Why the Mach7 (ASX:M7T) share price is roaring 6% higher today

Mach7’s revenues are set for a much welcomed boost.
The post Why the Mach7 (ASX:M7T) share price is roaring 6% higher today appeared first on The Motley Fool Australia. –

The Mach7 Technologies Ltd (ASX: M7T) share price is pushing firmly into positive territory on Tuesday. This comes after the healthcare imaging platform provider announced new sales to an existing client.

At the time of writing, Mach7 shares are up 6.53% to a 2-month high of $1.06.

Mach7 secures purchase orders

While the All Ordinaries Index (ASX: XAO) has fallen 0.63% to 7,338 points, the Mach7 share price has headed north.

According to its announcement, Mach7 advised it has received purchase orders from Trinity Health for an array of its products. These include Mach7 Enterprise Imaging Platform, eUnity Diagnostic Viewer, eUnity Enterprise Viewer, and Mach7 Universal Worklist.

Based in Michigan, Trinity Health is one of the largest multi-institutional Catholic health care delivery systems in the United States. The company services 92 hospitals, as well as 100 continuing care locations that provide care programs and senior living facilities for the elderly.

Mach7 noted the initial purchase orders have a combined value of $3.6 million for software and services. The revenues are expected to be recognised in the current financial year.

In addition, following software deployment, the orders will contribute another $3.8 million in support fees over the next 7 years. In total, this brings the initial contract value to $7.4 million for Mach7.

Mach7 CEO Mike Lampron commented:

I am excited for the opportunity to [partner] with Trinity Health, one of the top healthcare delivery networks in the United States.

I believe the full Mach7 solution is well-positioned to deliver on the strategic objectives of Trinity’s Unified Clinical Imaging Platform Strategy and I look forward to being a part of their initiative.

About the Mach7 share price

Over the past 12 months, Mach7 shares have moved sideways to register a 5% loss for the period. Year-to-date also hasn’t been great for investors with the company’s shares down more than 15% despite today’s gain.

Based on the current share price, Mach7 commands a market capitalisation of roughly $251 million with 236.8 million shares outstanding.

The post Why the Mach7 (ASX:M7T) share price is roaring 6% higher today appeared first on The Motley Fool Australia.

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Motley Fool contributor 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 has recommended 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.

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