Shares spike for health tech Alcidion after major UK deal

Shares spike for health tech Alcidion after major UK deal

Adelaide-based Alcidion Group (ASX: ALC) is taking a healthy view of the future after signing a massive deal for its Miya Precision system with the UK's South Tees Hospitals.

At $9.47 million, the deal is the largest signed to date for Alcidion's Miya product and propelled the health-tech's share price 45.6 per cent higher to $0.18 each today.

The platform gives clinicians an easy way to access individual patient information on mobile devices at the point of care, and at computer work stations distributed around the hospital.

The agreement also included Alcidion's Better OPENeP electronic prescribing and medicines administration system.

The Tees Valley sits in England's northeast, between Leeds and Newcastle.

South Tees is the largest hospital trust in Tees Valley with more than 1,000 beds and employing about 9,000 clinical and operational staff, providing care for more than 1.5 million people.

Alcidion emphasised how large a deal it was in a statement to the ASX.

"Approximately $5.48 million (£2.98 million) of the total contract value is planned to be recognised as revenue in FY2021, subject to milestone achievement," the company said.

"With $5.48 million of TCV to be booked in FY21 from this contract, total revenue now sits at $20.2 million able to be recognised in FY21, compared with $18.6 million in FY20 with 7 months of the year remaining."

South Tees chief clinical information officer and emergency medicine consultant Dr Andrew Adair said this technology was designed for clinicians by people who really understand clinicians.

"Our agreement with Alcidion will allow us to accelerate our digital maturity and adopt modern technology that will have a very significant positive impact on the daily lives of the people who use it," he said.

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