Enlitic (ASX:ENL) signed an advanced payment agreement with GE HealthCare, demonstrating completion of the prerequisites under the previously disclosed memorandum of understanding between the parties, according to a Friday Australian bourse filing.

GE HealthCare has delivered the initial advance payment of $2 million, fulfilling all required actions under the memorandum of understanding and allowing the companies to move forward with their collaboration.

Under the agreement, Enlitic's unit Laitek will deliver between about AU$4.6 million to AU$9.2 million per year of annual migration capacity to GE HealthCare for the next five years, which represents an opportunity for revenue to Enlitic of up to AU$46 million over the next five years.