare
Christopher Samler, Chair
Paul Tambeau, Chief Executive Officer
+44 (0)7712 194092
+44 (0)7983 104443
Singer Capital Markets (Nominated Adviser and Broker)
+44 (0)20 7496 3000
Philip Davies
Alaina Wong
Jalini Kalaravy
About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software solutions that transforms care delivery and the patient journey through hospital. Our system-wide applications help healthcare providers and administrators to deliver care at any stage remotely as well as face-to-face – giving the communities they serve greater flexibility, control and ease of access. Purpose-built for integration with leading Electronic Medical Record (EMR) platforms, our products offer immediate stand-alone value that becomes even greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as well non-health government services, our applications are relied upon by hundreds of thousands of clinicians and millions of patients across almost every hospital in the British Isles.
Click here to view full FY23 Audited Results RNS
