VitalHub Reports Q4 2020 Revenues of $5,083,132 while Increasing the Annual Contract Value of Recurring Revenue by $1,283,343...
March 29 2021 - 6:49PM
VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) announced
today it has filed its Consolidated Financial Statements and
Management’s Discussion and Analysis report for the years ended
December 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, VitalHub
CEO Dan Matlow said,
“As the world has continued to combat and adapt
to the COVID-19 pandemic, 2020 was a transformative year for
VitalHub in many respects. The Company doubled its size year over
year while significantly increasing its software recurring revenues
as a percentage of total revenues, to levels that represent a true
SaaS company. Our two UK acquisitions of Intouch with Health Ltd.
and Transforming Systems Ltd. have significantly increased our
ability to grow organically, as demonstrated by our strong Q3 and
Q4 organic growth numbers. The Company is continuing to produce
strong positive adjusted EBITDA. Going into 2021 with significant
cash on hand, we will continue to be active in the M&A
markets.”
The Company will be holding a conference call
via Zoom on March 30th, 2021 at 9:00am EST hosted by CEO Dan Matlow
and CFO Brian Goffenberg with a Q&A session to follow. To
register for the conference call please visit: VitalHub Q4
2020 Conference Call.
Fourth Quarter 2020 Financial
Highlights
- Revenue of $5,083,132, an increase of $2,522,471 or 99% from
the comparative period in the prior year.
- Annualized Contract Value (Non-IFRS measure) grew by $1,283,343
(all organic) or 9% in Q4 2020 versus Q3 2020.
- Net loss of ($715,217) compared to net income of $250 from the
comparative period in the prior year.
- EBITDA (Non-IFRS measure) of ($125,716) compared to ($704,462)
from the comparative period in the prior year.
- Adjusted EBITDA (Non-IFRS measure) of $719,907, or 14% of
revenue, compared to $42,254 or 2% of revenue from the comparative
period in the prior year.
Fiscal Year 2020 Financial
Highlights
- Revenue of $13,794,192, an increase
of $3,566,268 or 35% from the comparative period in the prior
year.
- Annualized Contract Value (Non-IFRS
measure) grew by $7,413,595 or 100% (25% organic and 75%
acquisition related)
- Annualized Contract Value of
recurring revenue (Non-IFRS measure) at December 31, 2020 was
$14,844,039 as compared to $7,430,444 at December 31, 2019, an
increase of 100%, and $13,560,696 at Q3 2020 an increase of 9% in
Q4 2020.
- Net loss of ($2,165,721) compared
to a net loss of ($625,534) from the comparative period in the
prior year.
- EBITDA (Non-IFRS measure) of
$148,125 compared to $645,466 from the comparative period in the
prior year.
- Adjusted EBITDA (Non-IFRS measure)
of $2,253,045, or 16% of revenue, compared to $1,615,360 or 16% of
revenue from the comparative period in the prior year.
- Cash on hand at December 31, 2020
was $23,391,591 compared to $1,995,691 as at December 31,
2019.
Fourth Quarter 2020 Business
Highlights
- The Company continues to increase
its UK presence with 8 additional licensing deals won in Q4 2020 as
follows:
- Licensing of Synopsis iQ to
Worcestershire Acute Hospitals NHS Trust,
- Large-scale expansion of the
digital health platform licensing contract with King’s College
Hospital NHS Foundation Trust,
- Licensing of digital outpatient
management solutions to the Royal Victorian Eye and Ear Hospital in
partnership with Australia’s Device Technologies,
- Licensing of Synopsis iQ to the
Northumbria Healthcare NHS Foundation Trust,
- Expansion of the patient flow
solution licensing contract with East Suffolk and North Essex NHS
Foundation Trust,
- Deployment of a contract for
Transforming Systems’ SHREWD products with Bedfordshire, Luton and
Milton Keynes Integrated Care System,
- Multi-year deployment of a contract
for Transforming Systems’ SHREWD products with NHS Herefordshire
and Worcestershire CCG,
- Expansion of the licensing contract
for Synopsis iQ with King’s College Hospital NHS Foundation
Trust.
- VitalHub was ranked 10th on
Deloitte’s Technology Fast 50 program award amongst Canadian
companies for its rapid revenue growth with 1995% growth from 2016
to 2019. The Company also ranked 65th within North America on
Deloitte’s Technology Fast 500 Rankings List.
