- PainChek (PCK) has seen more than 50 per cent growth in its client base over the first quarter of 2020
- Contracted clients have increased from 98 to 175, while contracted residential aged care homes are up from 380 to 588
- Additionally, PainChek has increased the number of contracted beds on offer from 32,023 to 49,811.
- Further, PainChek has hit a 25,000 licensed bed benchmark, which resulted in a Department of Health payment of $1.25 million in Q1
- The company will receive a further $2.6 million payment when they reach 50,000 registered beds
- And Paincheck can receive another $5 million if they reach 100,000 beds by May 2021
- Despite the good news, the company’s international rollout has been stunted by COVID-19
- PainChek (PCK) shares closed 8.7 per cent higher on Wednesday, worth 12.5 cents each
PainChek (PCK) has announced they’ve grown their client base by 50 per cent in Q1 2020.
PainChek have increased their aged care beds, clients and facilities by 50 per cent during the first few months of 2020, with contracted clients up from 98 to 175, contracted residential aged care homes up from 380 to 588 and total contracted beds from 32,023 to 49,811.
That growth has meant the company has kept pace with several tiered payment schedules from the Department of Health, including a payment of $1.25 million that the company hit last year but received in this quarter, and a further $2.6 million payment they will receive when they reach 50,000 registered beds. Given the company is only shy of that mark by some 200 beds, it seems a very achievable goal.
The Department of Health has also extended the timeframe for the rollout of the $5 million government payment tier to May 2021. In order to receive this payment, the company would need to hit 100,000 beds before that May deadline, something they have stated they are confident in doing.
CEO of PainChek Philip Daffas said, “the company’s progress and achievements to date are a reflection of the transformational impact PainChek has on pain management and better medication treatment for people living with dementia and other communication difficulties.”
“We have been focused on tightly managing cash expenditure and delivering continued sales growth, which has been fundamental to us achieving a positive operating cashflow result for the quarter,” Philip commented.
“The company continues to focus on its key commercial milestones for calendar 2020, recognising the impact of CCOVID-19, and establishing PainChek as the new global gold standard for pain assessment in multiple healthcare market segments,” he said.
PainChek (PCK) shares closed 8.7 per cent higher on Wednesday, worth 12.5 cents each.