Quarterly Cashflow for Period Ended 30 September 2015
Key points:
• Cash receipts from customers of A$564,000 up from A$319,000 (77%) in the June 30, 2015 quarter
• Total cash receipts – including interest and grant income - of A$1.23M
• Recognised revenue (customer revenue) exceeded A$608,000; doraVi’s highest revenue quarter to date, representing quarter-on-quarter growth of 24% (A$492,000)
• Quarterly cash outflow A$1.7M, down 19% on previous quarter ($2.1M)
• Cash at hand A$10.79M
Melbourne, Australia: 22 October 2015. Wearable sensor medical device company dorsaVi Ltd (ASX: DVL) has today released its Appendix 4C – Quarterly Cashflow report for the period ended September 30, 2015. Cash receipts for the period were A$1.23M including receipts from customers of $564,000, up 77% on the previous quarter (A$319,000), R&D tax refund of A$649,000 and A$18,000 in interest income.
dorsaVi is experiencing continued momentum across its three key geographies (US, UK and Australia). Recognised revenue for the quarter, which reflects the dollar amount invoiced to customers, was A$608,000, representing the best performing quarter to date, and up 24% on the previous best quarter (A$492,000). The most significant customer contract signed during the period was with UK physiotherapy network YourPhysioPlan to market and sell ViMove in the United Kingdom and Ireland. The three year deal includes minimum sales targets of 100, 300 and 600 ViMove units to be purchased or leased consecutively each year over this period. If minimum sales targets are achieved, the deal has the potential to generate more than A$9M over the three years. The first order exceeding A$120,000 was invoiced during the quarter.
Other new customer contracts include Sodexo Australia Pty Ltd, Design Inc, Silver Chain, New England Patriots (NFL), Washington Wizards (NBA), Ohio State University, Marquette University and Heathrow Airport. dorsaVi now has more than 230 active customers across its three priority geographies, the UK, US and Australia.
Net operating cash outflow for the quarter was A$1.7 million, and down 19% from the previous quarter of A$2.1. Cash at hand is A$10.79M and includes the receipt of A$4 million in a successful Placement to sophisticated investors and an underwritten Rights Issue, which raised an additional A$3.2 million.
- ENDS –
For more information or to arrange an interview, contact:
MEDIA INVESTOR
Kellie Hanrick Rebecca Wilson
Buchan Consulting Buchan Consulting
0413 681 346 0417 382 391
khanrick@buchanwe.com.au rwilson@buchanwe.com.au
About dorsaVi
dorsaVi (ASX:DVL) is an ASX company focused on developing innovative motion analysis device technologies for use in elite sports, occupational health and safety, and clinical applications. dorsaVi believes its wearable sensor technology enables – for the first time – many aspects of detailed human movement and position to be accurately captured, quantified and assessed outside a biomechanics lab, in both real-time and real situations for up to 24 hours. Our technology has applications across three seniors:
• Clinical: ViMove is transforming the management of patients by providing objective assessment, monitoring outside the clinic and immediate biofeedback. ViMove is currently used by medical and physiotherapy practices in Australia and the United Kingdom and is now available in the United States following FDA 510K clearance.
• Elite Sports: ViPerform is allowing coaches and medical teams managing elite athletes and teams to screen athletes and provide objective evidence for decisions on return to play, measure biomechanics and provide immediate biofeedback out on the field, tailor and track training programs and optimise technique and peak performance. ViPerform is being used by AFL and NRL clubs in Australia, clubs in the Barclays Premier League, Australian and Victorian Institutes of Sport, various Olympic teams and athletes internationally, and Cricket Australia.
• OH&S: We combine innovation, measurement and quality to reduce workplace incidents, costs, meet compliance and improve brand reputation. ViSafe enables employers to assess risk of injury for employees as well as test the effectiveness of proposed changes to workplace design, equipment or methods based on objective evidence. ViSafe has been used by major corporations including Coles, Woolworths, Toll, Toyota, Orora (formerly Amcor), Crown and BHP Billiton. Australian Workplace Compliance delivers risk mitigation through compliance to OHS, Quality Management Systems, Company Policy and Process.
Further information is available at www.dorsavi.com.
