Vitalhub Corp T.VHI

Great News......GO VHI...to the MOOOOON!!

[Bentley2000]

VitalHub Records Record Revenue of $9,423,191 and Net Income of $1,437,611 in Q1 2022 2022-05-12 07:37:34 PM ET (GlobeNewswire)

 

EQNX::TICKER_START (TSX:VHI), EQNX::TICKER_END 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 months ended March 31, 2022 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, "The ongoing global market drive to use digital solutions to reduce capacity constraints, improve patient access to services and manage the flow of patients through local health systems in both hospital and community settings is a key factor in the increased adoption of Vitalhub's proven solutions. We have seen this increased adoption across all products of the company resulting in the record results in Q1." The Company will be holding a conference call via Zoom on May 13th, 2022, at 9:00am EDT 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 Q1 2022 Conference Call or https://bit.ly/37adrdh First Quarter 2022 Highlights (1) The Company defines annual recurring revenue ("ARR") as the recurring revenue expected based on yearly subscriptions of the renewable software license fees and maintenance services (2) Non-IFRS measure Q1 2022 RESULTS                                                             Three months ended                                                           March 31, 2022 %       March 31, 2021 %       Change                                                                          Revenue                Revenue                                                           $                      $                      % Revenue                                                   9,423,191      100%    5,323,074      100%    77% Cost of sales                                             1,474,579      16%     1,278,099      24%     15% Gross Profit                                              7,948,612      84%     4,044,975      76%     97% Operating Expenses General and administrative                                1,821,638      19%     1,198,918      23%     52% Sales and marketing                                       1,048,389      11%     754,630        14%     39% Research and development                                  2,048,245      22%     1,158,173      22%     77% Depreciation                                              43,317         0%      33,347         1%      30% Depreciation of right-of-use assets                       63,389         1%      63,571         1%      (0%) Stock based compensation                                  269,244        3%      319,777        6%      (16%) Foreign currency (gain) loss                              (20,675)       (0%)    64,923         1%      (132%) Other Income and Expenses Amortization of intangible assets                         683,928        7%      433,972        8%      58% Business acquisition, restructuring and integration costs 414,727        4%      246,816        5%      68% Interest expense and accretion (net of interest income)   (4,720)        (0%)    (10,530)       (0%)    (55%) Interest income from sublease                             0              0%      (59)           (0%)    0% Interest expense from lease liabilities                   17,618         0%      20,611         0%      (15%) Loss on disposal of property and equipment                0              0%      2,497          0%      0% Current and deferred income taxes                         125,901        1%      0              0%      100% Net income (loss)                                         1,437,611      15%     (241,671)      (5%)    695% EBITDA                                                    2,367,044      25%     299,241        6%      691% Adjusted EBITDA                                           3,051,015      32%     865,834        16%     252% Annual Recurring Revenue                                  24,015,090             15,931,628             51% Recurring revenue                                         5,732,891      61%     3,868,358      73%     48% Deferred revenue                                          14,405,056             8,821,331 Cash balance                                              20,751,890             16,389,982 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 o f new information, future events, or otherwise. CONTACT INFORMATION Dan Matlow Chief Executive Officer, Director [phone] [e-mail] <img src="https://ml.globenewswire.com/media/MmI1MzI1YmYtNjM3OS00ZTIwLThjZWQtYzlmZmNhOGFhZjE3LTExMDgwODg=/tiny/Vitalhub-Corp-.png" referrerpolicy="no-referrer-when-downgrade" /><p>https://ml.globenewswire.com/media/fae8da93-7d5e-4eb4-9121-d724c8555bce/small/greylogo-png.png https://ml.globenewswire.com/media/fae8da93-7d5e-4eb4-9121-d724c8555bce/small/greylogo-png.png COMTEX_407116097/2010/2022-05-12T19:37:34