net earnings of $9-million, a 282-per-cent increase,
Datametrex AI earns $9.09-million in 2021
2022-05-02 14:24 ET - News Release
Mr. Marshall Gunter reports
DATAMETREX REPORTS RECORD ANNUAL FINANCIAL RESULTS WITH $49 MILLION OF REVENUE
Datametrex AI Ltd. has provided an update on the record achievement in the history of the company. Datametrex has filed on SEDAR its financial statements and related management discussion and analysis for the year-end results ended Dec. 31, 2021.
2021 financial summary
The company's financial performance vastly improved in the fourth quarter, attributed by growth in its core AI (artificial intelligence) technology business and uptake in its health security business involving COVID-19 testing services.
The company reported record revenue of $49-million, a 296-per-cent increase, and net earnings of $9-million, a 282-per-cent increase, compared with a $5-million loss in 2020. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) also improved significantly -- $15-million in 2021 compared with negative $862,494 in 2020, improving by 1,838 per cent. This adjusted EBITDA reflects the company's operations, not including non-cash items. The company significantly improved its cash balance from $2-million to $15-million, up 681 per cent from Dec. 31, 2020. The company also added marketable securities of over $2-million to the balance sheet.
"The 2021 financial results reflect another strong period as the company successfully grows its core AI business and continues to accelerate within the telehealth and health security verticals," said Marshall Gunter, chief executive officer of the company.
"We have entered 2022 coming off a record 2021 year in revenue and positive cash flow. The momentum will only continue to build as we continue quarter over quarter. The company is focused on increasing revenue with continued AI government contracts and the launch of our telehealth app, Medi-Call, in the health security vertical. Future acquisitions will only advance Datametrex as an industry leader and continue to increase revenue," said Andrew Ryu, chairman of the company.
The financial information from the financial results ended Dec. 31, 2021, and management discussion and analysis are available for review on SEDAR.
Please refer to the Q4 2021 filing in its entirety, which is available under Datametrex's profile on SEDAR.
Financial highlights -- financial results for 12 months ended Dec. 31, 2021:
- Revenue was $49-million compared with $12-million for the same period in 2020, an increase of 296 per cent.
- The company's cash position improved significantly -- $15-million compared with $2-million at the end of 2020.
- The company added marketable securities of over $2-million.
- The company's net earnings were $9-million, compared with the net loss of $5-million.
- Gross margin was $21-million, compared with $3-million in the previous year, which is an increase of 604 per cent.
An attached table summarizes revenue, net loss, EBITDA and adjusted EBITDA for the year ended Dec. 31, 2021, and 2020.
Outlook
The company's financial performance greatly improved in the fourth quarter. The company continues to focus and expand its AI business and expects to see significant growth in the electric vehicle vertical as well as continued expansion in telehealth with the launch of Medi-Call. In March, 2022, the company's wholly owned subsidiary, Nexalogy, successfully completed the first phase of its artificial intelligence contract with the Canadian government.
In November, 2021, the company received a purchase order for up to $1-million from an electric vehicle charging platform company and is looking forward to entering the electric vehicle space this year. The company officially moved into the telehealth vertical with the launch of its Medi-Call health app in April, 2022, and has started taking its first orders. Medi-Call will be expanding to in-person visits in the coming months. The company looks forward to expanding Medi-Call's geographic footprint this year. The company has seen an increase in demand for COVID-19 testing. This resulted in tremendous growth in testing within the film and production industry. In March alone, the company conducted 25,333 COVID-19 tests and continues to build in this area.