This news was well received by brokers and investors alike as the company's shares went close to matching their 12-month high of 80 cents.
However, there appears to have been some profit-taking despite the company's proven success in identifying breast cancer at an early stage.
The pullback to 75 cents could represent a buying opportunity.
Given recurring revenue streams provide earnings predictability, Volpara is a stock that could generate interest.
Revenue growth of more than 100% over next two years
Volpara is a digital health company focused on early detection of breast cancer through improving quality of screening using artificial intelligence (AI).
Morgans analyst Scott Power noted that the company now has 57 SaaS customers, up from 14 at the start of the year.
This indicates a high level of customer acceptance for the product which augurs well for further strong growth in fiscal 2019.
He is forecasting revenues to more than double from $3.2 million in fiscal 2018 to $8.4 million in 2019 with similar proportionate growth taking revenues to $18.9 million in 2020.
Price target implies upside of nearly 10%
Power has an add recommendation on the stock with a price target of 81 cents, implying upside of 8% to its current price.
He is monitoring the rate of customer adoption and this would appear to be the main share price driver in the near term.