Blockchain
VitalHub Reports 40% Growth in the Annual Contract Value of Recurring Revenue for Fiscal Year 2019
Toronto, Ontario–(Newsfile Corp. – April 24, 2020) – VitalHub Corp. (TSXV: VHI) (the “Company” or “VitalHub”) announced today it has filed its Consolidated Financial Statements and Management’s Discussion and Analysis report for the year ended December 31, 2019 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 Q4 2019, VitalHub CEO Dan Matlow said, “We are happy with the Fiscal 2019 results, reflecting the hard work we have undertaken in transitioning to a revenue base that is primarily comprised of recurring revenue-based software products. We are now producing cash from operations, and with cash on hand from our recent capital raise we look forward to continued growth through acquisitions and our ongoing organic growth.”
We would like to highlight the following insights:
- Due to the high amount of non-cash items on the Company’s income statement relating to the amortization of intangibles from acquisitions, we focus primarily on Adjusted EBITDA to track our performance. We continue to make great progress here, with Adjusted EBITDA at 16% of revenues.
- Annual contract value grew by 40% over the year to $7,430,444 through a combination of organic growth and acquisitions made.
- During 2019 we transitioned the organization to become cash flow positive with a net increase of $1,847,831 year over year.
COMPANY HIGHLIGHTS
Revenue for the three months ended December 31, 2019 was $2,560,661 as compared to $2,215,912 for the three months ended December 31, 2019, an increase of $344,749 or 15.6%. Revenue for the twelve months ended December 31, 2019 was $10,227,924 as compared to $9,113,840 (which includes a non-recurring one-time perpetual license fee of $1,613,362) for the twelve months ended December 31, 2019, an increase of $1,114,084 or 12.2%. Excluding the one-time perpetual license fee of $1,613,362, revenue for the twelve months ended December 31, 2019 increased by $2,727,446 or 36.4%.
The Company defines Annualized Contract Value (“ACV”) of recurring revenue as the contracted annual renewable software license fees and maintenance services. The ACV of recurring revenue at December 31, 2019 was $7,430,444 as compared to $5,579,377 at September 30, 2019 an increase of 25%, and as compared to $4,486,680 at December 31, 2018, an increase of 40%. ACV is a non-IFRS measure.
The Company defines acquisition revenue as gross revenues of the companies acquired at the time of acquisition and organic revenue as revenue over and above the acquisition revenues. For the three months ended December 31, 2019, organic revenue represented 31% of total revenue (Q4/2018 – 29%), with the remaining 69% representing acquisition revenue (Q4/2018 – 71%). For the year ended December 31, 2019, organic revenue represented 36% of total revenue (Q4/2018 – 19%), with the remaining 64% representing acquisition revenue (year ended December 31, 2018 – 64%). Acquisition and organic revenue growth are non-IFRS measures.
Cash used in operating activities was ($107,690) for the year ended December 31, 2019, compared to ($1,955,521) for the year ended December 31, 2018, reflecting an improvement in cash used in operations of $1,847,831.
EBITDA (defined as earnings before interest, taxation, depreciation and amortization) for the three months ended December 31, 2019 was ($704,462) as compared to $333,090 for the three months ended December 31, 2018, a decrease of $1,037,552. EBITDA for the twelve months ended December 31, 2019 was $645,466 as compared to $837,304 for the twelve months ended December 31, 2018, a decrease of $191,838. EBITDA is a non-IFRS measure.
Adjusted EBITDA (defined as earnings before interest, taxation, depreciation, amortization, share based compensation, business acquisition, restructuring and integration costs and loss on redemption of debenture) for the three months ended December 31, 2019 was $42,254 as compared to $441,230 for the three months ended December 31, 2018, a decrease of $398,976. Adjusted EBITDA for the twelve months ended December 31, 2019 was $1,615,360 as compared to $1,509,306 for the twelve months ended December 31, 2018, an increase of $106,054. Adjusted EBITDA is a non-IFRS measure.
Adjusted EBITDA as a percentage of revenue for the three months ended December 31, 2019 was 2% as compared to 20% for the three months ended December 31, 2018. For the twelve months ended December 31, 2019 adjusted EBITDA as a percentage revenue was 16% as compared to 17% for the twelve months ended December 31, 2018. Adjusted EBITDA as a percentage revenue is a non-IFRS measure.
During the 4th Quarter, 259,424 warrants were exercised for cash proceeds of $466,963. These warrants were issued under non brokered private placements in October 2016 and December 2017, the remaining 710,069 warrants expired in December 2017.
On November 21, 2019, the Company completed its sixth acquisition, with the purchase of all of the issued and outstanding securities of Oculys Health Informatics Inc. (“Oculys”). Oculys provides a real-time and predictive operational management system for hospitals and services approximately 18 customers within Ontairo and Manitoba. The Oculys solution provides a synergistic opportunity for both customers of the Oak Group and Oculys to benefit from each other’s products and services
During the 4th Quarter, the Company entered a partnership with Ernst and Young (EY) to provide healthcare intelligence using its MCAP solution to support the optimization of healthcare delivery services for a customer in the middle east region. This deal marks the first Oak Group product of its kind to enter the Kingdom of Saudi Arabia and includes one-time perpetual licenses of approximately $527,969 CAD ($367,500 USD), and approximately $339,409 CAD ($236,250 USD) in professional services revenue.
A number of contracts were signed during the quarter, Caressant Care Nursing and Retirement homes signed a 2-year agreement for the licensing of the Company’s mobile application, Sanctum Care Group Inc. signed a 5-year agreement for the Company’s BCare application, and Eden Health Care Services signed a 2-year agreement for the Company’s BCare application.
ABOUT VITALHUB:
VitalHub develops mission-critical technology solutions for Health and Human Services providers in the Mental Health (Child through Adult), Long Term Care, Community Health Service, Home Health, Social Service and Acute Care sectors. VitalHub technologies include Blockchain, Mobile, Patient Flow, Web-Based Assessment and Electronic Health Record solutions.
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+ clients 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”.
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, including the share consolidation proposal, 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 Matlow
Chief Executive Officer, Director
(416) 727-9061
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54893
Blockchain
Ebang International Reports Financial Results for Fiscal Year 2023
Blockchain
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
The post FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers appeared first on HIPTHER Alerts.
Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
The post Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets appeared first on HIPTHER Alerts.
-
Blockchain Press Releases3 days ago
DeFi Lens builds advanced Generative AI for Technical Analysis
-
Blockchain3 days ago
Venezuela’s Oil Giant Turns to Crypto as US Sanctions Bite Again
-
Blockchain3 days ago
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
-
Blockchain2 days ago
Global Payment Gateway Industry Report 2024: Seamless Integration with In-Game Virtual Currency Systems Enables Payment Gateways to Contribute to the Monetization Strategies of Game Developers
-
Blockchain5 days ago
PairedWorld Earns Blockchain Award Nomination, Secures $1.5 Million in Private Token Sales, and Welcomes BlackRock Venture Partner to Advisory Board
-
Blockchain4 days ago
PairedWorld Earns Nomination for Best Blockchain Project for Social Impact, Secures $1.5 Million in Private Token Sales, and Welcomes Paul Taylor Who Is a Venture Partner at BlackRock to its Advisory Board
-
Blockchain1 day ago
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
-
Blockchain4 days ago
DeFi Technologies to Present at the Blockchain & Digital Asset Virtual Investor Conference April 25th