Shares in Volpara Health Technologies Ltd (ASX: VHT) jumped out of the gates on Thursday and are now trading 2% higher at 75 cents.
Investors are bidding up the Volpara share price following the release of the company's full-year results.
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Volpara achieves record revenue
Key takeouts from the period include:
- Record revenue from customer contracts, up 32% to NZ$26.1 million
- Revenue result exceeds guidance of between NZ$25 million and NZ$26 million
- Subscription revenue up 37% to NZ$24.8 million
- Gross margin remained consistent at more than 91%
- Net loss for the year after tax improved 6% to NZ$16.4 million
- Normalised non-GAAP EBITDA loss declined 13% to NZ$14.1 million.
What else happened this period for Volpara?
Volpara achieved record full-year revenue for the year ending 31 March 2022, scoring NZ$26.1 million, which is a 32% year-on-year (YoY) gain.
Subscription revenues saw higher leverage this period and "continue to grow at a faster rate than total revenue", Volpara says.
In total, revenue from subscriptions increased to NZ$24.8 million, a 37% YoY gain.
Margins were held tight at the gross level at roughly 91% in FY22, in line with the previous year and guided ranges.
"Although further cost reductions were achieved through the continued work on the scaling of Microsoft Azure services, some one-off or non-standard costs were incurred during the year."
Finally, the group's net loss after tax (NLAT) improved 6% from NZ$17.5 million to NZ$16.4 million.
Over the 12 months to 31 March 2022, the Volpara share price dropped by more than 30%.
Management commentary
Speaking on the announcement, Teri Thomas, Volpara's CEO, said:
FY22 has been a great year for Volpara, with strong forward momentum in spite of Covid-driven uncertainties. Volpara has amassed a talented team of individuals who are passionate about our purpose, saving families from cancer. I'm honoured to lead this team forward into our next year of
making a positive impact on our customers and communities and for our shareholders.
Volpara share price snapshot
In the past 12 months, the Volpara share price has collapsed 40% into the red. It is down 28% this year to date.
