The Volpara Health Technologies Ltd (ASX: VHT) share price is on course to finish the week on a positive note.
At the time of writing the medical technology company's shares are up almost 2.5% to $1.54.
Why is the Volpara share price on the rise?
This morning the company released a presentation to the market ahead of its appearance at the Bioshares Biotech Summit in Queenstown.
As well as providing those in attendance with a rundown of what the company does and its market opportunity, Volpara provided an update on its performance during the first quarter of FY 2020.
According to the release, Volpara has had a strong start to the new financial year. During the first quarter the company's Annual Recurring Revenue (ARR) reached NZ$14.6 million. This means that it is well on its way to meeting its guidance for the financial year of NZ$17.1 million.
What is Volpara?
Volpara Health Technologies is a software-as-a-sservice (SaaS) company that utilises artificial intelligence in order to improve the early detection of breast cancer by analysing breast images (mammograms).
The company's Volpara Density and Volpara Live! products provide automated, objective evidence for clinical decision support, whereas its Volpara Enterprise product provides cloud-based trend analytics to help manage breast imaging clinics.
This software has been experiencing a rapid uptake in the massive U.S. market in recent years, leading to explosive ARR growth.
At the end of March the company had a ~7% share of the U.S. breast screening market. This equates to a total of 2.8 million women that were screened over the 12 months and led to Volpara reporting an 86% increase in ARR to NZ$5.5 million.
Elsewhere on the market today, also pushing higher are the shares of Mineral Resources Limited (ASX: MIN) and ResMed Inc. (ASX: RMD). Mineral Resources shares are up 6.5% after regulator in China gave its deal with Albermarle the green light. And ResMed's shares have stormed 6% higher after the release of a strong fourth quarter update.