- Subsequent to the year end the
Company received proceeds of $2,990,625 as a result of the exercise
of 1,031,250 previously issued common share purchase warrants. The
Company intends to use the proceeds of the warrant exercises for
general working capital purposes and M&A activity.
Fourth Quarter and Fiscal Year 2020
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
Year ended |
|
|
December 31, 2020 |
%Revenue |
December 31, 2019 |
%Revenue |
Change |
December 31, 2020 |
% Revenue |
December 31, 2019 |
%Revenue |
Change |
|
|
$ |
|
$ |
|
% |
$ |
|
$ |
|
% |
|
Revenue |
5,083,132 |
|
100 |
% |
2,560,661 |
|
100 |
% |
99 |
% |
13,794,192 |
|
100 |
% |
10,227,924 |
|
100 |
% |
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
1,238,526 |
|
24 |
% |
661,566 |
|
26 |
% |
(87 |
%) |
3,503,366 |
|
25 |
% |
2,761,228 |
|
27 |
% |
(27 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
3,844,606 |
|
76 |
% |
1,899,096 |
|
74 |
% |
102 |
% |
10,290,826 |
|
75 |
% |
7,466,696 |
|
73 |
% |
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
1,089,178 |
|
21 |
% |
622,481 |
|
24 |
% |
(75 |
%) |
3,108,682 |
|
23 |
% |
2,414,956 |
|
24 |
% |
(29 |
%) |
|
Sales and marketing |
760,703 |
|
15 |
% |
259,618 |
|
10 |
% |
(193 |
%) |
1,657,427 |
|
12 |
% |
822,356 |
|
8 |
% |
(102 |
%) |
|
Research and development |
1,226,969 |
|
24 |
% |
897,749 |
|
35 |
% |
(37 |
%) |
3,219,217 |
|
23 |
% |
2,569,992 |
|
25 |
% |
(25 |
%) |
|
Depreciation |
25,984 |
|
1 |
% |
14,775 |
|
1 |
% |
(76 |
%) |
108,946 |
|
1 |
% |
77,284 |
|
1 |
% |
(41 |
%) |
|
Depreciation of right-of-use assets |
57,212 |
|
1 |
% |
31,957 |
|
1 |
% |
(79 |
%) |
219,553 |
|
2 |
% |
178,265 |
|
2 |
% |
(23 |
%) |
|
Stock based compensation |
297,313 |
|
6 |
% |
76,451 |
|
3 |
% |
(289 |
%) |
486,806 |
|
4 |
% |
207,682 |
|
2 |
% |
(134 |
%) |
|
Foreign currency loss |
56,655 |
|
1 |
% |
77,152 |
|
3 |
% |
27 |
% |
55,261 |
|
0 |
% |
15,548 |
|
0 |
% |
(255 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income and Expenses |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
433,834 |
|
9 |
% |
399,199 |
|
16 |
% |
(9 |
%) |
1,861,438 |
|
13 |
% |
1,517,201 |
|
15 |
% |
(23 |
%) |
|
Business acquisition, restructuring and integration costs |
542,310 |
|
11 |
% |
259,865 |
|
10 |
% |
(109 |
%) |
1,618,114 |
|
12 |
% |
511,663 |
|
5 |
% |
(216 |
%) |
|
Interest expense and accretion (net of interest income) |
6,769 |
|
0 |
% |
(295,649 |
) |
(12 |
%) |
102 |
% |
15,979 |
|
0 |
% |
461,036 |
|
5 |
% |
97 |
% |
|
Interest income from sublease |
(233 |
) |
(0 |
%) |
(2,150 |
) |
(0 |
%) |
89 |
% |
(1,936 |
) |
(0 |
%) |
(3,890 |
) |
(0 |
%) |
50 |
% |
|
Interest expense from lease liabilities |
18,178 |
|
0 |
% |
48,162 |
|
2 |
% |
62 |
% |
76,968 |
|
1 |
% |
90,664 |
|
1 |
% |
15 |
% |
|
(Gain) loss on right-of-use assets and lease liabilities |
0 |
|
0 |
% |
(1,127 |
) |
(0 |
%) |
100 |
% |
0 |
|
0 |
% |
26,744 |
|
0 |
% |
100 |
% |
|
(Gain) loss on disposal of property and equipment |
(2,806 |
) |
(0 |
%) |
968 |
|
0 |
% |
390 |
% |
(2,806 |
) |
(0 |
%) |
1,740 |
|
0 |
% |
261 |
% |
|
Loss on redemption of debentures |
0 |
|
0 |
% |
410,400 |
|
16 |
% |
100 |
% |
0 |
|
0 |
% |
250,549 |
|
2 |
% |
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current income taxes |
40,479 |
|
1 |
% |
(10,205 |
) |
(0 |
%) |
497 |
% |
25,620 |
|
0 |
% |
(47,758 |
) |
(0 |
%) |
154 |
% |
|
Deferred income taxes |
7,278 |
|
0 |
% |
(890,802 |
) |
(35 |
%) |
101 |
% |
7,278 |
|
0 |
% |
(1,001,802 |
) |
(10 |
%) |
101 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(715,217 |
) |
(14 |
%) |
250 |
|
0 |
% |
(285,823 |
