Healthcare Triangle Reports First Quarter 2023 Results
May 09 2023 - 7:30AM
Healthcare Triangle, Inc (Nasdaq: HCTI) (“HCTI” or the
"Company"), a leader in digital transformation solutions including
managed services, cloud enablement, and data analytics for the
healthcare and life sciences industry, today announced results for
the first quarter of 2023 ended March 31, 2023.
First Quarter 2023 Financial Results
- Total revenue
was $9.8 million, compared to $11.1 million in the first quarter of
2022. Revenue growth of 18% from Software Services was offset by
lower Managed Services and Support revenue and Platform Service
revenues compared to the year-ago period.
- Loss from
operations was $3.2 million, compared to $2.0 million for the first
quarter of 2022.
- Basic and
diluted net loss per share was $0.08 based on 41.9 million
weighted-average shares outstanding, compared to $0.06 based on
35.5 million weighted-average shares outstanding for the first
quarter of 2022.
First Quarter 2023 and Recent Business
Highlights
- Closed three new customers and $7
million of new business.
- Partnered with a
leading oncology company to build and deploy its enterprise cloud
foundation platform in a DevOps environment leveraging HCTI’s
automation and compliance capabilities. This engagement, which
includes ongoing management of infrastructure, is designed to
accelerate global adoption of AWS Cloud for the client.
- Signed a
multi-year SaaS readabl.ai contract with long-standing customer
Calvert Health for document workflow process automation to improve
efficiency and optimize costs. HCTI’s readabl.ai runs on Google
Cloud AI platform.
- Participated in the recent ViVE 2023
conference as a sponsor and presenter, hosting a “Tech Talk”
featuring client Calvert Health.
- Attended the HIMSS23 Global Health
Conference and Exhibition as a guest speaker for Amazon Web
Services.
Thyagarajan Ramachandran, CFO of Healthcare
Triangle, said, “In the first quarter, we initiated steps to pursue
greater efficiency and to realign our strategic priorities for
2023. The Company continues to focus on building a strong pipeline
of managed services and multi-year customer engagements, with the
goal of bolstering our revenue streams for market expansion and
growth.”
Forward-Looking Statements and Safe Harbor
Notice
All statements other than statements of
historical facts included in this press release are
"forward-looking statements" (as defined in the Private Securities
Litigation Reform Act of 1995). Such forward-looking statements
include our expectations and those statements that use
forward-looking words such as "projected," "expect," "possibility"
and "anticipate." The achievement or success of the matters covered
by such forward-looking statements involve significant risks,
uncertainties and assumptions. Actual results could differ
materially from current projections or implied results. Investors
should read the risk factors set forth in the Company's Prospectus
filed with the SEC on October 7, 2021, previous filings, subsequent
filings and future periodic reports filed with the SEC. All the
Company's forward-looking statements are expressly qualified by all
such risk factors and other cautionary statements.
The Company cautions that statements and
assumptions made in this news release constitute forward-looking
statements and make no guarantee of future performance.
Forward-looking statements are based on estimates and opinions of
management at the time statements are made. The information set
forth herein speaks only as of the date hereof. The Company and its
management undertake no obligation to revise these statements
following the date of this news release.
Investor Contact
1-800-617-9550 ir@healthcaretriangle.com
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