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Motley Fool Australia »Share Gainers» Why is Alcidion (ASX: ALC) share price up 38% today
James Micklboro | November 9, 2020 10:19 am | More on: ALC
In morning trade, shares of the healthcare technology company rose 38% to 172 cents.
Investors were buying the company’s shares this morning after it announced it had won a major new contract in the UK.
According to the statement, Alcidion signed a deal with the South Tees Hospitals NHS Foundation Trust to solve Miya Precision and a better ePMA system and drug management (ePMA) OPENeP
South Tees is the largest hospital fund in Tees Valley in the United Kingdom, with more than 1,000 beds, nearly 9,000 clinical and operational personnel, and care for more than 15 million people
Management notes that this is the largest contract signed by Miya Precision to date, and estimates the value of the entire deal to be $ 9 47 million (515 million pounds) over five years.
Roughly $ 0 96 million will be recognized as (one-time) product implementation revenue, with the remaining $ 8 51 million representing recurring product revenue (licensing, maintenance, and support)
The company intends to recognize $ 5 48 million of the total contract value as revenue in fiscal year 2021, subject to a significant milestone
This means that the total revenue that can be recognized in fiscal year 2021 is now $ 20 million, compared to $ 18 million in fiscal year 2020, with seven months remaining in the year
It will also provide a confidence level coordination layer to integrate this new clinical data with patient data into existing trust systems using the FHIR data exchange standard
This means that the information that is currently present can be integrated into different systems and represented in a common format to apply artificial intelligence and be used in advanced clinical decision support
OPENeP’s superior solution is the next generation ePMA system and will allow Trust to digitize prescribing and medication management processes
Solutions will be released simultaneously with confidence in the first stage of technology deployment. This allows for seamless integration between electronic feedback, digital patient assessments, care planning and treatment processes
Kate Quirk, Managing Director of Alcidion, commented: “The clinical staff working in South Tees will be among the first in the UK to take advantage of our suite of healthcare technologies that are specifically designed to make the right thing to do. The easiest thing to do, even in the busiest of times ”
“It’s very rewarding to see South Tees enter into this agreement shortly after we officially launched Miya Precision as the first smart clinical asset for the NHS The NHS remains one of our most important partners anywhere in the world, and I look forward to pushing this new partnership Forward for the benefit of employees and patients in confidence
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James Micklboro does not hold a position in any of the listed stocks Parent Company Motley Fool Australia Motley Fool Holdings Inc owns shares in Alcidion Group Ltd. Recommended The Motley Fool Australia Alcidion Group Ltd. We may not all hold the same views, but we all believe that Thinking about a variety of ideas makes us better investors Motley Fool has a disclosure policy This article contains general investment advice only (under AFSL 400691) authorized by Scott Phillips
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ASX: ALC, Alcidion Corp, ASX
World News – AU – Why is Alcidion’s ASX: ALC share price up 38% today
SOURCE: https://www.w24news.com
