ASX-listed aged-care and healthcare technology outfit, InteliCare continued to produce steady sales growth in the December quarter, highlighted by the recent order from Eremea Home Care Services in NSW, while having increased its distributor sales channels by 45 per cent. At the end of the quarter, the Perth-based company was sitting on a solid cash pile of $3.1 million.
ASX-listed aged-care and healthcare technology outfit, InteliCare continued to produce steady sales growth in the December quarter, highlighted by the recent order from Eremea Home Care Services in NSW, while having increased its distributor sales channels by 45 per cent.
At the end of the quarter, the Perth-based company was sitting on a solid cash pile of $3.1 million. It reported cash inflows from operating activities for the three-month period reached $455,000, which was bolstered by receipt of a research and development, or “R&D” tax refund of $410,611 under the Federal Government’s R&D tax incentive scheme.
InteliCare has commercialised a predictive analytics hardware and software system for the aged-care and health industries. It uses smart sensors and artificial intelligence, or “AI” based on an Internet of Things platform and has continued to expand its customer base through direct and distributor sales.
The growth includes a binding sales agreement with Sydney-based Eremea Home Care Services for an initial order valued at approximately $150,000 for the InteliLiving systems that also encompasses a subscription to its InteliCare Pro dashboard platform.
That order lifted total subscriptions to more than 450, compared with a tally of 25 systems at the conclusion of the corresponding period in 2019.
InteliLiving, an online or internet-based platform and e-commerce marketplace, is tailored for seniors and people with a disability wanting to live at home independently and allows family and or care providers to monitor the wellbeing of their elderly or health-compromised loved ones.
InteliCare’s AI technology is connected to smart in-home sensors gathering information about residents’ movements in the home. The system learns normal or daily routines of the elderly, frail or disabled family members living within their home and sends daily reassurance messages to carers via an app.
Conversely, if the system detects activities or movements that are divergent from what it determines to be normal daily routines, a notification of the anomaly is sent to the smartphones or other devices of care providers – family, carers or healthcare professionals.
The company recently completed the integration of a radar-based vitals monitoring sensor into the InteliCare Pro dashboard and the InteliLiving mobile application. The sensor enables carers to view key biometric vital sign information associated with a resident’s wellbeing.
InteliCare Pro, a larger-scale Software-as-a-Service offering for care providers such as aged-care facilities, home-care providers or hospitals, marries the InteliLiving output with a dashboard system and allows many residents to be monitored at the same time.
Commercial care providers can triage services to deliver higher quality care to those who need it most and maintain an audit trail when responding to issues. It also assists commercial carers to comply with the Federal Government's Aged Care Quality Standards.
According to InteliCare, the InteliCare Pro dashboard can ascertain declines in physical and mental health through advanced analytics before emergencies occur. It means carers are able to focus on prevention, not just respond after an event.
InteliCare Chief Executive Officer, Jason Waller said recently: “Our technology will allow Eremea to see in real time how their clients are engaging with their surrounds, specifically their home and importantly allow them to extract how their services can promote their wellbeing. Through these insights they will be better placed to work with their clients to plan for supports in a way that is evidential, not speculative or assumption based.”
InteliCare says while sales growth has come off a small base, market traction appears evident and its commercialisation strategy is only at the early stages of scaling.
In addition, the company executed an agency agreement with Canberra-based Technology for Ageing and Disability ACT. Combined with other agreements, this lifted the number of InteliCare distributors, either agents or resellers, by 45 per cent over the previous quarter to 16 entities across Australia.
InteliCare says a key element in shaping its sales opportunities has been to identify and target organisations who see its technology as a disruptor to the traditional home-care service offering.
According to the company, its pipeline deal flow has significantly improved with organisations who recognise the likely disruption to the market following the Royal Commission into Aged Care Quality and Safety outcomes. The company also says it is witnessing increased appeal with those who see technology as a key differentiator and enabler to future growth.
During the quarter, InteliCare also developed an advanced robotics simulator called COLT, or Container Based Load Testing. The company explained the COLT system runs virtually unlimited virtual “robotic” households that each, independently simulate a person going about their daily routines.
The development of COLT incorporated leveraging advanced mathematical analysis to ensure the system accurately replicated the activities of real households. InteliCare suggests the COLT system is a major asset for the company given it accurately simulates real client data for load testing purposes as well as supporting its test-driven development and AI training and validation work.
Is your ASX-listed company doing something interesting? Contact: email@example.com