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CynergisTek (CTEK) announced a strategic partnership with Blackbaud, a cloud software leader, to assist healthcare customers with HIPAA compliance. This collaboration aims to enhance Blackbaud's services for organizations handling Personal Health Information. CynergisTek's advisory services will focus on building robust security and privacy programs, addressing over 52 breach disclosure laws and evolving regulations. The partnership emphasizes CynergisTek's expertise in compliance strategies, positioning them as a key player in the healthcare cybersecurity sector.
CynergisTek, Inc. (CTEK) reported Q1 2021 financial results with revenue of $4.2 million, down from $5.1 million in Q1 2020. Managed Services revenue decreased by $0.6 million to $2.4 million due to COVID-19 impacts. Gross margin improved to 39% from 33% year-over-year, supported by cost reductions. Net loss narrowed to $0.9 million ($0.08 per share) compared to $1.9 million ($0.18 per share) a year earlier. Adjusted EBITDA loss improved to $0.6 million from $1.4 million. The CEO highlighted increased awareness of cybersecurity threats as a driver for future investment.
CynergisTek (CTEK) will participate in the virtual RSA Conference 2021, focusing on cybersecurity in healthcare. CEO Caleb Barlow will speak at two sessions addressing patient privacy issues related to DNA data from COVID testing, and strategies for combating hacker attacks in healthcare. The first session, ‘Pandemic & Peril,’ is scheduled for May 17 at 12:35 p.m. CT, followed by ‘Public Health Cyber War Games’ on May 19 at 4:45 p.m. CT. CynergisTek is recognized for its contributions to healthcare cybersecurity, having been awarded Black Book’s Top Healthcare Cybersecurity Consultants in 2020.
CynergisTek, Inc (NYSE AMERICAN: CTEK) is set to hold a conference call on May 13, 2021, at 4:30 PM ET to discuss its first-quarter 2021 financial results, which will be announced prior to the call. Interested participants can join the call via U.S. number 1-800-489-9828 or international number 1-786-204-5507, using conference ID 9395065. A replay will be available until May 20, 2021. CynergisTek is recognized for its expertise in cybersecurity and compliance in regulated industries since 2004.
CynergisTek (NYSE AMERICAN: CTEK) announced a renewal agreement for managed services worth $600,000 and an additional $800,000 for new services with a long-term client. This agreement will enhance coverage for affiliate hospitals and ongoing security risk assessments. The healthcare sector faces increasing cybersecurity threats, including a 260% rise in ransomware attacks. CynergisTek aims to support organizations in improving their cybersecurity practices, particularly as healthcare consolidation increases risks.
Redspin, a division of CynergisTek (NYSE AMERICAN: CTEK), has been selected by Pacific Medical Centers to conduct a readiness assessment for the Department of Defense’s Cybersecurity Maturity Model Certification (CMMC). This initiative is part of the DoD's strategy to reduce $600 billion in annual cybercrime losses by requiring third-party cybersecurity assessments for contractors handling controlled unclassified information. Pacific Medical Centers aims to enhance its security posture in preparation for upcoming CMMC requirements in contracts.
CynergisTek, Inc. (CTEK) reported its financial results for Q4 and 2020, revealing a 10% increase in presold revenue to $17.2 million. Q4 gross margins improved to 37%, a 200bps uptick from Q3 2020. However, Q4 revenue was $4.7 million, dropping from $5.8 million in 2019, largely due to COVID-19 impacts, with managed services revenue falling to $2.8 million. The company recorded a significant GAAP net loss of $12.9 million, driven by a $16.5 million non-cash impairment charge. Despite challenges, the firm aims to enhance growth and diversify its offerings.
CynergisTek, Inc (NYSE AMERICAN: CTEK), a leader in healthcare cybersecurity, announced a conference call on March 25, 2021, at 4:30 PM ET to discuss its fourth-quarter and full-year 2020 financial results, which will be released prior to the call. Investors can access the call via U.S. and international numbers or through a webcast. A replay will be available from March 25 to April 1, 2021. CynergisTek specializes in assisting organizations in regulated industries, leveraging their expertise to enhance security and privacy measures.
CynergisTek (CTEK) has secured a nearly $700,000 professional services agreement with a new health system, providing virtual CISO and cybersecurity analyst resources. The demand for these services is heightened by a 260% increase in cyberattacks in healthcare, prompting organizations to prioritize security projects in 2021. CEO Caleb Barlow emphasized that the cybersecurity talent shortage is driving the need for professional services and indicated a resurgence in critical cyber-hygiene initiatives post-COVID-19.
CynergisTek (NYSE AMERICAN: CTEK) announced that its division, Redspin, received approval from the Cybersecurity Maturity Model Certification Accreditation Body (CMMC-AB) to conduct CMMC assessments as a C3PAO and offer pre-assessment security consulting as an RPO. This aligns with the U.S. Department of Defense's initiative requiring third-party cybersecurity assessments for contractors. Redspin is among the first to provide these services, enhancing its market position and expanding its addressable market.
