Caring comes naturally to us, but with an ageing population, caring can be taxing.
The Australian Bureau of Statistics reported that as of 2021, people aged 65 and over outnumbered those under 15. Lower fertility rates and increased life expectancy have been primary drivers of this trend. Whilst it is fantastic to know that, statistically speaking, grandma and her amazing gooseberry tart will be around a while longer, the ageing population will result in more dependents per working age individual… like we needed more on our plates.
In an effort to decrease care requirements and give elderly citizens more independence, Careteq (ASX: CTQ) has developed a suite of products to assist. Central to their subscription based tech are medical devices equipped with sensors to detect falls or unusual behaviour, monitor patient health and deliver medication reminders. The tech has serious potential to revolutionise aged and disability care, optimising carer workflows and giving patients more of a sense of independence.
To move their business forward, Careteq has signed a collaboration agreement with LinQ Corporate, an established investment banking and advisory business that will assist Careteq with company growth both domestically and overseas.
LinQ has relationships with relevant businesses in key verticals such as the USA, Europe, Israel and Australia and will assist Careteq in seeking out relevant growth and strategic partnership opportunities.
The strategic investment by Careteq comes after a busy quarter which saw expansion of partner and client networks in Australia and North America.
The Company holds no debt and rounded out the March quarter with $5.7 million in the bank. Net cashflow for the quarter from operating activities was $1.1 million, however the Company deployed $1.4 million in staffing costs and a further $0.7 million in administrative and corporate costs.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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