AU : Volpara - Solid 4Q trading update as expected

VHT released a solid 4Q trading update. The 4Q is traditionally the strongest quarter and we were not disappointed. Of most interest was the increase in ARPU to US$1.40 (from US$1.22 in 3Q), however importantly ARPU signed during the quarter on average was US$2.50. With the recent CRA Health (breast cancer risk assessment) acquisition and collaboration with Ambry Genetics, VHT sharpens its focus onto risk and genetics. Risk identification and genetics are growing trends in personalised medicine and VHT is well placed. We have made no changes to our forecast and as a result our target price remains unchanged at A$1.94. Add recommendation maintained.

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