Good afternoon, everyone. My name is Rebecca Wilson, Chair of the Board and of today's meeting. It's my pleasure to welcome you to the Annual General Meeting of Alcidion Group Limited. I'd like to start by acknowledging and paying respects to the traditional custodians of the land, wherever those participating at this meeting are located. Shareholders and their representatives will be able to participate and view a live webcast of this virtual meeting, ask questions, and cast direct votes at the appropriate times whilst the meeting is in progress. As the time is now 3:30 P.M., Australian Eastern Daylight Saving Time, and the company has complied with the relevant requirements for convening this meeting, and we have received confirmation that a quorum is present, I formally declare the meeting open.
I'm joined today by my fellow directors, Danny Sharp, Simon Chamberlain, Victoria Weekes, Will Smart, and our Managing Director and CEO, Kate Quirke. Also in attendance is our Chief Financial Officer, Matt Gepp, Chief Marketing Officer, Nick White, and representative from our company secretary's office, Michael Sapountzis. In addition, we have Grant Martinella, representing the company's external auditors, William Buck, in attendance at this meeting. The notice of meeting has been given in accordance with the company's constitution and is also available on Alcidion's website, our share registry's online voting site, or on the ASX. I will take the notice of meeting and explanatory statement as read. The format of today's meeting will be a brief chair address from myself, a presentation by our Managing Director and CEO, Kate Quirke, and Chief Marketing Officer, Nick White. Consideration of the formal business on today's agenda, and then general questions.
As Chair of the Board, I'm pleased to stand before you today to reflect on our year and share our vision and optimism for the future. The fundamentals of Alcidion's business remain strong and highly relevant in an environment of continued and growing pressures on healthcare systems worldwide. The core themes that led to the founding of Alcidion are more pertinent today than ever. An aging population, thanks largely to innovations in healthcare, has resulted in increasing demands on healthcare services, a shift towards healthcare intervention and prevention, workforce capacity, and funding constraints. A cornerstone of Alcidion's technology solutions is our ability to inform clinical decisions and provide information that reduces medical errors and medication mistakes, which today is a leading cause of death in the U.S., Australia, U.K., and many other countries. At Alcidion, our purpose is clear.
We aim to make a meaningful impact on patients' health and well-being through innovation, intuitive technology that helps clinicians achieve better outcomes. However, we also recognize that this must be balanced with the need to grow a sustainable, profitable business. At the start of the last financial year, we believed we were on track to achieve profitability. We had a strong pipeline and a solid revenue base, but as you're aware, we didn't reach that goal. And while business success is rarely straightforward, we acknowledge the disappointment in our financial performance this year and its impact on our valuation. Importantly, though, the underlying fundamentals of our business remain strong. As we shared with our shareholders, the revenue shortfall was due to extended procurement cycles, particularly in the U.K., a challenge affecting the entire industry rather than any decrease in demand for our Miya platform.
Despite this, we made significant progress in the second half of the year, tightening our cost base and benefiting from a more favorable sales environment. As a result, we improved our underlying EBITDA position by AUD 2.2 million in H2 compared to H1, and delivered a positive H2 cash flow, which gives me and the board confidence that we are now on the right path to profitability. Alcidion is a trusted partner for hospitals in the U.K., Australia, and New Zealand, helping them tackle some of their most pressing challenges. Our unique Miya Precision platform, with its modular and interoperable design, is allowing healthcare providers to create a truly integrated system that delivers meaningful, actionable data to clinicians. We continue to expand our reference sites and build relationships with existing customers.
South Tees in the U.K. remains a critical global reference site for us, and we were pleased to extend our contract with them during the year. Hampshire Hospitals Trust recently went live with our emergency department module, the first rollout of this solution, which was a significant milestone for us, and we've already secured new and highly significant contracts this financial year. North Cumbria Integrated Care NHS Foundation Trust selected Alcidion as the preferred supplier for its new EPR system. This 10-year contract, valued up to AUD 40 million, is a major milestone, reinforcing our EPR strategy alongside customers like South Tees. We are moving positively towards finalizing this contract and signing in the new year. In July, we signed a AUD 4 million contract with Hume Rural Health Alliance for the use of Miya Precision as an enterprise digital platform with a focus on patient flow and virtual care.
This is a significant deal in that it is regional, covering 15 hospitals, and I'm pleased to report that we are on track to go live imminently, which, for a hospital deployment of this scale, is rapid. In this climate, which is truly exciting, is the collective movement of healthcare administrators to move beyond platform thinking to action. In hospitals all around the world, which are now in a recovery and preparation phase post-pandemic, is a genuine acknowledgment that accurate information flow and its close connection to clinical decision-making can genuinely improve or even save lives. We are living in a time that demands much more than EPRs.
