TORONTO, Aug. 27, 2018 (GLOBE NEWSWIRE) — VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management’s Discussion and Analysis report for the quarter ended June 30, 2018 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 of Q2 2018, VitalHub CEO Dan Matlow said, “We are continuing to make progress on the integration of our acquired companies and are starting to realize the synergistic values we anticipated, as shown in the second straight quarter of positive adjusted EBITDA. It is important to note that Q2 does not have a large impact of one?time perpetual licenses as compared to Q1. While we expect to make intermittent perpetual one?time license transactions, we are primarily focused on increasing our Annual Recurring Revenue numbers, which increased by over 7% this quarter. We continue to grow our pipeline with meaningful new sales opportunities and further M&A opportunities.”
Highlights for the quarter ended June 30, 2018 include:
- Revenue for the three months ended June 30, 2018 was $1,856,446, representing an increase of 1266.3% over revenues of $135,875 in the same period last year. Revenue for the six months ended June 30, 2018 was $4,779,836, representing an increase of 1706.9% over revenues of $264,528 in the same period last year. This increase is primarily a result of the acquisitions completed in the period and the inclusion of such revenues which include $1,613,362 of perpetual license revenue sold to a customer for the HI Next software in the period
- Adjusted EBITDA for the three months ended June 30, 2018 was $20,692 compared to adjusted EBITDA of ($435,616) in the previous period. For the six months ended June 30, 2018 adjusted EBITDA was $771,568 compared to ($719,623) in the previous period. Adjusted EBITDA is a non?IFRS measure.
- Annualized Contract Value (“ACV”) of recurring revenue. The Company defines ACV of recurring revenue as the contracted annual renewable software license fees and maintenance services. The ACV of recurring revenue at June 30, 2018 was $4,010,706 as compared to $3,745,490 at March 31, 2018, an increase of 7%. This growth is due to several new contracts signed in the quarter. ACV is a non?IFRS measure.
- Beginning in April the Company has listed on the Frankfurt Stock Exchange under the trading symbol 6OV. This marks another step forward to increasing the Company’s international profile and facilitating investment by European investors.
- On May 8, 2018, the Company announced that Ernst & Young LLP (“EY Canada”) Health Practice formally agreed to work together on a co?marketing initiative to bring WellLinc to market on a global basis. The WellLinc solution uses blockchain technology to enable the secure and interoperable exchange of electronic health data, across the continuum of care. The relationship with EY Canada Health Practice will afford the Company with reach and access into significant global distribution networks across the target customer demographic.
- During the quarter, the first sale of WellLinc, the Company’s proprietary Blockchain as a Service (“BaaS”) solution was licensed by Bluewater Health and the Canadian Mental Health Association of Lambton?Kent. EY Canada Health Practice is collaborating with the Company on this project and is exploring an outcomes?based ROI analysis of the impact of WellLinc, that will be used to support design decisions as the Company rolls?out and further expands the solution into new geographies.
- During the period, the Company announced the introduction and first sale of its harm?reduction module. The solution will be used to support a program by the Injection Drug Users Health Alliance (“IDUHA”) in New York State. The solution has been licensed to 7 of the 22 IDUHA Community Health Agencies, that are existing customers, to be implemented to support the rollout of Medicaid?sponsored harm reduction program that goes live July 1, 2018.
- The Company signed several additional contracts in the quarter including: Saint Luke’s Place, ON, Canada; Golden Dawn Senior Citizens Home, ON, Canada; and the Region of Waterloo Senior’s Service Division, ON, Canada.
VitalHub develops and supports mission?critical healthcare information systems in the Mental Health (Child, Youth and Adult), Long Term Care, Community Health Service, Home Health and Hospital sectors. VitalHub technologies include Blockchain, Mobile, and Web?Based Assessment and EHR solutions.
VitalHub’s aim is to create high?value, secured solutions enabling interoperability among existing health data systems. VitalHub is primarily focused on working with organizations in the Mental Health, Acute and Long?Term Care space, to further extend organization’s applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
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 200+ participants across North America. 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”.
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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