In a significant development that continues to revolutionise healthcare services in Hong Kong, Mach7 Technologies (ASX: M7T) has announced a five-year extension of its partnership with the Hospital Authority of Hong Kong (HAHK).
The extension agreement, valued at $15.26 million, encompasses Vendor Neutral Archive (VNA) and eUnity Support and Maintenance, along with professional services to be delivered as needed. This collaboration reaffirms HAHK’s trust in Mach7’s solutions and highlights the growing importance of technology in healthcare.
Mach7 Technologies has been at the forefront of transforming medical imaging and data management. The Hospital Authority of Hong Kong, as an anchor site for Mach7’s expansion in the Asia-Pacific region, has been a long-standing partner.
The heart of this extension is the VNA, a medical software solution that streamlines the storage, retrieval, and sharing of medical images and patient data. The VNA ensures seamless interoperability between different healthcare systems, enabling healthcare providers to access critical patient information quickly and efficiently. This not only improves patient care but also reduces operational costs for healthcare organisations.
Additionally, the eUnity platform provides clinicians with advanced visualisation tools, enhancing their ability to diagnose and treat patients effectively. This extension ensures that HAHK continues to benefit from these state-of-the-art technologies.
CEO of Mach7 Technologies, Mike Lampron, said, “We are pleased to see continued support from this very important and long-standing client. This long-term commitment shows the value that Mach7 brings to our clients and the deep-rooted partnerships that develop over time.
“The inclusion of professional services in this extension further illustrates how our product can continue to add value through increased use cases beyond what was imaginable at contract inception.”
The contract extension also includes a commitment to deliver professional services as needed, outlining Mach7’s flexibility to the evolving needs of healthcare organisations. As healthcare continues to evolve and embrace digital transformation, this extension ensures that HAHK will have access to expert support and guidance when integrating these advanced solutions into their daily operations.
For the people of Hong Kong, the contract extension means faster access to medical records and images, leading to quicker diagnoses and more effective treatments. It also signifies greater efficiency in healthcare operations, which can ultimately translate into cost savings for both healthcare providers and patients.
For the Full Year ended 30 June 2023 (FY23), Mach7 Technologies reported $30 million revenue which represented an 11% increase on the previous year. The Company is also on the brink of profitability with a net loss after tax recorded of $1 million, a 75% improvement on the previous year’s $4.2m statutory net loss, highlighting the growing value in Mach7’s technology and adoption.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, bloodstock enthusiast and former Analyst.
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