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CynergisTek (AMEX:CTEK) has secured a six-figure contract with a Midwest health system operating over 30 locations. This agreement involves comprehensive cybersecurity services, including vulnerability assessments and a detailed remediation roadmap. As healthcare remains a prime target for cyberattacks, CynergisTek aims to bolster defenses for its new client. The COO emphasized the company's growing reputation in the healthcare sector and its commitment to enhancing cybersecurity resilience. This addition to their clientele underscores CynergisTek's ongoing efforts to strengthen security programs against cyber threats.
CynergisTek (NYSE American: CTEK) has secured a six-figure expansion contract with a large multi-site health system to enhance its medical device security program. This partnership aims to assess and develop unique policies for securing network-connected medical devices, which present significant cybersecurity challenges. With 10-15 connected devices per bed, vulnerabilities from outdated software and configurations pose risks to patient safety. CynergisTek’s expertise will assist healthcare organizations in managing these risks effectively and ensuring patient privacy.
CynergisTek, Inc. (CTEK) reported Q3 2021 revenue of $3.8 million, down from $4.5 million year-over-year. Managed Services revenue decreased by $0.5 million to $2.2 million due to pandemic impacts. However, bookings increased by 16% from the previous year, with 17 new customers acquired. Gross margin stands at 48%, boosted by the Employee Retention Tax Credit. GAAP net income reached $1.2 million, or $0.10 per share, compared to a net loss of $1.3 million in Q3 2020. Adjusted EBITDA loss improved to $0.6 million from $0.8 million, reflecting operational growth despite challenges.
CynergisTek has secured a one-year Vendor Security Management service agreement with a nationally recognized children's hospital. This collaboration underscores the firm’s expertise in cybersecurity amidst rising concerns about third-party vendor risks. The healthcare sector, which increasingly depends on external vendors, faces vulnerabilities, with 44% of organizations having encountered data breaches due to third parties. CynergisTek aims to bolster security protocols for healthcare providers, enhancing their ability to mitigate risks related to data breaches and ransomware attacks.
CynergisTek, Inc. (NYSE AMERICAN: CTEK) announced its participation in the 12th Annual Craig-Hallum Alpha Select Conference on November 16, 2021. CEO Mac McMillan and CFO Paul Anthony will engage with investors virtually. The conference showcases companies with attractive business models and growth prospects, chosen for the Alpha Select List, which highlights under-followed public companies poised for growth.
CynergisTek (AMEX: CTEK) announces an expansion of its Resilience Partner Program (RPP) with a major Midwest health system, increasing its recurring contract by $500,000. This addition includes over twenty subsidiaries, enabling better risk management and response to cyber threats. CEO Mac McMillan emphasizes the need for a risk-first approach in healthcare cybersecurity, especially in light of rising ransomware incidents. The contract underlines the growing demand for RPP as the industry pivots towards comprehensive risk management solutions.
CynergisTek, Inc. (AMEX:CTEK) announced a conference call scheduled for November 11, 2021, at 4:30 PM ET to discuss its third-quarter 2021 financial results. The results will be disclosed prior to this call. Participants can access the call via U.S. toll-free number 1-866-269-4260 or internationally at 786-204-3977, using Conference ID: 8966580. A replay will be available from November 11, 7:30 PM ET to November 18, 11:59 PM ET. For more, visit cynergistek.com.
CynergisTek (CTEK) has secured a six-figure agreement with a state university system for cybersecurity services. This one-year contract includes remediation, security program development, and project management support. The university system oversees numerous campuses and medical centers, serving over half a million students and faculty. The education sector faces a serious cybersecurity challenge, with a reported 30% increase in cyberattacks during mid-2020, necessitating stronger security measures.
CynergisTek, Inc. (CTEK) announces the appointment of Tim McMullen as Chief Operating Officer. McMullen, previously president of provider solutions at EMIDS Technology, brings extensive experience in operations and sales to guide the company in its growth phase. He will oversee client-facing departments, including service delivery and project management. CEO Mac McMillan emphasizes McMullen's understanding of the healthcare sector's complexities and his track record of maximizing stakeholder value. CynergisTek plans to file a Current Report on Form 8-K regarding this appointment.
CynergisTek (CTEK) has announced a significant six-figure service expansion with a prominent primary care practice in the Southern U.S. to enhance its security technology effectiveness. The agreement entails a comprehensive validation of the security controls across hundreds of practices and addresses potential risks associated with recent mergers. The firm will evaluate network-connected medical devices using a three-pronged assessment approach. This contract renewal underscores the growing demand for robust cybersecurity and compliance in healthcare, especially amidst ongoing pandemic challenges.
