Volpara shares surge after it beats forecasts

Shares in breast-screening firm Volpara hit a new high after it beat targets for revenue and market share.

A woman undergoes breast cancer screening.

Volpara Health Technologies shares have hit an all-time high after the breast-screening firm said it had beaten its targets for revenue and market share.

The New Zealand-based firm’s annual recurring revenue now stands at $NZ6.63 million ($A6.3m), up 86 per cent from a year ago.

It had predicted an 85 per cent rise.

At 12.50pm (AEDT), Volpara’s shares were up 19.7 per cent to an all-time high $1.73.

Volpara also announced that 7.1 per cent of all women undergoing mammograms in the US were screened using machines running its software, compared to its target of 7.0 per cent.

Volpara said major US clinics including Memorial Sloan Kettering, MD Anderson and UVA are using its mammogram software, which uses artificial intelligence algorithms to detect breast cancer.

In Australia, the I-MED radiology network has started using Volpara’s software, it said.

The Wellington-based company said it would be releasing further details of its financial results for the fiscal year ended March 31 by the end of April, with an audited financial report coming by the end of May.

AAP