%) |
(2,165,721 |
) |
(16 |
%) |
(625,534 |
) |
(6 |
%) |
(246 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (Non-IFRS measure) |
(125,716 |
) |
(2 |
%) |
(704,462 |
) |
(28 |
%) |
82 |
% |
148,125 |
|
1 |
% |
645,466 |
|
6 |
% |
(77 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (Non-IFRS
measure) |
713,907 |
|
14 |
% |
42,254 |
|
2 |
% |
1590 |
% |
2,253,045 |
|
16 |
% |
1,615,360 |
|
16 |
% |
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Contract Value (Non-IFRS
measure) |
14,844,039 |
|
|
7,430,444 |
|
|
100 |
% |
14,844,039 |
|
|
7,430,444 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue (Non-IFRS
Measure) |
3,875,409 |
|
76 |
% |
1,607,600 |
|
63 |
% |
141 |
% |
10,000,703 |
|
72 |
% |
5,424,349 |
|
53 |
% |
84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue |
6,214,736 |
|
|
2,217,414 |
|
|
|
6,214,736 |
|
|
2,217,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash balance |
23,391,946 |
|
|
1,995,691 |
|
|
|
23,391,946 |
|
|
1,995,691 |
|
|
|
ABOUT VITALHUB:
Software for Health and Human Services providers
designed to simplify the user experience & optimize
outcomes.
VitalHub provides technology to Health and Human
Services providers including; Hospitals, Regional Health
Authorities, Mental Health, Long Term Care, Home Health, Community
and Social Services. VitalHub solutions span the categories of
Electronic Health Record (EHR), Case Management, Care Coordination,
Patient Flow & Operational Visibility, and DOCit Mobile
Apps.
The Company has a robust two-pronged growth
strategy, targeting organic growth opportunities within its product
suite, and pursuing an aggressive M&A plan. Currently, VitalHub
serves 275+ clients across Canada, USA, UK, Australia, Qatar, and
Latvia. VitalHub is based in Toronto, Canada, with an offshore
development hub in Sri Lanka. The Company is publicly traded on the
TSX Venture Exchange under the symbol “VHI”.
CAUTIONARY STATEMENT:This press
release includes forward-looking statements regarding the
Corporation and its business, which may include, but is not limited
to, statements with respect to the appointment of a new directors.
Often, but not always, forward-looking statements can be identified
by the use of words such as “plans”, “is expected”, “expects”,
“scheduled”, “intends”, “contemplates”, “anticipates”, “believes”,
“proposes” or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved. Such statements are based on the current expectations of
the management of each entity and are based on assumptions and
subject to risks and uncertainties. Although the management of each
entity believes that the assumptions underlying these statements
are reasonable, they may prove to be incorrect. The forward-looking
events and circumstances discussed in this release, may not occur
by certain specified dates or at all and could differ materially as
a result of known and unknown risk factors and uncertainties
affecting the companies, including risks regarding the technology
industry, failure to obtain regulatory or shareholder approvals,
market conditions, economic factors, the equity markets generally
and risks associated with growth and competition. Although the
Corporation has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement
can be guaranteed. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and the Corporation undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
CONTACT INFORMATION
Dan MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@vitalhub.com
Vitalhub (TSXV:VHI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vitalhub (TSXV:VHI)
Historical Stock Chart
From Apr 2023 to Apr 2024
