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Dorsavi Ltd (ASX:DVL)

ALERT: Price-sensitive ASX Announcement for DVL
Current share price for DVL : $0.029 0.017 (141.67%)+
Announcement
Release
30 Jul 2024 8:30AM
Price at Release
$0.012
Full Release
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Summary
dorsaVi Ltd reported significant growth in Q4 FY24, achieving a 10% increase in sales revenue to $363k and maintaining an annualised recurring revenue of $1.1 million. The company also completed a lucrative data agreement with Norton Healthcare and launched advanced AI tools to enhance its product offerings. Despite recording net operating cash outflows of $356k, dorsaVi secured a $1.1 million capital raise post-quarter, fortifying its financial position with a cash balance of $478k at the end of June 2024, not including the capital raise. Additionally, Non-Executive Director Caroline Elliott resigned, prompting a search for a new board member with AI expertise.
Key Points
  • dorsaVi achieved $363k in sales revenue for Q4 FY24, a 10% increase from the previous quarter.
  • Annualised recurring revenue (ARR) was recorded at $1.1 million.
  • Cash receipts from customers totaled $304k, with net operating cash outflows (excluding grants) of $356k.
  • dorsaVi completed a data collection and analysis agreement with Norton Healthcare, generating approximately $100k over two years.
  • New AI-based tools were launched, including a Video AI Upper Limb module and an AI Natural Movement Algorithm.
  • A $1.1 million capital raise was completed post-quarter.
  • Cash balance as of 30 June 2024 was $478k, excluding the capital raising proceeds.
  • Non-Executive Director Caroline Elliott stepped down; the board is seeking a replacement with AI expertise.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.