This quote from yesterday has been on my mind all day.

”Q1 is historically a lower period for contracted receipts given the billing cycles of various customer contracts, thereby generally resulting in operating cash outflows. In Q1 FY24, this was further compounded by a smaller number of new sales in the prior quarter and continued delays to larger contracts, particularly with the NHS electronic patient record program, which resulted in new contracted customer receipts being lower than anticipated.”

If this was the case then why not do a CR earlier in the quarter and announce it professionally without the last minute.com drama. The minimum expectation is they behave like well paid professionals running a multimillion dollar company.

Thesis is alive with the cash flow positive for FY24 again reinforced and a steadily increasing revenue stream albeit slowly. As they reported “Q2 starts with $2.9M of debtors and has $11.6M of contracted billing scheduled” we can look forward to better numbers with no dramatic cringeworthy theatrics like yesterday. It was like an episode of the Apprentice.

It seems Alcidion has been quietly going about its job and slowly accumulating sales. The highlight seems their ability to continue to make sales and increasing cross sell opportunities even with the NHS digitalisation process taking place at a slower than expected pace. As a holder I am feeling a lot more reassured today that the CEO Kate has the ship moving in the right direction.

https://www.alcidion.com/wp-content/uploads/2023/07/ALC_Q4_FY23_Quarterly_Activities_Report_and_Appendix_4C.pdf

Finally took the plunge today on Alcidion. Todays Quarterly’s results are encouraging and the contracted revenue to be recognised in 2023 of 28.3m is up 87% on the PCP pointing to potentially another significant year of growth to come.

All the numbers can be found below…

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02545731-3A597861?access_token=83ff96335c2d45a094df02a206a39ff4

@momo and @ Chagsy this is great information you have shared and its good to hear from people on the ground actually working with or without these systems.

It also confirms how slow moving, dis-jointed and under funded most hospital systems seem to be regardless of which country you are in.

In saying that, its the reasons you have both raised that in affect provide the opportunity for Alcidion to drive home its solution in what seems to be a very fragmented, incomplete offering and slow to evolve market.  

I am not a holder and this is primraily because I seem to not be able to get my head around the whole space including, what seems to be a large number of competitors with a majority from the US, a few Indian, a South Korean, Dutch and Alcidion overing similar and different components of a whole hospital mangement patient care solution. 

As such, targeting the English hospitals system seems a smart move with the US companies probably busy enough with the North America market.

For the time being I have Alcidon on my watch list as I look to see how much traction they develop primarily in the UK and then other markets across the globe.

This is definitely one for the patient long term investor as change in this sector looks to be a slow moving beast. Which, might just be a positive, as it allows Alcidion, time to bolt on aquisitions that enable it to provide a more comprehensive system, whilst slowly gaining traction in its target markets.