Mach7 Technologies Q3 FY24 Business Update

Mach7 Technologies Limited (ASX: $M7T) has reported a strong performance in the third quarter of FY24, achieving sales orders of A$7.4M and a Contracted Annual Recurring Revenue (CARR) of A$28.2M at 31 March 2024. The company's cash on hand stood at A$24.8M at the end of the quarter, reflecting a 28% increase compared to the same period in the previous year. Mach7's CEO, Mike Lampron, reaffirmed the FY24 guidance, citing a strong pipeline of opportunities with new and existing customers.

Executive Commentary on Q3 FY24 Performance

Mach7 CEO Mike Lampron stated, 'Mach7 has delivered another strong performance with 20% growth in ARR during the March quarter and record CARR of A$28.2M. The gap between CARR and ARR was reduced from A$8.2M to A$5.9M, as we achieved first productive use for Diagnostic Imaging Associates and recognized additional revenue from renewal date for several customers. Despite the ongoing transition to subscription, we were operating cashflow positive in the quarter and for the year to date. Mach7 is in a strong financial position with no debt and closing cash of A$24.8M which was driven by a 24% increase in receipts on Q2 FY24.'

Summary of Q3 FY24 Business Update

Mach7 Technologies has reported a robust performance in Q3 FY24, with significant growth in Annual Recurring Revenue (ARR) and Contracted Annual Recurring Revenue (CARR). The company's strategic priorities for the final quarter of FY24 and beyond include investing in people, processes, and tools to differentiate itself from competitors and continuing to innovate across its strategic anchors. With a strong sales pipeline and reaffirmed FY24 guidance, Mach7 is well positioned to take advantage of opportunities in the medical imaging market and expects to be cashflow positive for the year. The company's financial position remains solid with no debt and a closing cash balance of A$24.8M at the end of March 2024.