Careteq Limited (ASX: $CTQ) H1 FY24 Results

Careteq Limited (ASX: $CTQ) has reported its first-half financial year results ended 31 December 2023, showing significant growth and progress towards profitability. The company's total Group revenue surged by 76.8% over the prior corresponding period (pcp) to $4.5 million. Additionally, the EBITDA loss was reduced to $0.4 million, marking an 80.8% improvement over pcp. The net loss also saw a substantial reduction of $1.4 million, a 60.5% improvement over pcp to $1.0 million.

Executive Commentary on H1 FY24 Performance

Mark Simari, Executive Chairman of Careteq, expressed satisfaction with the company's first-half performance, highlighting the vastly improved financial results and a significant increase in Sofihub SaaS subscribers. He also emphasized the strategic acquisition of HMR Referrals, expecting it to contribute significantly to the company's financial goals heading into FY25.

Summary of H1 FY24 Results and Outlook

Careteq's H1 FY24 results demonstrate a strong growth trajectory, with a substantial increase in total Group revenue and a significant reduction in EBITDA loss. The company's Sofihub SaaS subscribers jumped by 111% to approximately 8,000, with an annual recurring revenue (ARR) approaching $0.6 million. The Embedded Health Solutions (EHS) joint venture delivered an EBITDA of $0.77 million in H1 FY24 and is on track to achieve its FY24 EBITDA target of $1.5 million. Careteq is targeting 15,000+ Sofihub subscribers in FY24, expected to deliver a cash flow breakeven run-rate for the company on an operating basis. The strategic acquisition of HMR Referrals is anticipated to contribute significantly to the company's financial goals heading into FY25. With a positive outlook, Careteq is well-positioned to continue its growth and drive towards profitability.