London-listed digital mental health business Kooth has said it expects revenue of £33.3m for 2023.
That would represent a year-on-year increase of approximately 65%, Kooth said in a trading update published on Monday.
Last year Kooth secured its largest contract to date with the State of California. Kooth launched its digital mental health platform and mobile app, called Soluna, for millions of young people in California this month.
The British firm is also “finalising” discussions with the state of Pennsylvania to extend a pilot contract that began in October 2022.
The £33.3m in anticipated revenue does not include approximately $4m of revenue from its US contracts, which will now fall into the early 2024 accounting period.
Founded in 2001, the online platform provides services such as messaging, live counselling and support forums. Users on the platform are anonymous.
Kooth was first listed on the London Stock Exchange’s AIM market in 2020. Shares in Kooth are up 19% since its market debut.
The health tech company secured a £10m investment in September last year to increase US hiring off the back of its California contract win, which is valued at $188m across four years.
“Alongside our work in Pennsylvania, Kooth is now a leader in the important US digital mental health market and a provider of choice for the provision of services to children and young people,” said Tim Barker, CEO of Kooth.
“This momentum, combined with our strong financial performance and our ability to generate recurring revenue, leaves us well placed for further progress in 2024. The need for digital mental health services is as great as ever and we look forward to ensuring that Kooth remains a trusted and growing provider for children and young people both in the US and UK.”
Kooth will publish full-year results in March.