Alcidion is a great example of a platform solution in action, and we've remained focused on the future and continuously innovating, and I am proud to see such a diverse group of customers collaborating with us to deliver technology that meets their evolving needs. With these recent wins and improvement to our cost base, we enter the new financial year with optimism and confidence. We're focused on rebuilding shareholder value and taking advantage of both short and long-term opportunities that will allow Alcidion to reach its full potential. This will be achieved through the delivery on our new contract deployments, continuing to provide excellent customer service and maintaining strong stewardship of our finances. I'd like to take a moment to thank our CEO, Kate Quirke, for her leadership, and the entire Alcidion team for their unwavering commitment to our mission and the role they play individually to our success.
Their hard work and dedication continues to build trust with our customers and supports our progress. I'd like to also thank my fellow board members, especially Simon Chamberlain, who retires today after five years of service on the Alcidion board. Simon, your expertise and contributions have been invaluable, and we wish you all the best. I'm also pleased to formally welcome Will Smart to our board. Will is standing for election today, and his proximity in the U.K. comes at an important time of continuing to increase our presence in this key market, given his digital health leadership and demonstrable executive and non-executive experience in our industry. We are looking forward to his contribution to the board in the coming years. Finally, to you, our shareholders, thank you for your continued loyalty and patience.
We share your frustration with this year's results as stewards of your business and as fellow shareholders, but we are steadfast in our commitment to building a stronger, more valuable company, one that drives sustainable growth for the future. Thank you. I will now pass over to our Managing Director and CEO, Kate Quirke, and our Chief Marketing Officer, Nick White, who will present on the company's operations.
Thanks very much, Rebecca, and welcome everyone to Alcidion's Annual General Meeting for the 12 months ending 30th of June, 2024 . I'm gonna take you through a presentation that covers some of the key operational and both customer and financial highlights for the year that's gone. Then following that, or as part of that presentation, I'm gonna hand over to our Chief Marketing and Partnerships Officer, Nick White. He's gonna talk to you about some of the tangible benefits our solutions have delivered across our customer base.
The insights and outcomes that Nick will be sharing is something that we're all very proud of at Alcidion, and I'm sure that you, as shareholders, will also be proud of the contribution that we are making in terms of having a positive impact on the healthcare system, as we clearly, we really are continuing to work daily to try and impact the efficiency and quality of patient care for all. Next slide, please.
At the core of what we do, and just reminding those that maybe are more new to the story, is that Alcidion is really about, it's a healthcare data and informatics company that consolidates and analyzes large amounts of information that can then be presented in a way that helps to streamline hospital workflows, improve patient care, and really importantly, support clinicians in their decision-making process. We are, at our heart, aiming to support healthcare professionals by giving them the tools they need to make their jobs easier, which directly or indirectly results in a more efficient healthcare system and better patient outcomes. The flagship of what Alcidion does is our platform approach, known as Miya Precision.
It's a cloud-based, modular, enabled solution with the platform at its heart, and a series of apps or modules that have been developed over time to address very specific needs and desires in healthcare. The modular platform and the architecture we've taken in respect to that modular platform is the key to the value that we derive from the product offering, and it allows us to really make to be differentiated against some of our competitors, who are very specifically solution-oriented in what they do. At present, we have around 16 unique modules.
However, as we've recently demonstrated with our new ED module, we do have a world-class development team that enables us to continue to develop and commercialize new apps or modules from that platform as the needs of our customers change and as the needs of the healthcare system change. One of the core modules we have is Miya Flow, which we would consider an industry-leading, best-in-class solution in this particular category. You may have heard yourselves of the terms in the media, such as ambulance ramping or bed blocks, which, among other things, tends to stem from the inability to effectively and efficiently move patients through the healthcare system, and there's many reasons for that. There's something about our flow module that addresses directly these issues by providing real-time analytics and virtual and visual information via dashboards.
at the point of care to help not only clinicians, but administrators, as they're moving patients through that health, the healthcare system. Another module that's becoming increasingly relevant in this market is our virtual care module. We've talked to you about this before. It's deployed and operational at Sydney Local Health District. It's going to go live early in the new calendar year and as part of the Hume Rural Health deployment. And we're definitely seeing this twist or this move towards healthcare being delivered outside the walls of the hospital. Recovering from sickness or injury in the comfort and privacy of one's own home is widely recognized as a better alternative to being cared for in a hospital bed.
Of course, there are times when you do need to be in hospital, but if we can look at supporting the move and the shift from care within the hospital to home via virtual care and remote patient monitoring, that can be incorporated into, you know, existing discharge processes, we believe we're gonna continue to see improvements in efficiencies in the healthcare system, but also improvements for patients' outcomes. Over time, we also see a role for our virtual care solutions, potentially in the aged care solution, given we're seeing the government starting to invest more in this area, and that being able to remotely look after patients now that there's a requirement for 24 by seven nursing and capability into aged care, that opportunities are starting to open up in those markets as well. Next slide, please.
