ASX-listed digital health specialist is on target to achieve its aim of exceeding 200% in Annual Recurring Revenue (ARR) for the 2018 Fiscal Year (FY).
A world leader in technology development for the early detection of breast cancer, Volpara Health Technologies (ASX: VHT) achieved impressive ARR growth of 600% for FY 2017 and continues to record remarkable growth on the financial and technical side.
Since its creation, the globally focused company has achieved total orders of over US$11 million and had its technology installed in 36 countries.
The New Zealand–headquartered company recently increased its Total Contract Value (TCV) by 45%, to NZ$4.1 million in FY17, and in the first five months of FY18 has TCV of NZ$3.75 million.
That notable, ongoing growth has been achieved on the back of innovative technology and a well-planned development strategy.
The company was founded in 2009 by four preeminent breast imaging experts: Professor Sir John Michael Brady and Dr Ralph Highnam from the University of Oxford, Professor Nico Karssemeijer from the University of Nijmegen in the Netherlands and Professor Martin Yaffe from the University of Toronto.
Since its 2016 listing on the ASX, raising A$20 million through an IPO and subsequent share placement, Volpara has expanded into the cloud and successfully transitioned from a capital sales model to Software as a Service (SaaS), which has led to the continuing dramatic increases in ARR.
Volpara is now the market leader in both breast density analysis and quality and performance analytics for breast imaging centres.
Volpara’s primary market is the US, where 32 states now have breast density notification laws, with customers and/or research projects in another 35 countries.
The company’s VolparaDensity and cloud-based VolparaEnterprise software are considered ground-breaking in the early detection of breast cancer.
VolparaDensity software provides radiologists with access to the technology that has provided automated, objective density assessment for more than 10 million women across the US and around the world.
The VolparaDensity algorithm is based on the volumes of tissue in the breast. Unlike when the radiologist looks at the images and estimates the area of density, Volpara looks deep inside the breast to appreciate the absorption of x-rays in the breast caused by fibro-glandular tissue.
As a result, Volpara looks at the true tissue, not the shadow of the tissue.
Based on Microsoft’s robust Azure data technology, VolparaEnterprise software delivers real-time quality assurance and performance monitoring through dynamic, interactive dashboards that update over 100 key indicators and quality metrics with every mammography or tomosynthesis exam.
With role-based access to such data, employees of large and small practices alike can perform rapid quality control checks that optimise the productivity and efficiency of imaging resources.
In turn, this helps increase employee effectiveness, enhance patient experience and decrease costs through the reduction of retakes.
The company’s software is the most clinically validated of its kind in the world, featured in over 240 medical publications, and is supported by key regulatory clearances, notably FDA and CE, as well as a strategic partnership with GE and a collaboration with Microsoft.
Volpara’s forecast of continued powerful future growth is considerable when you consider that the company has 166 international patent applications, 17 international patents granted and 38 registered trademarks.