Action required: Please refresh your browser
We have recently implemented some changes that require a hard refresh of your browser: Please hold down the CTRL-key and press the F5 key.
After a successful hard refresh, this message should not appear anymore.
More details about this topic are available here »
VitalHub Reports Revenue of $2,770,000 for Q1 2020 | ||
By: GlobeNewswire - 27 May 2020 | Back to overview list |
|
TORONTO, May 27, 2020 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis report for the three months ended March 31, 2020 and 2019 with the Canadian securities authorities. These documents may be viewed under the Company's profile at www.sedar.com. When asked to comment on the results of Q1 2020, VitalHub CEO Dan Matlow said, “Our first response to COVID-19 was to take immediate and swift action in ensuring the safety of our staff, and that our teams were properly equipped to continue to effectively support our customers. All of our employees in North America, the United Kingdom and Sri Lanka have successfully adjusted to a work from home environment. We began to see the impact of COVID-19 in the middle of the quarter, with requests coming in from clients to extend the utility of some of our offerings toward assisting in the pandemic response, as well as a general slow-down of implementations and business, consistent with the market. Overall, we expect to see a slow-down of activity over the next few quarters. The Company believes it will continue to be cash flow positive even with the reduced activity.” We would like to highlight the following insights:
COMPANY HIGHLIGHTS Revenue for the three months ended March 31, 2020 was $2,770,000 as compared to $2,444,310 for the three months ended March 31, 2019, an increase of $325,690 or 13.3%. The Company defines Annualized Contract Value (“ACV”) of recurring revenue as the contracted annual renewable software license fees and maintenance services. The ACV of recurring revenue at March 31, 2020 was $7,486,925 as compared to $5,226,623 at March 31, 2019, an increase of 30%. ACV is a non-IFRS measure. The Company defines acquisition recurring revenues as gross recurring revenues of the companies acquired at the time of acquisition and organic revenues as revenue over and above the acquisition recurring revenues. For the three months ended March 31, 2020, organic revenue represented 36% of total revenue (Q4/2019 – 40%, Q1/2019 – 52%), with the remaining 64% representing acquisition revenue (Q4/2019 – 60%, Q1 2019 – 48%). Acquisition and organic revenue are non-IFRS measures. EBITDA (defined as earnings before interest, taxation, depreciation and amortization) for the three months ended March 31, 2020 was ($12,688) as compared to $567,531 for the three months ended March 31, 2019, and ($704,462) for Q4 2019. EBITDA is a non-IFRS measure. Adjusted EBITDA (defined as earnings before interest, taxation, depreciation, amortization, share based compensation, business acquisition, restructuring and integration costs and other one time costs) for the three months ended March 31, 2020 was $282,291 as compared to $656,765 for the three months ended March 31, 2019, and $42,254 for Q4 2019. Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA as a percentage of revenue for the three months ended March 31, 2020 was 10% as compared to 27% for the three months ended March 31, 2019. Adjusted EBITDA as a percentage of revenue is a non-IFRS measure. On March 17, 2020, the Company closed a bought deal offering with gross proceeds of $15,311,340. A total of 8,506,300 common shares of the Company were sold at a price of $1.80 per common share. On March 19, 2020, the Company announced the deployment of its patient flow solution to address the needs of the COVID-19 pandemic. The solution is being rolled out at Windsor Regional Hospital’s two Campuses (Met and Ouellette) as well as at Hotel-Dieu Grace HealthCare, Bluewater Health, Erie Shores Health Care and Chatham-Kent Health Alliance. The Company also announced the first deployment of its COVID-19 electronic screening tool to the Region of Waterloo-owned by Sunnyside Home Long-Term Care, in support of their response to the deepening COVID-19 crisis. VitalHub has leveraged its “DOCit” mobile app, which was specifically designed with these kind of screening initiatives in mind, to enable the rapid development of its COVID-19 screening solution. ABOUT VITALHUB: CAUTIONARY STATEMENT: CONTACT INFORMATION Dan Matlow |
||
|
||
Copyright 2020 GlobeNewswire | Back to overview list |