At the full year results, I did present some information about a sample of our customers. I just want to give you a view here of the wide and varied application of our platform. This demonstrates that a single platform, Miya Precision, can address itself to many different needs and variants within the healthcare system. We provide. I think we've talked before about how we provide that critical healthcare infrastructure to these customers, and in doing so, become an integral part of their overall care delivery processes. Our solutions not only process and interpret daily patient information, but we also help shape the clinical and administrative behaviors of hundreds, if not thousands, of hospital staff that use our systems throughout a hospital or healthcare service.
When we partner with a customer like Dartford or South Tees or Alfred, or Leidos, for that matter, who are leading the Australian Defence Force contract, while the initial contract may be three to five years, we typically see them staying with us much longer, and in many cases, you'd expect to have customers over decades, as evidenced by Northern Territory and Western Health for us. We see this as a real value driver to our business.
Certainly over the last twelve months, we've been able to demonstrate with the extension of the South Tees contract out until at least 2033 , and the Leidos partnership for ADF, where we've got several renewal periods in five-year tranches over time, and of course, the potential of the 10-year engagement with North Cumbria, that these relationships we have with customers are long term, and something that is of great value to us, and to the business overall. Next slide, please. You're probably very familiar. We currently operate over three geographies. We roughly now have a 50/50 split between the U.K. and Australia and New Zealand.
And although we often focus a lot of the discussions on the U.K. market, which, you know, is obviously appropriate given the size of it, it is important to note that and to reiterate, I think, that the Australian market represents material near-term opportunities for Alcidion, and similarly to what we've seen with the Hume Rural Health Alliance contract, and would expect to see other similar opportunities throughout the course of this financial year. And I think it's important that as we continue to focus our business development efforts, that we see the opportunities that are presented to us through having a platform approach that can lend itself to many different market opportunities.
At all times, the market is moving, the healthcare market is moving through cycles, looking to purchase or support their care delivery with digital health solutions that tackle many different problems, and the platform approach of Miya Precision allows us to do that. I have previously also mentioned that we started exploring new geographies. We quite rightly have focused on our existing geographies till now, but we see, you know, high potential in markets that are very similar in terms of socialized medicine delivery or where they have made an investment in electronic medical records, and we can sit on top of that data-rich data store and unlock some of that value. Move to the next slide, please. I don't want to, and the next one as well.
We've touched too much on the wins that we've had during the year, because I think I've touched on them several times during the course of the quarterlies that we've talked through. Calling out, though, that we did sign that three-year extension with Dartford and Gravesham, which was building upon an existing six-year relationship we've had with them. Then, the Dartford being the first U.K. customer to take the Miya Precision platform, and they very specifically took it for the purposes of electronic noting and assessments and vital signs and observations. That contract was extended. We've moved them to the cloud.
We've deployed medications management for them, all with the understanding that that was a 3-year extension, as they are being funded under the UK Electronic Patient Record program to go to market for a full-blown 10-year EPR contract. We also signed a new contract with a trust in Tameside and Glossop, which was a sister trust to Stockport, that's currently using our Patientrack or slash Miya Assessments and Observations module. And post the end of the financial year in July, we signed a new partnership with Hume Rural Health Alliance. Beck touched on those in her opening address. We're really excited about this opportunity to demonstrate the value across a number of health agencies. So the Hume Rural Health Alliance, whilst being 15 hospitals, it's actually three or four health agencies of the 76 that currently exist in Victoria.
It's not just to look at patient flow, but also virtual care. So we're very excited. They're due to go live in the next week or two, which will be probably one of the fastest deployments we will have seen of Miya Precision platform in any of our markets. Touching on the next slide, I don't want to talk too much again about things that I have talked about or that Beck has covered, but you know, the decision or the announcement about Miya Precision as being selected for the electronic patient record solution for North Cumbria is very important to the positioning of Alcidion as we head into this new financial year.
At the core of the EPR system that we are going to be providing to North Cumbria is the Miya Precision platform, using all of the modules, but also taking into account the PAS system or our Patient Administration System, which the trust has been using for the last eight years or so. We are continuing to meet regularly with the trust. We're very close to finalizing the details of that contract. It then needs to go through approval processes with NHS England. We expect that to be signed in early January, with deployment beginning in February of the next calendar year. That'll be our second full EPR contract for Alcidion, following the ten-year, AUD 23 million extension of the South Tees contract we signed in December 2023.
And as I've already indicated, that contract also has some additional optional modules to be taken up over the course of that contract. Both those are very good reference sites for our positioning in that market, alongside all of the other Miya deployments that we have in the U.K.. Our strategy has always been to have a platform approach that will allow us to be responsive to those changing market dynamics, and we really see that as a competitive advantage that Alcidion has, that we can work with customers over time to mature with them, to deliver solutions that meet their requirements, but also that match their budget, and we all know that the healthcare system under increasing pressure in respect of being able to deliver more for less.
