Alcidion Group Signs $3.4M Contract Extension With DGT NHS Trust

Alcidion Group Limited (ASX: ALC) has signed a contract extension with Dartford and Gravesham NHS Trust to use its Miya Precision digital platform for its three healthcare sites in North Kent.

This initial contract had a five-year term which expires in early March.

Highlights

  • The contract value is $3.4M (£1.7M) over the new contract period of 3 years.
  • The contract extension will include a move to cloud-based delivery.
  • It includes the modules Flow, Access, Command, Observations, Assessments, eNoting, and some associated partner products.

Alcidion sells software products and technical services in the global healthcare market.

Its Miya Precision has been used to support digitising care including electronic observations, digital patient assessment, and patient flow.

DGT NHS Trust is one of the largest hospital trusts in North Kent, with services at three sites serving a local population of over 500,000 people and the first Miya Precision implementation in the UK.

DGT has successfully deployed Miya Precision to support its digital strategy.

High profit margins

For the half year to December 2023, Alcidion booked a gross profit of $16.7M, representing an 87.8% gross profit margin.

This was on the back of H1’24 revenue of $19.1 million and 74% recurring revenue.

The EBITDA loss was $2.9 million (H1’23: ($1.2M).

Promisingly, there are $24.3 million of new contracted sales in 1H’24.

Alcidion Group Managing Director, Kate Quirke, said: “We have a long-standing partnership with DGT and we are pleased to be able to extend the arrangement allowing DGT to continue to gain the value of improved patient flow and support for their clinical staff, ultimately benefitting patient care.”

Since listing on the ASX in 2011, Alcidion has acquired multiple healthcare IT companies and expanded its foothold in the UK, Australia, and New Zealand to now service over 400 hospitals and 87 healthcare organisations.

 

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