Simavita Limited (ASX:SVA,TSXV:SV) released its ASX Appendix 4C for the quarter ended December 31, 2015. The company is also pleased to provide data demonstrating the growing adoption of SIM™ in both domestic and international markets.
According to the press release:
ASX Appendix 4C – December 31, 2015
Cash receipts from customers for the quarter were $196,041 taking the total for the first six months of the 2016 financial year to $419,857. These figures represent a 50% increase quarter on quarter and a 90% increase over the corresponding first half of financial year 2015.
Highlights during and immediately post the December quarter included:
- North American sales team signed agreements covering 20 sites (compared with 9 sites in the previous quarter). Number of sites contracted in North America now totalling 36, with 3,859 beds.
- ANZ sales team executed new agreements across three aged care sites, and obtained agreement for pilot programs at a further three sites. The total number of aged care sites contracted in Australia is now 62, with a total of 5,383 beds.
- First Australian pilot program conducted in home care setting with positive results. Two additional home care providers have requested to participate in similar trials.
- Significant funding ($469,450) was awarded by the Queensland Health Department to fund the deployment of SIM™ in rehabilitation wards and an incontinence clinic (the equivalent to 18 aged care sites) at two major hospitals in Brisbane over the next two years. Immediately post the quarter, deployment commenced in January 2016.
- Entering into a binding heads of agreement to integrate Simavita’s Smart Incontinence System (SIM™) into Health Metric’s eCase® electronic care plan solution.
- The Company further strengthened its global patent portfolio with the granting of three new patents during the quarter.
- Positive research results evidencing clinical improvements from SIM™ deployment continue to be generated, supporting the adoption of SIM™ in key markets.
Immediately post the quarter:
- Simavita received $1,266,862 under the Australian Government’s Research and Development Tax Incentive Scheme, relating to the year ended 30 June 2015.
- The Company has closed the first tranche of a capital raising, with $600,000 raised, plus confirmed a further $1,000,000 commitment by entities associated with a Director of the Company which is subject to shareholder approval. The Company has also announced it will initiate a CDI purchase plan for all shareholders.
- Pilots are currently underway with customers who have in excess of 9700 beds across 123 sites.
Simavita’s CEO, Mrs. Philippa Lewis commented:
Our sales teams have worked hard in the December quarter to sign new customers and convert others to the SaaS model, which will deliver important annuity benefits over the longer term. As a result, we are seeing continued momentum around our new customer agreements and the pipeline of pilots is growing rapidly. Pleasingly, we are starting to conduct pilots with larger healthcare chains.
Click here to view the full press release.
