Australia's Alcidion hits over three-yr low on falling new sales

Alcidion

27/04/2023 04:13

** Shares of Alcidion Group  ALC.AX  fall as much as 13.6%
to A$0.095, their lowest level since March 10, 2020
    ** Digital health company reported A$4 mln in new sales in
Q3, down significantly from Q2 sales of A$16.8 mln; new sales
figure also missed Canaccord Genuity's estimate
    ** Brokerage attributes lower-than-expected new contracts 
added in the quarter as the reason for the dip in new sales
    ** "The key focus from here is on the timing and size of new
contract adds and on upselling existing customer contracts,
during an opportune time in which UK government funding and
initiatives are supporting a shift to digitising healthcare" -
Canaccord Genuity
    ** Brokerage adds previous FY23 guidance to positive EBITDA
is no longer maintained 
    ** Stock has fallen ~24% YTD, as of last close

 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.bedi@thomsonreuters.com))