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Vitalhub Corp (2)
Symbol VHI
Shares Issued 37,029,838
Close 2022-03-29 C$ 3.45
Recent Sedar Documents

ORIGINAL: VitalHub Grows Revenue to $24,664,593 for Fiscal 2021, an increase of 79% from Fiscal 2020

2022-03-29 20:48 ET - News Release

TORONTO, March 29, 2022 (GLOBE NEWSWIRE) -- VitalHub Corp. (the "Company" or "VitalHub") (TSX: VHI) announced today it has filed its Consolidated Financial Statements and Management's Discussion and Analysis report for the year ended December 31, 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,

"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. To register for the conference call please visit: Vitalhub Q4 2021 Conference Call or https://bit.ly/Vitalhub-Q4-2021.

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.
  • ARR (1, 2) 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 (2) of $470,036 compared to ($125,716) from the comparative period in the prior year.
  • Adjusted EBITDA (2) 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.
  • ARR (1, 2) grew by $7,262,624 to $22,106,663, achieving 49% growth in FY 2021 versus FY 2020.
  • ARR (1, 2) 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 (2) of $1,115,476 compared to $148,125 from the prior fiscal year.
  • Adjusted EBITDA (2) 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

Q4 2021 and 2020 Results

Three months ended Year ended
December 31,
December 31,
ChangeDecember 31,
December 31,
Cost of sales1,463,44021%1,238,52624%18%5,237,21021%3,503,36625%49%
Gross Profit5,466,85079%3,844,60676%42%19,427,38379%10,290,82675%89%
Operating Expenses
General and administrative1,441,16421%1,089,17821%32%5,079,37921%3,108,68223%63%
Sales and marketing967,63014%760,70315%27%3,614,17315%1,657,42712%118%
Research and development1,717,58025%1,226,96924%40%6,045,79925%3,219,21723%88%
Depreciation of right-of-use assets70,7131%57,2121%24%272,4821%219,5532%24%
Stock based compensation628,7899%297,3136%111%1,717,0947%486,8064%253%
Foreign currency loss (gain)(10,383)(0%)56,6551%(118%)137,9271%55,2610%150%
Other Income and Expenses
Amortization of intangible assets622,7509%433,8349%44%2,241,2519%1,861,43813%20%
Business acquisition, restructuring and integration costs252,5974%542,31011%(53%)1,715,9427%1,618,11412%6%
Interest expense and accretion (net of interest income)(3,966)(0%)6,7690%(159%)(29,548)(0%)15,9790%(285%)
Interest income from sublease00%(233)(0%)(100%)00%(1,936)(0%)(100%)
Loss on disposal of property and equipment(561)(0%)(2,806)(0%)0%1,5930%(2,806)(0%)100%
Current and deferred income taxes323,0065%47,7571%576%333,0761%32,8980%912%
Net loss(605,772)(9%)(715,217)(14%)(15%)(1,946,641)(8%)(2,165,721)(16%)(10%)
EBITDA (Non-IFRS measure)470,0367%(125,716)(2%)474%1,115,4765%148,1251%653%
Adjusted EBITDA (Non-IFRS measure)1,351,42220%713,90714%89%4,548,51218%2,253,04516%102%
Annualized Recurring Revenue (Non-IFRS measure)22,106,66314,844,03949%22,106,66314,844,03949%
Recurring revenue (Non-IFRS Measure)5,290,21076%3,875,40976%37%19,250,26678%10,000,70372%92%
Deferred revenue8,821,3316,214,7368,821,3316,214,736
Cash balance16,389,98223,391,94616,389,98223,391,946


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".


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 of new information, future events, or otherwise.


Dan Matlow
Chief Executive Officer, Director
(416) 727-9061

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