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Volpara Health Technologies delivers record sales for breast cancer detection solutions

Total contract value and annual recurring revenue increase during January.
Cancer cells
The company is on track to exceed its 200% annual recurring revenue growth target

Volpara Health Technologies Ltd (ASX:VHT) delivered record monthly sales performance in January for its early breast cancer detection solutions.

The New Zealand-based company added total contract value of NZ$1.2 million in January 2018, more than 400% higher than the same month in 2017.

Annual recurring revenue of NZ$220,000 was also added during the month and this is now up 173% from the end of 2017.

Shares up 15% to $0.77

Shares were up 15% intra-day to $0.77 after reaching a 12-month high of $0.80 on 2 February.

The digital health company is focused on early detection of breast cancer by improving the quality of screening using artificial intelligence (AI).

Strong sales momentum

Volpara’s performance in January builds on its strong sales momentum in the previous quarter.

Total contract value for the 2018 financial year to date is NZ$8.3 million, an increase of 201% from the 2017 financial year.

Annual recurring revenue has increased to more than NZ$3 million, from NZ$1.1 million at 30 June, 2017.

This places Volpara well on track to exceed its 200% annual recurring revenue growth target for this financial year.

Brisbane clinic purchases product

The growth story has been further boosted with the Wesley Breast Clinic in Brisbane purchasing VolparaDensity after a successful trial.

There is now a Volpara site in every major Australian city.

Volpara has also secured several new U.S. customers and another Japanese sale following regulatory clearance in late 2017.

Further customer success stories have been received from around the globe, which demonstrate better patient care and improved productivity with reduced compliance costs.

Founded in 2009 from research originally conducted at Oxford University, Volpara is based in Wellington, New Zealand.

It raised A$20 million through an ASX IPO and subsequent share placement and rights issue in 2016.

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