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VitalHub Corp. Reports Third Quarter 2023 Results

TORONTO, Nov. 09, 2023 (GLOBE NEWSWIRE) -- VitalHub Corp. (the "Company" or "VitalHub") (TSX:VHI) (OTCQX:VHIBF) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis report for the three and nine months ended September 30, 2023, with the Canadian securities authorities. These documents may be viewed under the Company's profile at www.sedar.com.

"Our well-established business foundation continues to drive robust financial performance. In Q3 2023, VitalHub delivered another solid quarter, demonstrating consistent growth in revenue, gross profits, net income, and cash generation," said Dan Matlow, Chief Executive Officer of VitalHub. "This can be attributed to our unwavering commitment to expanding our healthcare product portfolio, further integrating into healthcare networks, and broadening our geographical reach. Strong double-digit year-over-year growth was delivered in all of our revenue streams: term licences, maintenance and support; perpetual licenses; services; and hardware. Our business continues to drive ARR (1,2) organic growth evident from sequential quarter-over-quarter growth of 4%. Compared to Q3 2022, ARR (1,2) increased 38% or $11.6 million to $42.6 million, with 17% attributed to organic growth. Adjusted EBITDA (2) increased 59% or $1.3 million to $3.4 million (26% of revenue) from Q3 2022. Net income before income taxes increased to $2.8 million compared to $0.4 million in Q3 2022. Excluding a one-time tax reversal, Q3 2023 net income was $1.8 million representing $0.04 per fully diluted share. We closed the quarter with $29.8 million in cash on hand, a sequential increase of $6.9 million, and combined with the availability of our Bank of Nova Scotia Facility, we currently have $62.8 million to continue progressing both our go-to-market and acquisition strategies. As evidenced by our robust organic growth, we are penetrating further into core accounts, expanding horizontally into adjacent markets, and driving deeper into our core geographies. We look forward to continuing this momentum as we close out 2023 and look forward into 2024."

VitalHub Corp's quarterly investor conference call will take place on Friday, November 10th, 2023, at 9:00AM EST.

To register for the call, please visit:


Third Quarter 2023 Highlights

Nine Month 2023 Highlights

(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.


 Three months endedNine months ended
 September 30,
% RevenueSeptember 30,
% RevenueChangeSeptember 30,
% RevenueSeptember 30,
% RevenueChange
 $ $ %$ $ %
Cost of sales2,392,70718%1,952,39820%(23%)7,333,45519%5,032,25918%(46%)
Gross profit10,831,55782%7,828,15580%38%31,571,42481%23,648,95082%34%
Operating expenses           
General and administrative2,683,87920%2,159,87022%(24%)8,853,44023%6,165,61921%(44%)
Sales and marketing1,466,67511%1,076,67311%(36%)4,488,31912%3,148,31211%(43%)
Research and development3,167,46824%2,549,46626%(24%)8,981,11323%7,208,05525%(25%)
Depreciation of property and equipment84,2021%69,9921%(20%)242,3701%173,8651%(39%)
Depreciation of right-of-use assets100,9511%64,1581%(57%)298,6001%179,6401%(66%)
Stock based compensation266,7842%289,0193%8%838,4252%872,8033%4%
Deferred share-based compensation00%00%0%97,5600%00%100%
Foreign currency loss (gain)103,7661%(109,607)(1%)195%(55,319)(0%)56,5730%198%
Other income and expenses          
Amortization of intangible assets1,066,7678%847,8189%(26%)3,191,2288%2,327,0168%(37%)
Business acquisition, restructuring and integration costs216,7292%473,6695%54%1,228,0943%1,416,7335%13%
Loss on change in fair value of contingent consideration00%00%0%246,3251%00%(100%)
Interest expense and accretion (net of interest income)(160,917)(1%)(75,059)(1%)114%(237,272)(1%)30,6260%875%
Interest expense from lease liabilities16,8120%72,6581%77%57,1560%105,5940%46%
Current and deferred income taxes(1,006,534)(8%)368,7214%373%(267,209)(1%)410,0871%165%
Net income2,827,07721%40,7770%6833%3,610,6969%1,552,9705%133%
EBITDA (Non-IFRS measure)2,928,35822%1,389,06514%111%6,895,56918%4,779,79817%44%
Adjusted EBITDA (Non-IFRS measure)3,411,87126%2,151,75322%59%9,305,97324%7,069,33425%32%
Annual recurring revenue (Non-IFRS measure)42,612,166 30,967,215 38%42,612,166 30,967,215 38%
Term licences, maintenance and support revenue10,821,75882%7,657,55978%41%31,029,88780%20,623,09672%50%
      As at   
      September 30,
December 31,
 Deferred revenue
 Cash balance 29,794,69217,452,210   


Software for Health and Human Services providers designed to simplify the user experience and optimize outcomes.

VitalHub Corp. (the "Company" or "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 & Optimization, and Patient Flow & Operational Visibility solutions.

The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive merger and acquisition ("M&A") plan. Currently VitalHub serves more than 1,000 clients across Canada, USA, UK, Australia, the Middle East, and Europe.

VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The VitalHub team comprises more than 350 team members globally. The Company is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "VHI" and on the OTC Markets OTCQX Exchange under the symbol "VHIBF".


Certain statements contained in this news release may constitute "forward-looking information" or "financial outlook" within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. 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. Although the Company 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 Company 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
[email protected]

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