That is part of that sales strategy is really being about how we take our customers through that journey or that process. Next slide, please. We also had a lot of very successful deployments during the year. Very proud of the work that's been done at Hampshire with our new ED module, and the incredible uptake that we've had there of the electronic noting components in particular. We went live with our first mental health trust at Herefordshire and Worcestershire in using patient flow and observations and assessments. We had our first move. No, not our first, would be our second move of an ExtraMed site to a Miya Precision site in Bolton going live.
We continued our work with Calvary to finalize the delivery of a data hub across all of the Calvary data. Over seven years, 38 different data sources. Just continues to demonstrate the understanding that Alcidion has around data, and we all know that data is the foundation for the future application of artificial intelligence and algorithms that we're going to see explode throughout, not just the healthcare system, but all our lives, as AI continues to be adopted. Just to touch, if we move to the next slide. Before I hand over to Nick, I want to touch a little bit on the financials. Beck touched on those in the opening address. It was a challenging year, probably the next slide as well, thanks. It was a challenging year for Alcidion.
We were impacted by some external market activity being slower than we'd anticipated, particularly in that first half. As a result, we delivered full year revenue of AUD 37.1 million, which was down 8% on the prior year, but pleasingly, the annual recurring revenue was up AUD 1.5 million or 6% over the course of the year. For the first time, we've provided and broken down the annual recurring revenue to give you an understanding of the split between the ARR and the capital license revenue, which should provide additional visibility to shareholders about the variance in our recurring revenue figures year-on-year. Just to unpack that a little bit, our annual recurring revenue represents maintenance and support and annually paid license or subscription fees.
They're both recurring annually with relevant increases for CPI, and of course, can also increase as modules, additional modules are added. The capital license revenue is typically a feature of our U.K. contracts and often represents a payment upfront of a multi-year license revenue. So sometimes they pay the three or five years of the license component upfront. Then at year six, they would continue to pay an annual recurring license as it converted, and it's to do with generally how they're funded and are given capital grants for some digital projects. As the graph highlights here, while our ARR grew in FY 2024, our capital license revenue fell AUD 2.4 million on that year, and you will see that it can vary year-on-year, depending on the construct of the customers and new contracts that we sign.
The non-recurring revenue, which has predominantly been implementation revenue, is largely driven by the large customer wins, generally with a slight lag, obviously, between when the project starts and when we start the contract. So a lower figure in FY 2024 reflects the lower procurements that were done during that year. Next slide, please. Financially, it was a tale of two halves in FY 2024. After reporting a first half underlying EBITDA loss of AUD 2.8 million, we restructured the cost base in the third quarter, removing approximately AUD 6.4 million costs primarily by reducing headcount, with a large part of that headcount that was reduced linked to a number of implementation projects that were nearing completion.
In the second half, we saw the benefits of those cost savings with our operating expenses reducing by approximately AUD 3.7 million or 19%, including a AUD 3 million reduction in staff costs. And that resulted in a much improved second half underlying EBITDA loss of just AUD 600,000. It's important to note, included in the second half's salaries and wages line, there is also around AUD 900,000 of costs of staff that were still there in Q3 that were removed for Q4. So at the end of Q4, our monthly staff costs were between AUD 2.1 million- AUD 2.2 million per month, and that has consistently continued at that level through into the first quarter.
At that point, I think I might hand over to Nick to talk you through some of the findings that we have had, not just in the Alfred Health study, but also the implications of that from a financial perspective.
Thanks, Kate, and thank you for having me here today. If we could go down a slide. So I'm going to take a little bit of time to take you through some thinking that we've been doing recently to support our customers in understanding the benefits of Miya and as a package. We have been working on creating a business case template to support our customers understand and communicate the value of Miya Precision, respecting healthcare workers and healthcare economics. Part one of that is just recapping the work that was done by the Digital Health CRC and Monash University around Alfred Health. And I'll go through that quickly because we have shared that in the past.
Part two is some new work we've been doing, engaging with our customers and understanding the benefits that they report from using the solutions, and part three is using some health economics to quantify that into some benefit statements, so if we go down a slide, please, so just recapping the independent study that was done at the Alfred Health. There were six core benefits that really came out of that study. The first there was that they saw a 67% decline in the amount of time that it takes to allocate a bed, to find a bed for a patient to be admitted to, so releasing time for both nurses and bed allocation staff. The second benefit that we saw was a reduction in the outliers, 17.7% reduction in outliers.
Now, outliers in a healthcare sense, are patients that go into the wrong ward. So rather than going into the specialty ward that they should be treated in, they're somewhere else because there aren't enough beds available. This has an impact on the care team that have to travel to them, to care for them, but also studies show that those patients spend about twice as long in hospital. The third benefit we saw was an alignment of information. Initially, the study showed that there was a 25%-40% discrepancy in the information that the clinicians were working with versus what was in the medical record, and this was completely eliminated with the deployment of Miya Precision, which results in a much better patient experience. Having the wrong information can have all sorts of negative impacts on the patient journey.
