Careteq Limited (ASX: CTQ) (“Careteq” or “the Company”), a leading innovator in remote monitoring and healthcare technology, is pleased to provide the following quarterly update and commentary on its Appendix 4C for the quarter ending September 2023.
Highlights
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Careteq completes its restructuring initiatives which deliver $1.2m of annualised operating cost savings. Operating costs were reduced by $250k during the quarter, which also included one-off restructuring costs of $200k.
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During the quarter, an additional 1,000 Sofihub products were sold that will result in recurring subscribers once onboarded.
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Following quarter end, ADT New Zealand, a subsidiary of Intelligent Monitoring Group (ASX: IMB), ordered 1,500 TEQ-Secure units with delivery expected in early November.
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Once onboarded, Sofihub subscribers will exceed 7,000 and remains on track to achieve its initial 15,000 subscriber target during FY24.
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Embedded Health Solutions is also on track to achieve $1.5m EBITDA for FY24.
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Careteq completed a $2.47m Entitlement Offer announced on 26 July 2023, with a healthy cash balance of $3.3m at 30 September 2023.
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