Mr. Dan Matlow reports
VITALHUB GROWS REVENUE TO $24,664,593 FOR FISCAL 2021, AN INCREASE OF 79% FROM FISCAL 2020
Vitalhub Corp. has filed its consolidated financial statements, and management's discussion and analysis report for the year ended Dec. 31, 2021, with the Canadian securities authorities. These documents may be viewed under the company's profile on SEDAR.
When asked to comment on the results, VitalHub CEO Dan Matlow said,
"Throughout Q4 and the entire 2021 fiscal year, the Company has continued to execute on its well-defined strategy, which combines synergistic M&A with organic growth, to scale the Company on an international basis. As a result, quarter over quarter, we have seen positive changes across all key financial metrics used to measure our business. We are excited by the market traction and penetration we have achieved to-date and look forward to continuing our focused execution plan in 2022 in all areas of our business."
The Company will be holding a conference call via Zoom on March 30, 2022, at 9:00am EST hosted by CEO Dan Matlow and CFO Brian Goffenberg with a Q&A session to follow.
Fourth Quarter 2021 Highlights
Revenue of $6,930,290, an increase of $1,847,158 or 36% from the comparative period in the prior year.
- Gross profit as a percentage of revenue for Q4 2021 was 79% compared to 76% in Q4 2020 and 77% in Q3 2021.
) grew by $537,631 to $22,106,663, achieving 3% growth (all organic) in Q4 2021 versus Q3 2021.
- Net loss of ($605,772) compared to a net loss of ($715,217) in the comparative period in the prior year.
- EBITDA (
) of $470,036 compared to ($125,716) from the comparative period in the prior year.
- Adjusted EBITDA (
) of $1,351,422, or 20% of revenue, compared to $713,907 or 14% of revenue from the comparative period in the prior year.
Annual 2021 Highlights
Revenue of $24,664,593, an increase of $10,870,401 or 79% from the prior fiscal year.
- Gross profit as a percentage of revenue for FY 2021 was 79% compared to 75% in FY 2020.
) grew by $7,262,624 to $22,106,663, achieving 49% growth in FY 2021 versus FY 2020.
) growth consists of $2,640,543 organic growth (17.79%) and $4,622,081 acquisition growth (31.14%) in FY 2021 over FY 2020.
- Net loss of ($1,946,641) compared to a net loss of ($2,165,721) in the prior fiscal year.
- EBITDA (
) of $1,115,476 compared to $148,125 from the prior fiscal year.
- Adjusted EBITDA (
) of $4,548,512 or 20% of revenue, compared to $2,253,045 or 14% of revenue in the prior fiscal year.
- Cash on hand at December 31, 2021 was $16,389,982 compared to $23,391,946 as at December 31, 2020.
- Cashflows from operations before changes in working capital was $2,089,693 for the year as compared to $432,195 in 2020.
- VitalHub was ranked 20th on Deloitte's Technology Fast 50 program award amongst Canadian companies for its rapid revenue growth with 1103% growth from 2017 to 2020. The Company also ranked 127th within North America on Deloitte's Technology Fast 500 Rankings List.
- Subsequent to the year end on January 27, 2022, the Company acquired all of the issued and outstanding shares of Beautiful Information Limited. ("BI"). BI is a UK-based company, which offers unique real-time information to NHS trusts to help them plan and resource clinical services to meet hourly fluctuations in patient flow.
- Including the acquisition of BI subsequent to the year end, VitalHub's proforma ARR (1, 2) was $23,102,663 as at December 31, 2021.
(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
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".
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