One of the biggest findings was the fourth one there, 12.1% reduction in length of stay over the 18-month period of the study, and this has a fairly big impact in terms of capacity within the hospital. Contributing to that is benefit number five, where we saw an improvement of the estimated date of discharge, which is recorded in a patient's record, went up from 61%- 100% of patients having an estimated date of discharge, which is a critically important piece of information for planning a patient's day that they're gonna go home. The last one there, the sixth benefit, is consistency in ways of working.
We went from thirty different ways of working across thirty-eight wards at the Alfred, down to nine variations on a common theme, which makes it very easy for nurses and other clinical staff to go from ward to ward and understand how they can work in different environments, which increases flexibility for staff management. If you could go down a slide. Looking across, the broader, customer feedback that we get outside of that independent study that was done, for Miya Observations and Assessments, we've had customers report to us, that they see a released nursing time of 20 minutes per admission, and one minute per observation. Now, it sounds small, but once you start adding up how many observations are done each day in a hospital, this number adds up pretty quickly.
In addition, we see 975 documents digitized through a typical Miya Observations and Assessments deployment. Obviously, Miya Observations and Assessments is also known as Patientrack in some markets. If we could go down, please. Smartpage, we have two parts of Smartpage: Smartpage, clinical and non-clinical. And in those different deployments, we see nurses reporting four minutes per patient transfer that's ordered in a hospital being saved. It's just more efficient for them to sort out getting a patient transferred to where they need to go. Physicians reporting 20 minutes per hour of their day being released when they're moving from old pager systems to using Smartpage.
It's quite a transformation to their day, being able to use asynchronous communication technology, rather than having to deal with chasing people up, on phones and trying to locate people and sort out messages. In addition, we see non-clinical staff, such as, porters or orderlies, as they're sometimes known, a 13% saving in their work, which can be applied to essentially taking on more activities as hospitals require, have greater demand. If you can go down, please. Miya Noting, our e-noting solution. We've had physicians report to us that they're seeing 30 minutes saved prior to their rounds and 30 minutes saved during their rounds, using our e-noting solution. But even more so, on the right-hand side, you'll see 2,500 documents a day being created by our customers using e-noting.
An immense impact in terms of moving from a paper-based system into a digital system. Please go down. Miya Flow. Now, Miya Flow is obviously the subject of the study at the Alfred, but other customers have also reported beyond that study that they're seeing a reduction in the amount of time that it's taking to hand over from shift to shift. So 75 minutes saved from a nursing handover point of view, every shift. The pink benefits that you'll see there are those that were called out in the Alfred study. If you go down one more. In virtual care, we see a one-for-one release in bed capacity for every patient that is essentially using our remote patient monitoring system from home rather than being in the hospital.
But we also see a 20% reduction in the cost to care for that patient. And then lastly, Miya Emergency. We have just done our first deployment of this with Hampshire, so the benefits are still coming in, in terms of release time. But what we can see from the data today is 4,750 documents per day being created in a digital form rather than a paper form. Okay, if we go down a slide. Let's start to put that into numbers. So for a typical 800-bed healthcare system, if they were deploying all of our Miya Precision modules that we've just talked through, we would see a release in terms of nursing time of 321,000 hours or 165 nurses.
We would see released physician time of 408,000 hours, or 209 physicians. Released clinical, sorry, non-clinical time of 27,000 hours. Amazingly, 35,000 beds, and this has been done with quite a conservative calculation. I've actually halved that 12.1% reduction in length of stay in this calculation, just to be conservative. So 35,000 bed days released, which is the equivalent of opening a hospital wing with 97 beds in it. And in terms of all those documents, once we play that out over a whole year, that's 3 million documents that we've digitized that are no longer being printed in terms of paper. Okay, let's go one step further and put that into numbers, dollars.
If I was to try and hire 165 nurses in Australia, it would cost me AUD 8.2 million. For physicians, it would cost me AUD 17.7 million to hire 209 physicians. Almost AUD 1 million for the 14 non-clinical resources. In terms of the released capacity of these hospital beds, AUD 42 million is the operating cost of those bed days. If I was to try and build a 97-bed ward, that would... Oh, sorry, wing of a hospital, that would be more like AUD 100 million, sometimes AUD 150 million to build a ward of that size. Another way of looking at it is that those numbers allow us to treat about 8,000 additional patients in the capacity that we've released through those savings.
There are many ways of looking at that particular benefit. And then lastly, on the right-hand side, that's a hard benefit of AUD 850,000 associated with those 3 million documents. That's eliminating the paper, the printing, the storage of those documents, and just thinking about storing digital documents. Please go down one. It also has an impact where it saves more than 1,000 trees being cut down. And then if we add up all of those numbers together, for that 800-bed hospital system, that adds up to AUD 70 million worth of impact that Miya Precision has for them. We went one step further and thought: Okay, well, what about if we were to look at all of our customers and what modules they're using? What is the global impact that Alcidion is having on the healthcare system?
