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- Jayex Healthcare’s (JHL) cash position and near cash position has increased to $4.3 million due to applications made in the U.K. for COVID-19 assistance
- The company has made applications for assistance in both the U.K. and Australia
- In the U.K., Jayex’s subsidiary Jayex Technology has been successful for its application under the Coronavirus Business Interruption Loan Scheme and will be funded around $1.12 million shortly
- More funding could be added once the Australian COVID-19 assistance applications are processed
- On market close for the day, Jayex Healthcare is up 13.6 per cent and is selling shares for 2.5 cents each
Jayex Healthcare’s (JHL) cash position and near cash position has increased to $4.3 million due to applications made in the U.K. for COVID-19 assistance.
The company has made applications for assistance in both the U.K. and Australia.
In the U.K., Jayex’s subsidiary Jayex Technology has been successful for its application under the Coronavirus Business Interruption Loan Scheme and will be funded shortly.
The funds received was £600,000 (approximately A$1.12 million) and will help the company offset potential future loss od revenue and assist with staffing costs.
This brings Jayex’s current cash and near cash position to $4.4 million. This could be further added once the Australian COVID-19 assistance applications are processed.
The new loan has no interest for 12 months and will allow the company to continue it’s U.K. operations with no change.
“Jayex Tech has a number of signed contracts awaiting implementation. With the addition of more development resources, these contracts will be able to be completed, bringing immediate revenue,” the company said.
“The funding gives Jayex Tech confidence that future operations can be funded including marketing, sales, and software development,” it added.
Move to the cloud
The COVID-19 pandemic has confirmed Jayex’s move to the cloud, as clients connected to Jayex Connect still have access to all products and services offered.
The transition to software as a service (SaaS) has allowed the company’s clients to access new and upcoming products and services as they are released. This includes the new connect mobile check-in for GP Clinics and connect@home telehealth services which are currently being introduced.
‘This is important for revenue retention as the Jayex Connect Platform is significantly integrated into the GP clinics and hospital workflows where it has been deployed,” the company told the market.
Jayex expects revenue from existing contracts to continue to grow for the second quarter as clients joining the Jayex Connect Platform are still able to connect remotely.
CEO Nick Fernando is pleased to have received the funding from its U.K. business.
“We can now move projects forward, which otherwise would not have happened in the near term and at the same time keep the business in a cash flow positive position. This will help build on the momentum that we gained in the first quarter of 2020, where sales were up 23 per cent and staffing costs reduced 23 per cent, on the same period last year,” he said.
“The company has continued to grow its Jayex Connect platform and now has an installed base of 787. Pleasingly, the company has received a single order in March to deliver 169 of its connect based Patient Check-in systems to a U.K. based Clinical Commissioning Group,” he added.
On market close for the day, Jayex Healthcare is up 13.6 per cent and is selling shares for 2.5 cents each.
