dorsaVi's H1 FY24 Financial Results

dorsaVi (ASX: $DVL) has reported its half-year financial results for the period ended 31 December 2023. The company achieved sales revenue of approximately $610k in H1 FY24 and signed new deals worth $546k. dorsaVi also maintained a strong base of around $1.1m annualised recurring revenue and recorded operating expenses of about $1.5m in H1 FY24, representing a 35% decrease from the prior corresponding period. Dr Andrew Ronchi, dorsaVi's Chief Executive Officer, highlighted the company's progress in enhancing its product offering and positioning for future growth, focusing on improving the ViMove+ product and its modules with AI, and expecting the upgraded products to drive near-term sales growth in both workplace and clinical markets.

Executive Commentary

We continued to make progress in line with our operational goals during the period, enhancing our product offering and positioning ourselves for future growth. Our focus has been on improving the ViMove+ product and its modules with AI in line with feedback from our customers. We expect our upgraded products to drive near-term sales growth in both workplace and clinical markets, capitalising on increased demand for AI based solutions. We were pleased to sign with new leading institutions including Norton Healthcare and Georgia Southern University during the period. These deals are significant in building our position within the US healthcare market and importantly, validating our product as a preferred solution for tier one companies. With a successful capital raising behind us and new appointments to the leadership team, we look forward to executing on our operational goals and accelerating sales growth.

Financial Update and Outlook

dorsaVi achieved sales revenue of approximately $610k in H1 FY24 and maintained a strong base of around $1.1m annualised recurring revenue, reflecting the company's very low churn rate and customer stickiness. The company expects to see ARR growth as the release of new product modules, such as the 'Al Run Module', gain traction and drive sales. dorsaVi also continues to target large institutions as per its strategy, leveraging the strategic partnership with QBE to generate high-quality sales leads in the workplace market. The company actively managed its expenses during the period, recording a reduction of approximately 37% compared to the previous corresponding period. With the release of AI-based enhancements to its ViMove+ Run Module and the signing of contracts with leading institutions, dorsaVi is well-positioned for growth in both clinical and workplace markets. The company's focus on cost optimization and strategic partnerships, along with the strengthening of its leadership team, indicates a positive outlook for future sales growth and operational goals execution.