Results for the year ended 31 March 2020

04 December 2020, 10:50 UTC
By inhc

Full year highlights

· Induction Switch & MicroGuide: growth in registered user numbers and engagement
– Induction Switch: +73.4% YoY growth in registered users to 138,095 (FY2019: 79,649) and +68% YoY growth in directory calls and guideline lookups to 2.03 million (FY2019: 1.21 million); used by the majority of NHS hospital doctors*
– MicroGuide: +35.5% YoY growth in registered users to 168,678 (FY2019: 124,485) and +82% YoY growth in guideline page views to 8.86 million (FY19: 4.87 million); used by the majority of NHS hospitals*
· Balance sheet remains strong with cash at 31 March 2020 of £10.7 million

* NHS Workforce Statistics – March 2020

Post-period highlights

· In June 2020, completed acquisition of revenue-generating Zesty Limited, a market leading patient portal for hospitals in the UK
· Appointment of Joint-CEO’s James Balmain and Hugo Stephenson effective 8th June 2020
· MicroGuide trading strongly and likely to reach profitability and achieve its earn-out target ahead of schedule following its acquisition by the Company in November 2019
· Induction has supported NHS Nightingale London since its launch in April 2020
· Induction signed a contract in Mexico for MicroGuide to support the Global Better Health Programme
· In May 2020, the first paying NHS hospital customer signed up to Induction Switch’s commercial offering, including newsfeed, directory, messaging and document sharing
· Increased pressure on global healthcare systems as a result of COVID-19 has seen continued growth in user numbers and engagement for Induction Healthcare’s MicroGuide and Induction Switch products, with the total number of Induction Switch users growing from 138,095 at 31 March 2020 to 149,364 at 31 July 2020

Current trading and outlook

· Ongoing development of new Induction Switch features, including:
– Real time notification of patient test results, straight to a healthcare professional’s own device
– Direct connectivity with hospital electronic health record (EHR) systems
– Clinical images to be pulled direct to a healthcare professional’s device
· Healthy acquisition pipeline targeting new and complementary products and geographies
· Expectation that Induction Switch will generate revenues in the current financial year (in addition to MicroGuide and Zesty which are already revenue-generating)

Dr Hugo Stephenson, Joint CEO of Induction, said:

“We have made excellent progress since our IPO over a year ago. This was a transformational year for us as we embarked on the journey of buy and build while delivering critical tools that healthcare professionals continue to rely on during the COVID-19 crisis.

“In under a year we have become one of the leading players in the UK healthcare IT market, with the majority of NHS hospital doctors, the majority of NHS Trusts, and a market leading number of patients choosing to use our products so people get better care.

“This success is testament to the efficiency and quality of our technology, as well as demonstrating the value of solutions designed specifically for healthcare, especially during a global pandemic when the demand for delivering the right resources to the right places at the right time is at an all-time high.”

James Balmain, Joint CEO of Induction, said:

“By combining Zesty’s patient facing platforms with the existing large user base of health professionals on the Induction platforms has created one of the most compelling digital offerings in the UK health IT market. Our increased reach and scale are already accelerating our partnerships with large health IT vendors and I’m particularly encouraged by signs of growth in our future recurring revenue.”

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