VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) has
released its audited financial results for the full year and fourth
quarter ended December 31, 2017.
When asked to comment on 2017’s Year-End Results,
VitalHub CEO Dan Matlow said, “2017 was focused on progressing our
acquisition strategy, raising capital, and assembling the key
ingredients for long-term success. The combination of our four
acquired companies (VitalHub, B Sharp, HInext, and Clarity)
together with a large existing customer install base, proven and
experienced management team, valuable sales and marketing teams,
growing mental health and long-term care markets, and a new
innovative Blockchain solution, provides us with a strong
foundation for growth and success in 2018 and beyond. With
two of our acquisitions having closed after the end of the year, we
look forward to putting out our Q1 results in May, which will, for
the first time, combine all of our acquired companies.”
The Company acquired B Sharp Technologies Inc. (“B
Sharp”) on October 5, 2017 through the purchase of all issued and
outstanding securities. B Sharp develops and deploys client mental
health case management and electronic documentation solutions for
healthcare, social services, and community care organizations, and
has a software development operation in Sri Lanka which provides
access to skilled and cost‐effective development personnel. The
products of B Sharp are used by over 40 customers in 70 locations
across Canada. B Sharp had total unaudited revenues from operations
of over $1.8 million for the year‐ended December 31, 2017.
B Sharp has signed a strategic reseller agreement
with TELUS Health to distribute a white‐labelled version of its
mental health software platform (“B Care”) across Canada. TELUS
Health and VitalHub have a licensing deal in place that will
generate approximately $1 million in revenue upon the successful
implementation of the B Care solution. This partnership and
licensing deal will serve to advance the Company’s strategy to
further penetrate the mental health community market by offering
much-needed, innovative technology solutions.
VitalHub revenue for the three months ended
December 31, 2017 was $699,489, representing an increase of 471.8%
over revenues of $122,329 in the same period last year. Company
revenue for the year ended December 31, 2017 was $1,146,391,
representing an increase of 134.9% over revenues of $488,135 from
the previous year. This increase is primarily attributable to the
inclusion of revenue resulting from the B Sharp acquisition which
amounted to $533,516 for the period October 5, 2017 to December 31,
2017.
For the year ended December 31, 2017, the Company
raised total gross proceeds of $7,481,930 from various offerings,
comprised of one brokered private placement which closed on
September 12, 2017, two non‐brokered private placements which
closed on October 24, 2017 and December 19, 2017, and the issuance
of debentures which closed on December 7, 2017.
SUBSEQUENT EVENTSAcquisition of HInext
Inc.
On January 10, 2018, the Company completed the
acquisition of HInext Inc. (“HInext”) through the purchase of all
issued and outstanding securities pursuant to an acquisition
agreement dated December 21, 2017 with all the shareholders of
HInext.
HInext owns TREAT, a web‐based electronic health
record (“EHR") and care coordination platform built for health care
providers. TREAT's integrated solutions are tailored to many
sectors of care, including Behavioral and Mental Health, Community.
Currently, more than 80 organizations across North America benefit
from using TREAT's integrated health care solution. HInext has
historical unaudited revenues of $2.695 million, $3.329 million and
$3.572 million for the previous three fiscal years (2015, 2016 and
2017).
Acquisition of Clarity
On January 19, 2018, the Company completed the
purchase of select assets of Clarity Healthcare Solutions
(“Clarity”), pursuant to an acquisition agreement dated January 17,
2018.
Clarity is a Canadian Healthcare software and
consulting services company specializing in patient centric
solutions. Clarity Healthcare Solutions is a web‐based interface
and data entry solution used by leading healthcare organizations to
perform in‐patient assessments, as it streamlines resident
assessments and reporting for complex continuing and long‐term care
providers. Its applications include mental health, rehab and
homecare assessment. Clarity had approximately $200,000 in revenue
in its last fiscal year.
Introduction of WellLinc Blockchain
Solution
On February 7, 2018, the Company introduced
“WellLinc”, a proprietary electronic health record interoperability
solution powered by blockchain technology. VitalHub's WellLinc
solution is built utilizing Hyperledger Fabric technology and
supports full EHR interoperability that is not limited to read-only
access to data. WellLinc allows organizations that update a client
record in one node to automatically record that transaction and
update it across all other trusted nodes. WellLinc represents the
first fully-interoperable mental-health-specific blockchain
solution the Company is aware of.
ABOUT VITALHUB:
VitalHub uses web, mobile, and Blockchain
technology to create disruptive SaaS-based healthcare applications
that solve industry-wide problems. VitalHub's aim is to create
high-value, secured solutions that enable broad interoperability
among existing health data systems. Vitalhub is primarily focused
on working with organizations in the Mental Health and Long-Term
Care space, to further extend organization's applications across
the continuum of care, powered by the security, efficiency, and
trust of Blockchain technology.
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 200+ clients across North America. 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
The TSX Venture Exchange has in no way passed upon
the merits of the transactions and has neither approved nor
disapproved the contents of this press release. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press
release.
CONTACT INFORMATION
Dan MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@vitalhub.com
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