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CynergisTek, Inc. (CTEK) has announced a definitive agreement for its acquisition by Clearwater Compliance LLC in an all-cash transaction valued at approximately
CynergisTek (CTEK) reported Q1 2022 financial results with a 12% revenue increase to $4.7 million, up from $4.2 million in Q1 2021. The gross margin improved to 40%, compared to 38% after adjustments from the previous year. The net loss remained stable at $0.9 million, with an adjusted EBITDA loss of $0.6 million. Operational highlights included a 15 new customers added and a 32% surge in consulting revenue, indicating strong growth momentum.
CynergisTek (AMEX: CTEK) is set to discuss its first-quarter 2022 financial results during a conference call on May 16, 2022, at 4:30 p.m. ET. Financial results will be available before the call, providing insights into the company's performance in cybersecurity and compliance services for regulated industries. The call can be accessed domestically at 1-888-394-8218 and internationally at 1-786-789-4776, with a conference ID of 8001259. A replay will be available from 7:30 p.m. ET on the same day until May 23, 2022.
CynergisTek (CTEK) has secured a new six-figure contract from a west coast healthcare agency for compliance services related to information blocking and interoperability. The firm will assist the client in evaluating data governance processes in line with the ONC’s Cures Act Final Rule. This contract highlights CynergisTek's reputation and expertise in addressing complex compliance issues in the healthcare sector. With increasing compliance demands due to upcoming regulations, the company's support is crucial for healthcare organizations striving to meet the Act's requirements.
CynergisTek (CTEK) has launched its Continuous Risk Monitoring Program (CRMP) to enhance cybersecurity for small healthcare providers. The CRMP includes a six-figure contract with a Southeastern hospital, focusing on ongoing threat monitoring and countermeasures against ransomware. This program aims to meet evolving cyberinsurance requirements and reduce costs for clients. CynergisTek's solution offers customizable cybersecurity services, supporting hospitals with limited resources to enhance their security posture against increasing cyber threats.
CynergisTek (NYSE American: CTEK) announces the expansion of its IT Audit Group with new Professional Service agreements totaling $416k for a medical device manufacturer and a REIT firm in the Midwest.
The medical device manufacturer contract saw a 37% increase for data protection and privacy risk advisory services. Additionally, a six-figure contract was signed for IT General Computer Control Audit services to enhance the client's IT operations and security. This expansion reflects the firm's growing demand in cybersecurity and compliance services.
CynergisTek (CTEK) has secured a six-figure contract with a leading pediatric hospital for cybersecurity services, enhancing their security posture through Red Team operations. The deal includes 1,000 hours of support over the next year, focusing on penetration testing and vulnerability remediation. CEO Mac McMillan highlighted the necessity of rigorous testing to combat increasing cyber threats in healthcare. This engagement allows the hospital to proactively address potential vulnerabilities while benefiting from CynergisTek's expertise in cybersecurity, compliance, and IT audit services.
CynergisTek (CTEK) has expanded its partnership with a prominent U.S. pediatric hospital by signing a six-figure agreement for professional consulting services. This collaboration aims to enhance the hospital's cybersecurity measures amidst a growing threat landscape, with healthcare experiencing over 50% of ransomware attacks in the U.S. last year. The firm emphasizes the necessity of bolstering security through dedicated resources and expertise, addressing the nationwide shortage of cybersecurity professionals. This partnership aligns with CynergisTek's mission to strengthen healthcare's resilience against cyber threats.
CynergisTek, Inc. (CTEK) reported a 16% sequential revenue growth in Q4 2021, with a total revenue of $16.3 million for the year, down from $18.9 million in 2020. New customer additions totaled 43 in 2021, and presold revenue reached $20.0 million. Gross margin improved to 46%, driven by expense reductions. However, the company faced challenges due to COVID-19, which impacted managed services revenue by $2.3 million. The GAAP net loss narrowed to $2.2 million, a significant improvement from the previous year's $18.5 million loss.
CynergisTek (CTEK) is set to host a conference call on March 24, 2022, at 4:30 PM ET, to discuss its Q4 and full-year 2021 financial results. The results will be released prior to the call. Investors can join the call by dialing the U.S. number 1-888-256-1007 or the international number 1-786-789-4783. A replay will be available from 7:30 PM ET on the same day until 11:59 PM ET on March 31, 2022. For more details, visit www.cynergistek.com.
