Why the Mach7 (ASX:M7T) share price is surging 8% higher today

The Mach7 Technologies Ltd (ASX: M7T) share price is surging higher on Thursday.

In afternoon trade the enterprise imaging platform provider’s shares have jumped 8% to $1.31.

This leaves the Mach7 share price trading within touching distance of its record high of $1.36.

Why is the Mach7 share price surging higher?

Investors have been buying Mach7’s shares today after it released its second quarter update.

According to the release, the company achieved record cash receipts of $4.25 million for the quarter. This was up 13% from $3.76 million during the first quarter of FY 2021.

This was driven by a 130% increase in sales orders compared to the first quarter. Sales orders for $7.6 million in new contracts (total contract value)…