If you could go down one. On the left-hand side here, you'll see AUD 1.59 billion is the impact that we calculate that our suite is having today on the global healthcare economy. And just if you go down again, the words will come up. The AUD 3.3 billion is, if all of our customers used all of our modules, it would be AUD 3.3 billion in terms of impact on the global healthcare economy. That was a number I calculated to inspire the team, our salespeople, in terms of, you know, imagine what we can achieve. Hopefully, this has been informative for you. I'll hand back to Beck now. Thank you very much for listening.
No, me.
Okay. Sorry, my apologies.
Then, Beck, just to wrap up, and thanks very much for that, Nick. I'm always incredibly excited when I get to see in real hardcore terms the benefit that the Alcidion solutions are having, equally matched by the opportunity I have to talk to customers directly about the impacts that we're having. As we're heading to the new financial year, please just move into the next slide, please.
We're confident about our financial position, our product offering, and our go-to-market strategy with several recent contract wins, coupled together with procurement processes starting to move into the selection stage, helping to underpin that confidence in future profitability. As of August 2024, we sat at AUD 28 million of contracted and renewal revenue, expected to be recognized in FY 2025 without any additional sales being made, and that doesn't include any revenue we expect to get from the North Cumbria contract, which would obviously be material once that contract is finalized and approved, as well as any other sales we may make during the course of this year. Based on the Q4 cost base, the run rate exit of that cost base, our EBITDA breakeven's approximately AUD 36 million of revenue.
We're targeting to be EBITDA positive in FY 2025, and our confidence in that is underpinned by the strong recurring revenue profile that we have sight of, the expected implementation of North Cumbria in the second half, increasing market activity across all our regions, with several opportunities progressing into that selection stage of the procurement cycle, and then underpinned by the growing referenceability and information like Nick has just presented in terms of the strong business case for the types of solutions we're bringing to market. We have AUD 130 million of contract and renewal revenue able to be recognized from FY 2025 to FY 2029 without, you know, North Cumbria or any new contracts, and that represents very significant long-term value in the business.
Before I hand back to Beck, I'd like to. She'll continue with the formal part of the meeting. I would like to take the opportunity to recognize and thank the staff of Alcidion for their hard work and commitment this last year. It's not been an easy year, and they have remained loyal and worked exceptionally hard to ensure our customers are supported, and our commitments to them are delivered, and have supported each other as a team. My personal thanks to the senior leadership team and the board for the support they've shown me. I'd particularly like to acknowledge and thank Simon Chamberlain for the five years of support that he's provided, and welcome Will.
And very, importantly, I'd like to thank you, our shareholders, who've remained supportive throughout the year, and I look forward to the year ahead with optimism. Thanks. Over to you, Beck.
Thanks, Kate, and thank you to you also, Nick. I will now provide an overview of the Q&A and voting procedure for today's meeting. During the formal business for today's meeting, shareholders will have the opportunity to ask written or verbal questions for each resolution. We encourage you to submit your questions as early as you can. Visitors and media are reminded that while we welcome you to this meeting, it is a shareholder meeting, and you may not make comments or ask questions. Questions received during the meeting, which are of a similar nature, will be grouped and answered at the appropriate time. If you have any questions which you feel were not addressed at today's meeting, we invite shareholders to contact the company via phone or email. Shareholders wishing to ask written questions, please take note of the following instructions.
Please select the Q&A icon located at the bottom of your screen. Type your questions in the Ask a Question box and press the Send arrow. Your question will be addressed at the appropriate time. Shareholders wishing to speak and ask a question, an audio questions facility is available during this meeting, and if you prefer this method, please follow this process. Select the Raise Hand icon located at the bottom of your screen. You'll be placed in a queue and authorized to speak when we reach the Q&A session. Prior to asking your question, please state your full name and who you are representing. Regarding voting on today's resolutions, all shareholders, proxyholders, authorized corporate representatives, and attorneys of shareholders who are entitled to vote will be able to do so via the webinar poll.
It is important to note that if you have lodged a proxy form and voted prior to the meeting, you do not need to vote again at this meeting unless you wish to change your proxy instruction. For those proxy holders, shareholders, and authorized corporate representatives who have not yet voted prior to the meeting, please cast your votes on each of the resolutions when the poll is opened. For proxyholders, you will have received a summary of proxy votes, which detail voting instructions, if any, for each item of business. By completing the voting via the webinar poll, you are deemed to have voted in accordance with those instructions. I, as the chair of the meeting, intend to vote in favor of all resolutions. When the poll is declared open, a poll window will appear on your screen.
To vote, simply select the direction in which you would like to cast your vote. The selected option will then show as being marked. To submit your vote, simply click on the Submit button. You will have the ability to change your vote up until the time voting is closed. I now declare the poll open. I refer you to the first item of business, which is to receive and consider the financial report of the company, together with the directors' report and the auditors' report for the financial year ended 30th of June, 2024. These items are contained in the annual report, so I will ask that they have been taken as read. The annual report is available on the ASX or on our website. No written questions to the auditor were received by the cutoff date of five business days before this meeting.
