Careteq (ASX: $CTQ) FY24 Interim Results Overview

Careteq Limited (ASX: $CTQ) has reported a 76.8% increase in group revenue to $4.5 million and a significant reduction of 80.8% in group EBITDA loss for the first half of FY24 compared to the same period in FY23. The company's Sofihub subscriber base has grown by 66% to approximately 8,000, contributing to a recurring monthly subscription revenue. Additionally, the Home Medication Review (HMR) Referrals run rate has surged by 200%, and the Embedded Health Solutions (EHS) business is on track to deliver $1.5 million EBITDA for FY24.

Executive Commentary

FY24 has shown strong revenue growth with the rapidly increasing subscriber numbers driving the Company towards profitability. Continuous refinement of operations has delivered a significant improvement in EBITDA. All business units have been integrated and are providing positive sales outcomes. With these synergies, we are expecting to reach our target of profitability by the end of the financial year.

Summary

Careteq's FY24 interim results demonstrate a robust performance with substantial revenue growth and a notable reduction in EBITDA loss. The company's strategic focus on expanding its subscriber base, particularly in the Sofihub ecosystem, and the acquisition of HMR Referrals have positioned it for profitability. The EHS business is expected to deliver $1.5 million EBITDA for FY24, reflecting the successful integration of the merged business. Careteq's outlook is optimistic, with the company aiming to achieve profitability by the end of FY24 and expecting significant contributions from its recent acquisitions heading into FY25. The company's strong market position and strategic initiatives indicate a positive trajectory for future growth and financial performance.