Transcription of The Stock Network Interview with Alcidion (ASX:ALC), CEO Kate Quirke
Lel Smits: Alcidion is expanding its Miya Precision healthcare software platform across hospitals in the United Kingdom, Australia and New Zealand after its strongest financial year to date with revenue up 27 percent and positive operating cash flow. Alcidion has signed an expanded contract with Northern Care Alliance NHS Foundation Trust in Greater Manchester and ahead of presenting a tips conference, I’m joined by its Managing Director and CEO Kate Quirk to discuss patient flow andAlcidion’s growth outlook. Kate, welcome to the Stock Network.
Kate Quirke: Thanks, great to be here.
Lel Smits: Now when it comes to upgrading existing Alcidion hospital customers to Miya, Northern Care Alliance is upgrading from Alcidion’s older extra med system to Miya Flow. Can you outline for us how big this growth opportunity is really upgrading customers on older systems that Alcidion has acquired?
Kate Quirke: Thanks, look extra med is a product we acquired back in 2021 and it was a legacy patient flow solution at that point in time and Northern Care Alliance represents the last and the largest of those customers to move to Miya Precision in terms of how we had planned it.
I’d still say that the majority of the work that Alcidion does is new customers, it’s typically not taking customers from a legacy but it is a reasonably significant opportunity as you will see from the size of that deal. Recently just in May we completed the acquisition of a similar type product set here in Australia, we acquired the Telstra Health legacy patient flow product called Kira and we have 30 customers in Australia running that product so we see this as an ongoing and significant opportunity for us as we move customers from those more legacy products to the Miya Precision which is much more modern platform.
Lel Smits: Fantastic and really when it comes to competing for those hospital contracts with much of this year’s revenue already contracted, which hospital tenders are you chasing next and also what wins Alcidion the work over your competitors?
Kate Quirke: Look the pipeline has a range of opportunities and I usually speak about the opportunities that Alcidion is really well placed to win as being in the patient flow area which we just touched on in the electronic patient record area in particular in the UK and we have won a number of those deals over the last couple of years and there still remains a significant number of those opportunities in the pipeline.
Those big electronic patient record deals always take their time to go through those processes and then we’re also focused on hospital in the home or the opportunity that is growing across the world to see if we can treat more patients in their home environment than bringing them into hospital and the areas that where Alcidion really stands out is one that we can offer that full breadth of offering from the platform so we can do both hospital in the home and in hospital care managing flow and electronic patient records so that’s a real advantage to us but also the usability of our product and the real focus on saving clinicians time we introduce technology that benefits the clinician by giving them more time to spend with their patients.
Lel Smits: Fantastic. Well, I appreciate the update from Alcidion and look forward to hearing more when you present at TIPS conference.
Kate Quirke: Thanks very much.
Ends