Questions may be directed through myself to the auditor in relation to the conduct of the audit, the audit report, the company's accounting policies, or the independence of the auditor. As this matter does not require a vote, we will now move on to Resolution One. I now refer to Resolution One, which is to consider the adoption of the remuneration report for the financial year ended 30th of June 2024. The remuneration report is set out in the directors' report in the company's 2024 annual report. The vote on this resolution is advisory only and does not bind the directors or the company. Michael, did we receive any questions related to Resolution One?
We received no questions on Resolution One, Beck.
Thank you very much. The following percentages of proxies have been received for Resolution One: for, 87.32%, against, 1.89%, and open, 10.79%. I move that shareholders consider, and if thought fit, pass the ordinary resolution. I now refer to Resolution Two, which relates to the re-election of Victoria Weekes as a director of the company. Victoria's bio is outlined in the company's notice of meeting. I now invite Victoria to comment on her re-election.
Thanks, Rebecca, and good afternoon, everyone. It is my great privilege to be considered for re-election to the Alcidion board. During the past three years, being on the board have really reinforced my strong belief in how our solutions can deliver high quality, safe, and integrated healthcare and demonstrable benefits for our customers, their patients, and staff, as Nick has talked to today. My experience on one of Sydney's leading health district boards has given me those real-world insights, on digitization, in the acute health sector, the benefits and some of the challenges, and I hope that experience has contributed to the development of Alcidion's strategy and its really strong focus on excellence in service delivery.
As Alcidion's Audit and Risk Committee Chair, I've worked to support the organization's management of key emerging risks and establish really strong foundations to drive that successful delivery of its strategy. As Alcidion grows, those fit-for-purpose and scalable risk practices really will ensure that we have resilient systems and processes that will, in turn, support our competitive advantage. My experience serving on the boards of a diverse range of organizations over the last 15 years, including major listed companies and others in emerging sectors, I think gives me a really deep understanding of good governance and strategic and commercial insight, which I believe can help Alcidion secure its place as a healthcare leader in healthcare digital solutions.
I'm absolutely committed to fulfill my role to the very best of my ability, and with your support, hope to continue to play my part in Alcidion's future success for the benefit of our shareholders and our customers. Thank you, and back to you, Beck.
Thanks very much, Victoria, and certainly thank you for your contribution to the board over the last couple of years, particularly in that role, as chair. Michael, do we have any questions in relation to this resolution?
We don't have any questions on Resolution Two.
Thank you. The following percentages of proxies have been received for Resolution Two: for, 65.82%, against, 27.34%, and open, 6.84%. And I move that shareholders consider, and if thought fit, pass this ordinary resolution. I now refer to Resolution Three, which relates to the re-election of Danny Sharp as a director of the company. Danny's bio is outlined in the company's notice of meeting. I now invite Danny to comment on his re-election.
Thanks very much for that, Rebecca, and welcome to the shareholders. After starting my career, initially as a lawyer, I spent the last 22 years of my executive life co-heading or heading the investment banking and corporate finance functions of three different stockbroking firms over the years. In that role, I advised many Australian companies on their growth journey, in a number of instances, from as early as their humble beginnings as pre-IPO companies, all the way through to ASX 200 companies, or even takeovers once those companies had matured and grown exponentially. Those companies encompass many industries: healthcare, life sciences, financial services, technologies, general industrials.
And in my role in my executive life, it helped me establish strong connectivity to equity and debt capital markets, and also deep experience in due diligence, strategic and financial assessment of business opportunities. Skills which I believe contribute and complement the many skills that the company has, both at board and management level here. My first involvement with Alcidion was actually as a shareholder, not as a director. I was a shareholder for two, three years before I became a director of the board.
From years of working with healthcare and life sciences companies, I was well aware of the increasing cost and efficiency challenges inherent in providing a secure and quality healthcare system for society, and the important role that innovative technologies like that of Alcidion would play in the future to deliver against those challenges. While change in technology does take, adoption does take a little bit longer than we'd all like, it is nonetheless inevitable, and I'm convinced as ever about the magnitude of the opportunity in front of Alcidion and our position to avail ourselves of those opportunities.
I very much look forward to contributing and helping the company assess and navigate its many opportunities ahead as we strive for the successful outcomes for hospitals and healthcare systems and facilities, their patients, and also you, our shareholders, and I thank you very much for supporting my re-election to the board today in Alcidion.
... Thanks, Danny, and equally, thank you for your contribution, and also, Danny stepping into the chair of Remuneration and Nominations, and so we look forward to working with you in that capacity. Michael, did we receive any questions related to resolution three?
We did not receive any questions on resolution three, Beck.
