Accelerometers, magnetometers and gyroscopes not so different from what you’d find in an iPhone track gravitational load, distance and direction data. The OptimEye system works by fitting a small ‘bug’ sensor unit in a player’s jersey on their upper back around the T1 vertebra, which then tracks the athlete’s place in 3D space. "GPS had been used in the Premier League for the last eight years." "I realized after spending a season in the NBA that there was no real analysis of what the players did in training, and I was quite shocked," says Dave Hancock, former training coach for Chelsea FC, now with the Knicks. Catapult has deals now with 5 NBA teams and 6 in the NFL, recently signing the Philadelphia Eagles and Buffalo Bills, with another 12 expected to sign before football season starts in September. It's made by a privately held firm called Catapult Sports that already has contracts with 250 programs in Australian and European pro soccer, national rowing programs, rugby and Aussie-rules football (proving it can take a hit). Now comes the OptimEye, a wearable sensor out of Australia that's being sold as a way to squeeze even more performance out of expensive athletes. As at the period end it had $US42.1 million cash on hand.Motion-tracking cameras and super slo-mo video analysis have become standard tech toys in the pro sports trainer's toolbag. The broker has pencilled in an earnings before tax, interest, depreciation and amortisation (EBITDA) loss of $US6 million on revenue of $US80.5 million in fiscal year 2022 and values the stock at $3 versus Thursday’s price of $1.55 just before the close of trade.Ĭatapult did not provide any financial guidance for the second half of 2022, but said it was confident it could continue to generate positive operating cash flow and strong short- to medium-term growth in ACV. Cross-selling opportunityīroker Jeffries said Catapult could be one of the cheapest SaaS plays on the local sharemarket as it has the opportunity to grow client numbers for at least five years and the SBG acquisition provides a cross-selling opportunity into its 1600 soccer club customers.Ĭatapult’s current valuation on about three times annual revenue could lift to six or 10 times if investments deliver new products and growth rates in the region of 20 per cent to 30 per cent, according to Jeffries.
“Basically all this means that the high ACV growth we’re seeing will drive future years’ subscription revenue, so our transition to a full global SaaS business is here,” Mr Lopes said. Churn, a measure of how many clients retain its services, fell to 4.1 per cent of total contracted customers, from 6.8 per cent in the prior corresponding period. Since listing in 2014, Catapult has grown organically and by acquisition, including an up to $US45 million deal for British-based SBG Sports Software in July 2021.įor the September half-year, free cash flow swung to a loss of $U2.9 million as the company doubled R&D spend to 17.2 per cent of total revenue. The business, spun out of the Australian Institute of Sport and Co-operative Research Centres in 2006, now has about 3430 professional sports team clients across 137 countries, including a deep bench of blue-chip names such as the All Blacks, Cricket Australia, Real Madrid and the New York Knicks. “We’re leading the vertical SaaS solution for athletes globally, and I think these results really connect to that because it shows strong global growth across all regions,” Mr Lopes said. The sports data group benefited from a post-pandemic rebound in physical activity in its core North America market to lift annualised contract value 28 per cent for the period, with EMEA up 34 per cent, and Asia-Pacific up 24 per cent. “Catapult has emerged stronger from the pandemic, and it’s really translated into global growth that’s accelerating and reaching record levels here,” Mr Lopes said. Catapult Sports shares dropped to a 52-week low on Thursday, despite the software group posting annualised contract value growth of 43 per cent to $US58.8 million ($81 million) for the half-year to September 30.īoston-based chief executive Will Lopes said annualised contract value (ACV) is a leading indicator of strong future growth after a period of investment to transition the group to a subscription-based software-as-a-service (SaaS) recurring revenue model on high gross profit margins.Īn EPL soccer player wears a Catapult heart monitor.
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