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Vitalhub Corp (2)
Symbol VHI
Shares Issued 43,350,258
Close 2022-08-11 C$ 2.68
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Vitalhub earns $74,579 in Q2

2022-08-11 23:04 ET - News Release

Mr. Dan Matlow reports


Vitalhub Corp. has filed its interim condensed consolidated financial statements and management's discussion and analysis report for the three and six months ended June 30, 2022, with the Canadian securities authorities. These documents may be viewed under the company's profile at SEDAR.

Vitalhub's chief executive officer, Dan Matlow, commented: "The company's positive momentum has continued into the second quarter, as demonstrated by another record-high revenue result. We continue to see steady upward progress across all our key indicators, with a healthy pipeline of new business and backlog of closed sales that have not yet begun recognizing revenue. Notably, we are experiencing strong organic growth in our annual recurring revenue (ARR) numbers as we continue to secure long-term, recurring contracts. We generated over $800,000 of organic ARR growth in [second quarter] 2022. This brings our total organic ARR growth over the last eight quarters to approximately $6.8-million. It should also be noted that our Q2 ARR growth does not include the recently announced Ontario Solicitors General transaction, which we expect to start generating revenue in the latter part of this year."

Vitalhub's quarterly investor conference call will take place on Aug. 12, 2022, at 9 a.m. EST. To join the call, please dial 1-888-664-6383 (toll-free North America) or 416-764-8650 (local -- Toronto), and enter confirmation No. 51418625.

A replay of the call will be available until Aug. 19, 2022, by dialling 1-888-390-0541 (toll-free North America) or 416-764-8677 (local -- Toronto), using the replay entry code 418625 followed by the number sign.

Second quarter 2022 highlights:

  • Revenue of $9,477,464, an increase of $3,685,282 or 64 per cent from the comparative period in the prior year;
  • Gross profit as a percentage of revenue for Q2 2022 was 83 per cent compared with 77 per cent in Q2 2021;
  • ARR (1, 2) grew by $7,204,418 to $31,219,508, achieving a 30-per-cent growth for the quarter ($7,645,906 or 32 per cent on a constant currency basis) from Q2 2022 from first quarter 2022:
    • $823,506 or 3.43 per cent organically;
    • $6,748,747 or 28.10 per cent through acquisition;
    • $367,836 or 1.53 per cent due to an unrealized foreign exchange loss;
  • EBITDA (earnings before interest, taxes, depreciation and amortization) (2) of $1,023,686 compared with $157,114 from the comparative period in the prior year;
  • Adjusted EBITDA (2) of $1,866,563, or 20 per cent of revenue, compared with $1,053,686 or 18 per cent of revenue from the comparative period in the prior year;
  • Cash on hand at June 30, 2022, was $36,830,071 compared with $16,389,982 as at Dec. 31, 2021;
  • Cash flow from operations before changes in working capital was $3,984,148 for the period as compared with $647,032 for the same period last year;
  • During the quarter, the company completed a bought deal offering with net proceeds of $16,296,220;
  • Treat Electronic Health Record was selected by the Ministry of the Solicitor General for an initial six-year contract valued at $9-million; Treat will be used to better track the essential medical information needed to effectively treat inmates in provincially run adult correctional facilities across Ontario.

(1) The company defines annual recurring revenue as the recurring revenue expected based on yearly subscriptions of the renewable software licence fees and maintenance services.

(2) Non-international financial reporting standard measure.

About Vitalhub Corp.

Vitalhub provides technology to health and human service 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 co-ordination, patient flow and 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 merger-and-acquisition plan. Currently, Vitalhub serves 275-plus clients across Canada, United States, United Kingdom, 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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