Thank you. The following percentages of proxies have been received for Resolution Three: for, 65.97%, against 27.17%, and open, 6.86%. I move that shareholders consider, and if thought fit, pass the ordinary resolution. I now refer to Resolution Four, which relates to the election of Will Smart as a director of the company. Will's bio is outlined in the company's notice of meeting, and I will now invite Will to comment on his re-election.
Thanks, Beck, and good morning, everybody. I'm deeply honored to have this opportunity to stand for election to the Alcidion board. Globally, as we all know, digitization offers one of healthcare's most significant opportunities, and, as someone who spent 30 in healthcare and digital, one of its most intractable challenges. For example, you'll know that in the U.K., the new Labour government has stated that the transition from analog to digital will be a vital part, pillar of the reform of, the wider healthcare system here in the U.K. This global shift towards technology is essential, and I believe that Alcidion, with its cutting-edge solutions that are built on standards-based interoperability, modular architectures, and user-centered design, is very well positioned to lead, this global transformation. The company's mission: to make healthcare safer and more efficient for all, has never been more crucial.
I have over 30 years of experience in healthcare and technology, in executive and non-executive roles in healthcare providers, in the national NHS as a management consultancy and in technology vendors. As CIO for the English NHS, I led the GBP 4.7 billion Personalised Health and Care 2020 program, and that included the Global Digital Exemplar program that underpins today's NHS Frontline Digitisation program. At Dedalus Group, I worked as part of their global team, working with health systems around the world, and also led the program to transfer and launch their Orbis Suite EPR platform into the U.K. and Ireland market. So I understand the global environment as well as the particular challenges around provider digitization and the EPRs.
Today, I serve as a non-executive director on the board of Great Western Hospitals NHS Foundation Trust, which is a 600-bed acute NHS hospital that is part of a group of three, independent hospitals, is embarking on a common implementation of a single EPR across all three sites. With this experience, I believe that I bring to Alcidion deep insight into the challenges healthcare organizations face, the impact that digitization can have on the front line, experience of strategy and policy leadership, and a strong understanding of how digital innovations can drive efficiencies and improve patient outcomes across healthcare systems globally. Thank you very much for your time today, and with your support, I look forward to working with our team, our customers, and my fellow directors to deliver Alcidion's vision and mission. Thank you, Beck.
Thanks, Will, and we're certainly looking forward to the opportunity of drawing on that incredible experience, particularly in the U.K. market. Michael, do we have any questions in relation to this resolution?
There are no questions on Resolution Four. Thanks, Beck.
Thank you. The following percentages of proxies have been received for Resolution Four: for 92.66%, against 0.5%, and open 6.84%. I move that shareholders consider, and if thought fit, pass this ordinary resolution. I now refer to the final item of business, Resolution Five, which relates to the refresh of the company's equity incentive plan. Michael, did we receive any questions related to Resolution Five?
There are no questions on Resolution Five. Thank you.
Thank you. The following percentages of proxies have been received for Resolution Five: for, 52.91%, against 37.74%, and open, 9.35%. I move that shareholders consider, and if thought fit, pass the ordinary resolution. We will now provide shareholders with an additional minute for poll voting to be completed. As the additional time is up, I now declare the poll closed. After the votes have been counted, the results of the poll will be released to the ASX later today. We will now address shareholder questions received in relation to Alcidion's business operations. Michael, are there any questions?
... Yes, Beck, we've received one question from shareholder Ian Taylor, who writes: "There seems to be no momentum in New Zealand. Can you please comment on your expectations for progress in the New Zealand market for, say, the next two years?
I think I'll pass that one on to you, Kate.
Thanks very much, Michael, and Beck, thanks for your question, Ian. I think Ian is probably a follower and understanding of what has been going on in the New Zealand market. There has been a lot of change in New Zealand in respect of healthcare over the last two years, with the creation of a centralized healthcare agency in Te Whatu Ora, which then, subsequent to that being formed, a new government came into New Zealand, and on analysis of the way in which the data and digital had been structured within that, they came to the conclusion that, due to a lot of overspend in New Zealand in healthcare, that they would be better served with devolving the decision-making around digital health back down to a regional level.
So we have had a lot of changes in that time. The good news is that during those two, two and a half years now, it's probably been, we have continued to sign all our renewals. So as many of you would know, we have quite a significant presence in New Zealand with all our modules, very specifically with Miya Observations and Assessments, which represent they're in about 50% of the beds in New Zealand, but also with Miya Precision at MidCentral. So we've continued to re-sign those customers. I expect as we move through this financial year and the regional structures are reformed, that there will be a significant opportunity again for Alcidion in New Zealand, for the modular platform play.
But, it is very true that there has not been a lot of new business out of that market in the last couple of years.
Thanks, Kate. Michael, any further questions?
There are no further questions, Beck.
The company has not received notice of any other business, and as such, concludes the formal part, formal business of today's meeting, and I now declare the meeting closed. Thank you for your attendance, and we look forward to your continued support. Have a good afternoon. Goodbye.