Shares in the Alcidion Group Ltd (ASX: ALC) share price have rocketed 20% in the last 30 days, and are up 163% in the last 12 months. At yesterday's market close, the Alcidion share price was trading at 44 cents.
Let's look at some of the news around the tech company's recent share market performance.
A quick company snapshot
Alcidion helps healthcare organisations "harness the power of technology" to create digitally enabled care. In other words, its platforms support medical professionals to make decisions. Artificial intelligence and real-time visualisation are some of the capabilities of Alcidion's technology.
It's flagship product, Miya Precision provides clinicians with actionable insights that directly impact patient care. The company's tech is used in 322 hospitals across the United Kingdom, Australia, New Zealand with 130,000 active users.
Strong organic growth
In its March quarterly update the company reported strong organic growth adding $4.8 million of contracted revenue in the third quarter, of which $3 million will be recognised in FY21.
In other highlights, there was a positive net operating cash flow of $2.8M for Q3 FY21 and contracted revenue of $24.7M expected to be recognised in FY21.
ExtraMed acquisition
The significance of the news in April that Alcidion acquired ExtraMed, a UK national health service (NHS) software provider, was not lost on investors.
The acquisition positioned Alcidion at the forefront of the UK deployment of patient flow management software, according to the company.
Alcidion expects the acquired ExtraMed business to add approximately $2.7 million in FY22 revenue and $0.5 million earnings before interest, tax, depreciation and amortisation (EBITDA) from its existing contracts.
As a result, the acquisition will boost Alcidion's exposure to 27 NHS trusts.
Defence Department contract
Closer to home, the Australian Department of Defence has selected Alcidion to utilise its Miya Precision digital product to improve occupational care in the defence force.
As the preferred provider for a $21 million Department of Defence contract, Alcidion will help capture data and support clinical decision-making across the Australian Defence force.
Foolish takeaway
There has been a push in the medical industry to use technology to enable more accurate and efficient decision-making in a paperless environment. Judging by the Alcidion share price gains of the past 12 months, the company appears to be positioning itself as a global frontrunner in the field.