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Key points:
• Cash receipts from customers of A$564,000 up from A$319,000 (77%) in the June 30, 2015 quarter
• Total cash receipts – including interest and grant income - of A$1.23M
• Recognised revenue (customer revenue) exceeded A$608,000; doraVi’s highest revenue quarter to date, representing quarter-on-quarter growth of 24% (A$492,000)
• Quarterly cash outflow A$1.7M, down 19% on previous quarter ($2.1M)
• Cash at hand A$10.79M
Melbourne, Australia: 22 October 2015. Wearable sensor medical device company dorsaVi Ltd (ASX: DVL) has today released its Appendix 4C – Quarterly Cashflow report for the period ended September 30, 2015. Cash receipts for the period were A$1.23M including receipts from customers of $564,000, up 77% on the previous quarter (A$319,000), R&D tax refund of A$649,000 and A$18,000 in interest income.
dorsaVi is experiencing continued momentum across its three key geographies (US, UK and Australia). Recognised revenue for the quarter, which reflects the dollar amount invoiced to customers, was A$608,000, representing the best performing quarter to date, and up 24% on the previous best quarter (A$492,000). The most significant customer contract signed during the period was with UK physiotherapy network YourPhysioPlan to market and sell ViMove in the United Kingdom and Ireland. The three year deal includes minimum sales targets of 100, 300 and 600 ViMove units to be purchased or leased consecutively each year over this period. If minimum sales targets are achieved, the deal has the potential to generate more than A$9M over the three years. The first order exceeding A$120,000 was invoiced during the quarter.
Other new customer contracts include Sodexo Australia Pty Ltd, Design Inc, Silver Chain, New England Patriots (NFL), Washington Wizards (NBA), Ohio State University, Marquette University and Heathrow Airport. dorsaVi now has more than 230 active customers across its three priority geographies, the UK, US and Australia.
Net operating cash outflow for the quarter was A$1.7 million, and down 19% from the previous quarter of A$2.1. Cash at hand is A$10.79M and includes the receipt of A$4 million in a successful Placement to sophisticated investors and an underwritten Rights Issue, which raised an additional A$3.2 million.
- ENDS –
For more information or to arrange an interview, contact:
MEDIA INVESTOR
Kellie Hanrick Rebecca Wilson
Buchan Consulting Buchan Consulting
0413 681 346 0417 382 391
khanrick@buchanwe.com.au rwilson@buchanwe.com.au
About dorsaVi
dorsaVi (ASX:DVL) is an ASX company focused on developing innovative motion analysis device technologies for use in elite sports, occupational health and safety, and clinical applications. dorsaVi believes its wearable sensor technology enables – for the first time – many aspects of detailed human movement and position to be accurately captured, quantified and assessed outside a biomechanics lab, in both real-time and real situations for up to 24 hours. Our technology has applications across three seniors:
• Clinical: ViMove is transforming the management of patients by providing objective assessment, monitoring outside the clinic and immediate biofeedback. ViMove is currently used by medical and physiotherapy practices in Australia and the United Kingdom and is now available in the United States following FDA 510K clearance.
• Elite Sports: ViPerform is allowing coaches and medical teams managing elite athletes and teams to screen athletes and provide objective evidence for decisions on return to play, measure biomechanics and provide immediate biofeedback out on the field, tailor and track training programs and optimise technique and peak performance. ViPerform is being used by AFL and NRL clubs in Australia, clubs in the Barclays Premier League, Australian and Victorian Institutes of Sport, various Olympic teams and athletes internationally, and Cricket Australia.
• OH&S: We combine innovation, measurement and quality to reduce workplace incidents, costs, meet compliance and improve brand reputation. ViSafe enables employers to assess risk of injury for employees as well as test the effectiveness of proposed changes to workplace design, equipment or methods based on objective evidence. ViSafe has been used by major corporations including Coles, Woolworths, Toll, Toyota, Orora (formerly Amcor), Crown and BHP Billiton. Australian Workplace Compliance delivers risk mitigation through compliance to OHS, Quality Management Systems, Company Policy and Process.
Further information is available at www.dorsavi.com.
Help employers find you! Check out all the jobs and post your resume.
