Singular Health Group’s customer revenue has surged 195 per cent to take it to record levels in just three months on the back of the diversified revenue streams of its wholly-owned subsidiary, “Singular 3DP”. Management says its revenue went from $425,000 in the previous quarter to a new benchmark of $830,000 due to a new online e-Commerce platform and the company’s supply of industrial and medical 3D printing.
Deposits for Singular’s first enterprise sale of its “3Dicom MD” product, in addition to increased monthly-recurring revenue figures and opportunities with small businesses, led to increases in the revenue generated from its 3Dicom software suite.
3Dicom MD was developed by Singular for medical practitioners, from radiologists to dentists, to add another dimension to its medical image review, with the ability to discuss images in real-time and introduce remote collaboration to radiology in a native 3D viewer.
Following on from our foundational period in the March quarter after the acquisition of the Global3D 3D printing business, the June quarter has seen the team achieve record revenues, significantly enhance the unit economics of our medical imaging software products and complete several large-scale projects to position Singular Health for growth on a global scale.
The past quarter also saw the company wrap up work at its 3DP’s manufacturing facility in Bibra Lake, revealing significant structural and functional improvements, including enhancing its selective laser sintering printer using 3D-printed parts to improve performance. Singular Health Group managing director and chief executive officer Denning Chong
On the back of a higher level of functionality, perceived value to customers and advice from international sales partners, Singular increased its manfacturer-suggested retail price for its 3Dicom software solutions by 175 per cent and 166 per cent for 3Dicom R&D and 3Dicom MD, respectively. The move was made to align the company’s pricing strategy with its customer-value perception in the United States market.
The new price point resulted in a higher average revenue per user while only reducing new subscriber numbers by about 30 per cent, leading to higher monthly-recurring revenue and customer lifetime value.
The US market will remain the company’s focus across the next quarter after it engaged an American IT solutions company to act as its master distributor for its patented medical imaging software. Florida-based Charlie Golf One Solutions has signed on as Singular’s master distributor for its unique health-care software in five US States.
The newly-appointed distributor will have exclusivity to resell Singular’s software licenses across Florida, North Carolina, Georgia, Nevada and Texas.
Importantly, the company is selling its product on a “software-as-a-service” basis with a view to creating a long-term and growing annuity stream from customers paying a regular fee.
While a new sales benchmark is to be celebrated, with the door to the lucrative US market now ajar, the past quarter’s figures could soon be dwarfed should the potential of the US live up to its colloquial name as the land of opportunity.
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