Aged care tech company InteliCare’s March quarterly results show the company is moving from strength to strength in what is a major addressable market.
Perth based InteliCare Holdings (ASX:ICR) has released an impressive set of results to the market as part of quarterly earnings season, led a 911% surge in customer receipts.
Revenue from sales also rose strongly, with a gain of 22% from the previous quarter, and up 55% year-to-date from HY FY21.
The sales result was driven by a combination of direct outbound B2B sales, and inbound B2B sales from distributor channels and inbound consumers.
It flowed through to customer receipts for the quarter of $228,000 – a nine-fold increased on the previous quarter and evidence that Intelicare’s market-leading at-home aged care platform is beginning to gain significant traction.
The strong quarterly result follows on from a strong capital raise earlier this week, as InteliCare successfully secured a placement of $2.5 million to further expand its national sales strategies across TV, social, digital and radio consumer campaigns.
InteliCare CEO Jason Waller said the quarterly surge in cash receipts was a pleasing result, and highlighted that the company has completed the groundwork to establish a platform for further growth.
“InteliCare has had a stellar quarter, with a substantial growth spurt in revenue and customer receipts,” said Waller.
“The company is focused on meeting our growth milestones, particularly after the Aged Care Royal Commission findings.”
During the quarter, findings from the Royal Commission into Aged Care were handed down, and InteliCare was cited directly in the report as an example of how innovation funding for assistive technology can deliver benefits to the aged care sector
“Our West Australia marketing campaign also increased our page views by 650% week-on-week in WA, and 272% week-on-week nationally; and we’ve got our eyes on more consumer marketing targeted nationally,” Waller said.
New milestones met
A business and operations update was also included in this quarter’s report.
The company highlighted a new sales milestone in the disability sector, after receiving an order to supply 15 of its InteliLiving systems to support a new specialist disability accommodation reference site in Victoria.
The specialist disability accommodation (SDA) market is a large and growing segment, with the Australian government having set aside funding of $700 million per year, as the scheme matures.
This particular reference site is an initial project that will open further opportunities possible for InteliCare across its portfolio of over 10,500 properties across six states, the company said.
InteliCare’s consumer sales to date have been from a mix of organic growth, limited digital marketing and word of mouth – however, the West Australia B2C campaign gave the company a much-needed awareness boost.
The WA campaign, launched earlier this month, includes TV, radio, online video, social, digital and outdoor content.
Jason Waller says while it is still early days, the initial results of the campaign have been very encouraging.
“Within the first week of the campaign launch, it delivered over 835,000 metro television exposures in Perth, over 840,000 exposures digitally and increased our leads by 380% week-on-week, including a halo effect with increased B2B leads,” Waller said.
“Our objective is to now focus on converting those leads, ahead of the launch of our national campaign to raise additional awareness.”
This article was developed in collaboration with InteliCare, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.