Why the Mach7 (ASX:M7T) share price is lifting today

The Mach7 Technologies Ltd (ASX: M7T) share price is up 2% today following a positive update on its flagship project.
The post Why the Mach7 (ASX:M7T) share price is lifting today appeared first on The Motley Fool Australia. –

three building blocks with smiley faces, indicating a rise in the ASX share price

The Mach7 Technologies Ltd (ASX: M7T) share price is edging higher in mid-afternoon trade. This comes after the company provided an update on its project with the Hong Kong Hospital Authority (HAHK).

At the time of writing, shares in the enterprise imaging platform provider are up 2.06% to $1.48.

Additional sales opportunities

The Mach7 share price is lifting higher after reporting progress on its flagship project.

In today’s release, Mach7 advised it had received $4.2 million in sales orders in the current financial year. The purchases include a licenced volume order for the company’s Vendor Neutral Archive (VNA), worth close to $3 million.

Mach7 highlighted that the recent sales orders were based on the original contract with HAHK, signed in October 2018. The deal involved Mach7 delivering its enterprise imaging solution (EIS) to HAHK, which was valued at $15 million. So far, $10 million worth of orders have been provided.

The EIS platform allows images to be securely shared across private and public healthcare providers. This relates to the receiving, transfer, storage and viewing by authorised users.

Interestingly, HAHK is a government division that looks after the administration of Hong Kong’s public hospitals. They include 43 public hospitals and institutions, 48 specialist outpatient clinics and 73 general outpatient clinics. Once Mach7’s project is completed, it will serve the entire territory of Hong Kong with its EIS. It’s expected that the platform will be fully deployed by June this year.

In addition, the company revealed that its successful rollout has led to additional sales opportunities with HAHK. Currently, it has received $1.8 million worth of purchase orders, including the use of Mach7’s ophthalmology system.

CEO commentary

Commenting on the update, Mach7 CEO Mike Lampron said:

Throughout this project, the hospital authority’s commitment to delivering the best possible care to its patients has been central to our approach in implementation and system design.

We’re confident that once Mach7’s Enterprise Imaging Solution is fully implemented; they will be able to deliver the quality of care their patients expect. We are proud to be working with the Hospital Authority of Hong Kong to deliver these enhancements to their processes so they may better serve the people of Hong Kong.

Mach7 share price performance

The Mach7 share price has tracked more than 60% higher in the past 12 months, reflecting stable growth.

The company’s shares dropped to a 52-week low of 37 cents in last year’s March market crash as COVID-19 impacts took hold, before tracking upwards. Just late last month, its shares reached a multi-year high of $1.59.

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Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MACH7 FPO. The Motley Fool Australia has recommended MACH7 FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Mach7 (ASX:M7T) share price is lifting today appeared first on The Motley Fool Australia.

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