Unaudited Interim Results for the six months ended 30 September 2023
07 November 2023, 07:11 UTC By inhc
07 November 2023, 07:11 UTC By inhc
Induction Healthcare Group PLC
(“Induction”, the “Company”, or the “Group”)
Unaudited Interim Results
for the six months ended 30 September 2023
Induction (AIM: INHC), a leading digital health platform driving transformation of healthcare systems, announces its unaudited interim results for the six months ended 30 September 2023.
– Revenues of £6.1m (H1 2022: £7.1m). New NHS patient portal contracts (revenue to be recognized in second half of this financial year) compensates for decline in NHS video conferencing usage.
– Gross margin improvement to 75% (H1 2022: 66.1%). Improved management of direct cost base including cloud infrastructure.
– Adjusted EBITDA of £0.01m (H1 2022: Loss £1.0m) Breakeven after non-cash adjustments.
– Operating loss reduced to £2.4m (H1 2022: (£4.5m)). Ongoing cost containment programme continues to yield results.
– Cash position £3.1m (FY23 YE: £4.3m). We remain on track towards our objective of self-sustaining growth and cash flow breakeven in FY24.
– Awarded five new patient portal development contracts totaling £1.9m with several large Trusts/ICS and ICBs for the Zesty patient portal. In addition to the £1.4m announced in October, a further £538,000 is announced today:
– Whittington Health NHS Trust worth £267,000 covering several patient portal projects including the use of Induction’s Form Builder module for wait list validation, enhancing appointment management functionality, and integrating with Whittington’s pre-surgical assessment tool.
– Milton Keynes University Hospital worth £271,000 covering several patient portal projects related to reducing wait lists and launching an Induction video consultation from the patient portal.
– Induction to be the first NHS-accredited portal to digitize maternity records for expectant mothers ensuring patient records are accessible within Zesty.
– Completed roll out of NHS App integration with 6 new customers. 2.5 million patients can now access Zesty via the NHS App, up from 1 million patients at the beginning of April 2023.
– One of only two patient portal providers to launch new functionality into the NHS App related to notifications, messages, and forms. This functionality is vital to supporting waitlist validation.
– In final stages of engineering work which will enable patients to launch video consultation from within the patient portal, as well as enable clinicians to access a video consultation from their Electronic Medical Record (EMR) – integration of Zesty and Attend Anywhere platforms.
– Non-core asset (Switch) sold for material consideration.
Paul Tambeau, CEO of Induction Healthcare, said: “With reports that over 8m patients will be on a waiting list by next year, Induction has a vital role to play in helping NHS Trusts manage their backlog and giving patients more choice in how they access care. We’re well positioned to do this because of the work we’ve done on integrating our platforms and enhancing the features available through the NHS App. Improvement in both gross margin and operating losses also demonstrates the outcome of our cost containment work completed in the last 9 months which remains on track to achieve our goal of being breakeven this year.”
Christopher Samler, Chair. +44 (0)7712 194092
Paul Tambeau, Chief Executive Officer. +44 (0)7983 104443
Singer Capital Markets (Nominated Adviser and Broker) +44 (0)20 7496 3000
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.
For full Interim Results, click here