Mach7 Technologies has announced an increase of 19 per cent, for its third quarterly report, with a total of $3.1 million in new sale orders for the innovative data management company.
Mach7 proudly won Sampson Regional Medical Centre and Loyola University Health System which has enabled its number of sales orders to increase significantly.
As a result of Mach7’s strong sales growth, its annual recurring revenue under contract (“CARR”) has reached $7.6 million since the end of the last quarter. This is a 13 per cent growth increase in revenue. Mach7 has also announced positive progress on its Hospital Authority Hong Kong (“HAHK”) Project.
The Company received purchase orders of $1.7 million from the Project and will be recognised as revenue in full in FY 2019. Further purchase orders are still expected.
Following the Company’s recent success, it is well on track to deliver its 12-month free cash flow breakeven target for the period ending February 2020.