Orion Health has made a full year net loss of $60.8 million, but says a 42 percent increase in annualised recurring revenue makes it a pleasing result.
Orion Health chief executive and majority stakeholder, Ian McCrae, rings the bell as the software company launches on the NZX this morning, with Orion chair Andrew Ferrier (right), and surrounded by the executive team. Photo: RNZ / Nona Pelletier
The health software company's full year net loss for the year ended in March was almost 53 times more than the nearly $1.4 million loss it made last year.
Total revenue is up seven percent to almost $164.1 million, while the annualised recurring revenue, rose 42 percent to $63 million, with growth in all regions, except the important North American Market.
However, the chief operating officer Graeme Wilson said the lack of recurring revenue growth in the United States was more a matter of timing, and it remained on track to meet its target for growth in North America.
Orion chief executive Ian McCrae said the company had come out of a challenging year, including a public listing and a $125 million initial public offering of shares.
"The changing U.S. environment did cause a slowdown in contracting activity in the latter part of the financial year and we expect some volatility to continue," Mr McCrae said.
"Transitions that are driven by new regulatory change traditionally create significant opportunities for companies like Orion Health, even if the timing of those opportunities is sometimes uncertain."
Orion's spending on R&D rose 42 percent to 49 million, while employee numbers rose 18 percent to 1,226, with 28 offices in 15 countries.
The company's cash balance at the end of the period was $95 million.
