Smartphone-based pain assessment company PainChek (ASX: PCK) has announced strong growth in the company’s latest quarterly report for the period ending March 31.
Despite the positive report, the company has fallen -2.44% today, with the result possibly weighed down by a general weakness in the healthcare sector (down -0.48% today).
PainChek’s global revenue rose to $303,000 in the last quarter, marking a 66% gain from the previous period.
Year to date, customer revenue sits at $635,000 – a 345% improvement on the previous 9 months to March 2021.
While research and development incentives have formed a substantial portion of the company’s year-to-date revenue ($1.09m so far this year), no additional R&D Incentive funding was received in the March quarter.
Likewise, no government grants were received in the quarter, although the company does expect $204,606 of government grant revenue to be recognised in the next quarter.
As of 31 March, the company’s cash balance sits at $4.7m.
Of particular note is the company’s strong customer loyalty.
“In Australia we continue to achieve strong retention rates of approximately 97% for those customers who have implemented and transitioned to commercial contracts,” says CEO Philip Daffas.
“The results of the past quarter reconfirm the Company’s positive progress on all fronts.”
The company’s adult and infant apps are currently undergoing regulatory clearance with the USA’s Food and Drug Administration (FDA).
PainChek has applied for the company’s Infant App to be recognised as a clinical decision support device to aid the USA’s covid infant vaccination roll out plan.
“Market access for the US in 2022 would be a significant development for the Company and would allow PainChek to align the Infant technology across US, Europe and ANZ as the infant COVID-19 vaccinations roll out,” says the company.
Entrance into the US market is by no means guaranteed. The company failed to get Australia’s government to consider the Infant App as part of Australia’s own infant vaccine rollout.
Still, the company has stayed in contact with the Department of Health with regards to the initiative.
In the United Kingdom, PainChek currently has over 5,000 contracted residential aged care (RAC) beds, marking a strong rise from 3,500 in the preceding quarter.
“PainChek now has integration agreements with care management and medication management partners who can provide a pipeline opportunity of up to 180,000 Residential Aged Care Beds,” says the company.
In New Zealand, the nation’s third-biggest aged care provider – Summerset Holdings – plans to deploy PainChek’s app across all of Summerset’s centres. Provided that PainChek’s 6-month trial goes successfully, this should see the company reach a further 1,150 beds.
Melbourne’s Royal Children Hospital has started recruiting research assistants for the Painfaces Study. The clinical study is set to begin in May 2022, and will evaluate the validity of the company’s apps for assessing infant pain.
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