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Opyl moves towards cash flow positive operations with new contracts

Opyl develops digital tools that improve the healthcare experience for patients, deliver deep market insights from social media data and improve the efficiency and value of the clinical research process.

Opyl Ltd - Opyl moves towards cash flow positive operations with new contracts
The company reports growing interest in its digital and social media offerings

Opyl Ltd (ASX:OPL) has signed two new contracts that are expected to increase company revenue over the next three quarters.

The company also has several active additional proposals in the market as a result of an intensive business development campaign collaborating with huumun.

Towards being cash flow positive

Chief executive officer Michelle Gallaher said the company remained on track for a cash flow neutral quarter or better, as additional contracts moved it towards cash flow positive operations.

She said: “The rapid transition to focus on digital channels and data optimisation in healthcare as a result of COVID-19 is starting to positively impact the business as more and more companies realise the value that Opyl can bring to their programs, technologies and healthcare interests.

“Each day we get more companies coming to us to help them with their clinical trial recruitment or market insights.

“We are experiencing our busiest proposal period ever, as remote working and acceleration of social media use in healthcare highlights the benefits and importance of digital and social media outreach.”

Trading halt granted

Shares in the company were up 38% to 10 cents per share before a trading halt was granted today.

This halt has been granted by the ASX in regard to the commercial details of two contracts and will be in place until the start of normal trading on Friday, May 22, or when an announcement is released to the market.

Revenue within Opyl comes through a combination of retainer-based clients and specialist and project-based single contracts.

The company anticipates additional new contracts over the coming quarter and will provide shareholders and the market with updates on its progress.

Growing interest

The company is confident there is growing interest in the Opyl digital and social media offerings, which include:

  • Accelerating clinical trial recruitment and improving diversity and accuracy of recruitment through social media and digital outreach;
  • Social media-based market insight and analysis;
  • Social media training for the healthcare context;
  • Ongoing social media management for healthcare and research-centric organisations;
  • Web and social media content creation and digital marketing campaigns; and
  • Competitive SEO analysis and digital optimisation.

Quick facts: Opyl Ltd

Price: 0.092 AUD

ASX:OPL
Market: ASX
Market Cap: $3.39 m
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