VitalHub Grows Revenue to $24,664,593 for Fiscal 2021, an increase of 79% from Fiscal 2020
30 March 2022 - 11:35AM
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
$23,102,663 as at December 31, 2021.
(1) The Company defines annual recurring revenue (“ARR”) as
the recurring revenue expected based on yearly subscriptions of the
renewable software license fees and maintenance services(2)
Non-IFRS measure
Q4 2021 and 2020 Results
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Three months ended |
Year ended |
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December 31, 2021 |
% Revenue |
December 31, 2020 |
% Revenue |
Change |
December 31, 2021 |
% Revenue |
December 31, 2020 |
% Revenue |
Change |
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$ |
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$ |
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% |
$ |
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$ |
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% |
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Revenue |
6,930,290 |
|
100 |
% |
5,083,132 |
|
100 |
% |
36 |
% |
24,664,593 |
|
100 |
% |
13,794,192 |
|
100 |
% |
79 |
% |
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Cost of sales |
1,463,440 |
|
21 |
% |
1,238,526 |
|
24 |
% |
18 |
% |
5,237,210 |
|
21 |
% |
3,503,366 |
|
25 |
% |
49 |
% |
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Gross Profit |
5,466,850 |
|
79 |
% |
3,844,606 |
|
76 |
% |
42 |
% |
19,427,383 |
|
79 |
% |
10,290,826 |
|
75 |
% |
89 |
% |
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Operating Expenses |
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General and administrative |
1,441,164 |
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21 |
% |
1,089,178 |
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21 |
% |
32 |
% |
5,079,379 |
|
21 |
% |
3,108,682 |
|
23 |
% |
63 |
% |
|
Sales and marketing |
967,630 |
|
14 |
% |
760,703 |
|
15 |
% |
27 |
% |
3,614,173 |
|
15 |
% |
1,657,427 |
|
12 |
% |
118 |
% |
|
Research and development |
1,717,580 |
|
25 |
% |
1,226,969 |
|
24 |
% |
40 |
% |
6,045,799 |
|
25 |
% |
3,219,217 |
|
23 |
% |
88 |
% |
|
Depreciation |
45,110 |
|
1 |
% |
25,984 |
|
1 |
% |
74 |
% |
162,424 |
|
1 |
% |
108,946 |
|
1 |
% |
49 |
% |
|
Depreciation of right-of-use assets |
70,713 |
|
1 |
% |
57,212 |
|
1 |
% |
24 |
% |
272,482 |
|
1 |
% |
219,553 |
|
2 |
% |
24 |
% |
|
Stock based compensation |
628,789 |
|
9 |
% |
297,313 |
|
6 |
% |
111 |
% |
1,717,094 |
|
7 |
% |
486,806 |
|
4 |
% |
253 |
% |
|
Foreign currency loss (gain) |
(10,383 |
) |
(0 |
%) |
56,655 |
|
1 |
% |
(118 |
%) |
137,927 |
|
1 |
% |
55,261 |
|
0 |
% |
150 |
% |
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Other Income and Expenses |
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Amortization of intangible assets |
622,750 |
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9 |
% |
433,834 |
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9 |
% |
44 |
% |
2,241,251 |
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9 |
% |
1,861,438 |
|
13 |
% |
20 |
% |
|
Business acquisition, restructuring and integration costs |
252,597 |
|
4 |
% |
542,310 |
|
11 |
% |
(53 |
%) |
1,715,942 |
|
7 |
% |
1,618,114 |
|
12 |
% |
6 |
% |
|
Interest expense and accretion (net of interest income) |
(3,966 |
) |
(0 |
%) |
6,769 |
|
0 |
% |
(159 |
%) |
(29,548 |
) |
(0 |
%) |
15,979 |
|
0 |
% |
(285 |
%) |
|
Interest income from sublease |
0 |
|
0 |
% |
(233 |
) |
(0 |
%) |
(100 |
%) |
0 |
|
0 |
% |
(1,936 |
) |
(0 |
%) |
(100 |
%) |
|
Loss on disposal of property and equipment |
(561 |
) |
(0 |
%) |
(2,806 |
) |
(0 |
%) |
0 |
% |
1,593 |
|
0 |
% |
(2,806 |
) |
(0 |
%) |
100 |
% |
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Current and deferred income taxes |
323,006 |
|
5 |
% |
47,757 |
|
1 |
% |
576 |
% |
333,076 |
|
1 |
% |
32,898 |
|
0 |
% |
912 |
% |
|
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|
Net loss |
(605,772 |
) |
(9 |
%) |
(715,217 |
) |
(14 |
%) |
(15 |
%) |
(1,946,641 |
) |
(8 |
%) |
(2,165,721 |
) |
(16 |
%) |
(10 |
%) |
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EBITDA (Non-IFRS measure) |
470,036 |
|
7 |
% |
(125,716 |
) |
(2 |
%) |
474 |
% |
1,115,476 |
|
5 |
% |
148,125 |
|
1 |
% |
653 |
% |
|
|
|
|
|
|
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|
|
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|
Adjusted EBITDA (Non-IFRS measure) |
1,351,422 |
|
20 |
% |
713,907 |
|
14 |
% |
89 |
% |
4,548,512 |
|
18 |
% |
2,253,045 |
|
16 |
% |
102 |
% |
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|
Annualized Recurring Revenue (Non-IFRS
measure) |
22,106,663 |
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|
14,844,039 |
|
|
49 |
% |
22,106,663 |
|
|
14,844,039 |
|
|
49 |
% |
|
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|
|
|
|
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|
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|
Recurring revenue (Non-IFRS Measure) |
5,290,210 |
|
76 |
% |
3,875,409 |
|
76 |
% |
37 |
% |
19,250,266 |
|
78 |
% |
10,000,703 |
|
72 |
% |
92 |
% |
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Deferred revenue |
8,821,331 |
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|
6,214,736 |
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|
8,821,331 |
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|
6,214,736 |
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Cash balance |
16,389,982 |
|
|
23,391,946 |
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|
|
16,389,982 |
|
|
23,391,946 |
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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 of new information, future events, or otherwise.
CONTACT INFORMATION
Dan MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@Vitalhub.com
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