Beamtree Holdings delivers double-digit revenue growth and maiden profit for FY24

Healthcare technology solutions provider Beamtree Holdings (ASX: BMT) has reported a year of double-digit revenue growth combined with significant profitability improvements driven by global contracts and customer renewals.

The company experienced 21% growth for the 12 months to end June, fuelled by a 47% increase in international revenue and a 95% customer return rate.

Cost growth during the period was 12%, attributed to prudent money management strategies which also allowed for ongoing investment in international expansion and key software product development.

Maiden profit

Beamtree posted a maiden operating profit of $400,000 for 2024, which was reported to be ahead of expectations.

This represents an increase of 129% on the previous year’s loss of $1.4 million.

It delivered cash flow break-even in the second half, with a cash balance at end June of $5m deemed sufficient to fund the business.

Major contracts

Beamtree secured major works during the period including an 18-month $3.6m contract with Dr Sulaiman Al Habib Medical Group (the largest hospital group in the Middle East) and another for $1m with Lean in Saudi Arabia for the development of an integrated coding platform to be installed at its first site in the new year.

The company was also awarded its first recurring revenue deal in Saudi Arabia, valued at $500,000, for coding product PICQ.

PICQ is the industry standard for assessing and reporting on the accuracy and specificity of clinical coding data.

Beamtree increased its coding contracts in Canada to incorporate 14 hospitals and consolidated its presence in the UK with the establishment of eight strategic partnerships, including an agreement with Milton Keynes University Hospital for the development of a proof-of-concept artificial intelligence-based clinical coding product.

Future work

Beamtree said the pipeline of works for financial year 2025 was strong across all products and core geographies, with price increases being passed on as appropriate.

The company plans to focus on delivering profitable growth backed by carefully managed investments required to support its overseas expansion and realise the long-term aim of $60m in recurring revenues by 2026.