HealthTech company Austco Healthcare (ASX: AHC) has locked in a $3.8 million contract to update the Tacera Nurse Call system at Ng Teng Fong General Hospital (NTFGH), a 700-bed facility, and Jurong Community Hospital (JCH), a 400-bed facility, both part of the Jurong Health Campus.
The upgraded Care Communications System will introduce updates to elevate patient care at Jurong Health, an institution well-known for its patient-centred approach and healthcare solutions. It delivers high-quality healthcare services to the residents of Jurong and the surrounding areas.
CEO of Austco Healthcare, Clayton Astles, commented, “Our commitment to advancing patient care and safety aligns perfectly with Jurong’s vision. We are excited to bring our innovative technology to Ng Teng Fong General Hospital and the Jurong Community Hospital and support their mission of providing world-class healthcare to the community. Austco looks forward to partnering with Jurong Health for this groundbreaking project.”
Austco Healthcare Limited is a global provider of healthcare communication and clinical workflow management solutions. The Company is headquartered in Australia and maintains subsidiaries in six countries, serving healthcare facilities through a worldwide reseller network focusing on expanding markets in health, aged care, and acute care.
The updated platform incorporates advanced features, including Austco’s new real-time location services (RTLS)-enabled call points for staff tracking and emergency notifications, designed to align with rigorous healthcare communication standards. Overall, the Tacera system employs pendants, pillow speakers, call points, pull cords, annunciators, lights, touchscreen stations and audio devices.
As a result of this contract win, Austco Healthcare’s Open Sales Orders have reached a record level of $40.7 million. A portion of the contract revenue will be recognised in FY24, with the remainder expected to be fulfilled in FY25.
In FY23, the Company reported revenues of $42 million, representing a 17% increase on FY22. This marks the highest revenue reported in the past decade. Record revenues were generated in both halves of the fiscal year, with second-half revenues amounting to $21.5 million, a 3% increase over first-half revenue. The North American market primarily drove the boost in revenues.
COVID-19 restrictions from FY22 affected the Company’s ability to promote software sales due to the necessity for in-person interactions. Ever since, Software and Service Maintenance Agreement (SMA) revenues saw a substantial increase of 65%, equating to $3.3 million. In FY23, Software and SMA revenues accounted for 20.2% of the total revenues, a notable rise from the 14.4% share in FY22 revenues.
There has been a further increase in the Company’s Open Sales Orders, which now stand at 38.7 million.
In FY24, Austco focuses on attracting resellers with advanced features and software capabilities while also targeting competitors in the US, Australia, and Europe to expedite market penetration.
The acquisition of Teknocorp in September 2023 is one example. With Teknocorp, Austco accelerates its strategy to establish a direct sales presence in Australia, mirroring its model in the United States, Canada, and Singapore—especially now with the Jurong contract wins.
Alinda is a Business Reporter for The Sentiment
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