VitalHub Continues to Report Positive Adjusted EBITDA Results and Increased Revenues
November 26 2018 - 3:16PM
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
quarter ended September 30, 2018 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 Q3 2018,
VitalHub CEO Dan Matlow said, “While, traditionally the 3rd quarter
in our sector is slow due to the seasonality, we continued to
increase revenues and improve our positive adjusted EBITDA as we
continue to integrate our acquisitions. Moving toward the end of
the year, our pipeline growth is expected to bear results, as we
now have some meaningful opportunities in advanced stages. While
there are no guarantees regarding timing or a successful
conclusion, we are optimistic that we will secure new
mandates.”
Highlights for the quarter ended
September 30, 2018 include:
- Revenue for the
three months ended September 30, 2018 was $2,118,093, representing
an increase of 1224.9% over revenues of $159,874 in the same period
last year, and an increase of 14.1% over Q2 revenues of $1,856,446.
Revenue for the nine months ended September 30, 2018 was
$6,897,929, representing an increase of 1,525.3% over revenues of
$424,402 in the same period last year. This increase is primarily a
result of acquisitions and the inclusion of $1,613,362 of perpetual
license revenue from a customer for the HI Next software in the
period.
- EBITDA (defined as
earnings before interest, taxation, depreciation and amortization)
for the three months ended September 30, 2018 was $155,794 compared
to EBITDA of ($562,991) in Q3/2017, and ($462,780) in Q2/2018. For
the nine months ended September 30, 2018, EBITDA was $504,107
compared to ($1,366,259) in the same period last year. EBITDA is a
non-IFRS measure.
- Adjusted EBITDA
(defined as earnings before interest, taxation, depreciation,
amortization, and share based compensation) for the three months
ended September 30, 2018 was $296,403 compared to adjusted EBITDA
of ($559,437) in Q3/2017, and $20,691 in Q2/2018. For the nine
months ended September 30, 2018, adjusted EBITDA was $1,067,969
compared to ($1,279,060) in the same period last year. Adjusted
EBITDA is a non-IFRS measure.
- Annualized Contract Value
(“ACV”) of Recurring Revenue (defined as the contracted
annual renewable software license fees and maintenance service
revenues) at September 30, 2018 was $4,273,773 as compared to
$4,010,706 at June 30, 2018, an increase of 6.5%. ACV is a non-IFRS
measure.
- On July 17, 2018, the
Company announced the sale of the VitalHub Long-Term Care Solution
to the Senior’s Services division of the Region of
Waterloo. This marks the product’s first sale to a
municipally operated, public long-term care facility and our fourth
sale to date. The Region of Waterloo operates Sunnyside Home, a
263-bed long term care facility located in the Stanley Park area of
Kitchener.
- On July 31, 2018, the
Company announced the sale of the B Care Electronic Health Record
(“EHR”) to support William Osler Health System’s (“Osler”) cardiac
care program. This sale follows a successful
response to a Request for Proposal issued by Osler to find an EHR
flexible enough to meet the workflow requirements of its Pacemaker
Clinic. Osler is a hospital system that serves 1.3 million
residents of Brampton, Etobicoke, and surrounding communities
within the Central West Local Health Integration Network.
- On August 21, 2018, the
Company announced the sale of the TREAT EHR solution to Stella’s
Place, a Toronto-based young adult mental health agency, and a
Reconnect Community Health Services (“Reconnect”)
affiliate. At present, the TREAT EHR solution has only
been implemented across 15% of Reconnect's affiliate network,
representing a significant opportunity to further increase
penetration of the product across the mental health services
space.
- On September 28, 2018, the
Company completed its fourth acquisition to date through the
purchase of Roxy Software Inc. (“Roxy”). Roxy provides
“Pirouette” a web-based software solution that helps manage
programs, workload, and data more effectively. Roxy had
approximately $288,000 in revenue in its last fiscal year.
ABOUT VITALHUB:
VitalHub develops and supports mission-critical
healthcare information systems in the Mental Health (Child, Youth
and Adult), Long Term Care, Community Health Service, Home Health
and Hospital sectors. VitalHub technologies include Blockchain,
Mobile, and Web-Based Assessment and EHR solutions.
VitalHub's aim is to create high-value, secured
solutions enabling interoperability among existing health data
systems. VitalHub is primarily focused on working with
organizations in the Mental Health, Acute 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+ participants 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
Vitalhub (TSXV:VHI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vitalhub (TSXV:VHI)
Historical Stock Chart
From Apr 2023 to Apr 2024