TORONTO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSX: VHI) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis report for the three and nine months ended September 30, 2021 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,
“Although Q3 is traditionally a slower quarter due to the summer months, we have continued to experience strong organic growth and improved earnings year-over-year and quarter-over-quarter. Despite experiencing some extraordinary costs pertaining to our uplisting to the TSX and bank financing transaction, we have continued to see operational and financial improvement from the previous quarter. While the valuations of digital health providers have experienced multiple compression in recent months, we believe our status as a near pure SaaS-based software company differentiates us significantly, and is continually substantiated by improvements in key performance indicators and our reported financials.”
Third Quarter 2021 Highlights
- Revenue of $6,619,047, an increase of $3,426,881 or 107% from the comparative period in the prior year.
- Gross profit as a percentage of revenue for Q3 2021 was 82% compared to 81% in Q3 2020 and 77% compared to Q2 2021.
- ARR (1, 2) grew by $1,811,726 to $21,569,032, achieving 9% growth in Q3 2021 versus Q2 2021.
- ARR (1) consists of $513,488 or 2.60% organic growth and $1,298,238 or 6.57% acquisition growth in Q3 2021 versus Q2 2021.
- Net (loss) of ($575,792) compared to a net loss of ($1,065,505) from the comparative period in the prior year.
- EBITDA (2) of $189,088 compared to ($419,362) from the comparative period in the prior year.
- Adjusted EBITDA (Non-IFRS measure) of $1,277,573, or 19% of revenue, compared to $502,595 or 16% of revenue from the comparative period in the prior year.
- Cash on hand at September 30, 2021 was $15,704,130 compared to $23,391,946 as at December 31, 2020.
- Cashflows from operations before changes in working capital was $1,394,927 for the period as compared to $352,464 for the same period last year.
- During the quarter the Company arranged a $10,000,000 acquisition debt facility from the technology and Innovation banking division of The Bank of Nova Scotia.
- On September 23, 2021 the Company commenced trading on the Toronto Stock Exchange (“TSX”). The common shares were previously listed on the TSX Venture Exchange (“TSXV”) since December 2, 2016.
https://www.globenewswire.com/news-release/2021/11/15/2334552/0/en/VitalHub-Achieves-Record-Revenues-in-Q3-2021-with-ARR-over-21-5-million.html