Careteq Limited (ASX: CTQ, “Careteq” or the “Company”), a leading cloud-based assistive living technology business, is pleased to provide the following quarterly update and commentary on its Appendix 4C for the three months to 30 June 2023.
Highlights:
-- Careteq’s assistive living technology business, Sofihub, finished FY23 with Q4 4.6k subscribers, up 49% over pcp, and is already approaching 6k subscribers early in FY24, 90% pcp
-- Newly formed JV, Embedded Health Solutions (55% owned by CTQ) is forecasting $1.5M EBITDA for FY24
-- Outsourcing hardware development program (while maintaining exclusive rights) results in annualised cost savings of approximately $1.2 million p.a.
-- National Seniors Australia to exclusively promote and market Careteq’s Assistive Living Technology solutions through its digital audience of 1.4 million seniors annually
-- Sales pipeline across the US (11 trials) Australia (7 trials) and New Zealand continues to expand with increased activity across the company’s active channel partners
-- Well capitalised with fully committed $2.47 million entitlement offer underway in addition to $1.8 million cash balance
-- Targeting 15,000+ Sofihub subscribers in FY24, resulting in a cash flow breakeven run-rate for the Company (on an operating basis).
For more information, download the attached PDF.
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