Healthcare Triangle, Inc (HCTI) Reports Results for the First Quarter of 2022
Healthcare Triangle, Inc. (NASDAQ:HCTI) reported a 39% increase in revenue to $11.1 million for Q1 2022, compared to $7.9 million in Q1 2021. Gross profit rose 33% to $2.9 million, with gross margins at 26%. The company achieved its first quarterly positive cash flow from operations. Operationally, HCTI obtained HITRUST certification and signed significant contracts with major pharma companies for data governance and cloud solutions. The net loss widened to $2 million due to increased investment in sales and marketing.
- Revenue increased 39% to $11.1 million.
- Gross profit rose 33% to $2.9 million.
- Achieved first quarterly positive cash flow from operations.
- Obtained HITRUST Risk-based certification for improved security and compliance.
- Secured major contracts with pharma companies for cloud and data governance.
- Net loss increased to $2 million, up from $0.8 million.
- Selling, general and administrative expenses rose to $3.1 million from $1.9 million.
PLEASANTON, Calif., May 16, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (NASDAQ:HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services and data analytics platform reported results for the quarter ended March 31, 2022. All comparisons below are to the same year-ago period unless otherwise noted.
Q1 2022 Financial Highlights
- Revenue increased
39% to$11.1 million - Gross profit increased
33% to$2.9 million - Gross margins at
26% . - Achieved first quarterly positive cash flow from operations.
Q1 2022 Operational Highlights
- Achieved HITRUST Risk-based, 2-year certification to manage risk, improve security posture, and meet compliance requirements.
- Executed a contract with a major pharma company to build a Neutral Zone to collaborate globally across multiple datasets by employing end-to-end data governance and security controls using HITRUST certified environment.
- Signed a blockchain deal with a large pharma company
- Signed a deal with a large hospital for MEDITECH implementation and support
- Secured a Cloud Backup and DR (disaster recovery) with one of the largest medical centres in the country
- Closed a cloud and data transformation deal with an existing life sciences enterprise customer
- Participated in Chime ViVE 2022, a leading Healthcare technology conference in Miami, Florida
Management Commentary
We are happy to announce that Healthcare Triangle obtained HITRUST certification for our Cloud and Data Platforms; this demonstrates our commitment to highest standards of data, information security and places us in an elite group of organizations worldwide that have earned this certification, stated Suresh Venkatachari, CEO of Healthcare Triangle.
In Q1, we accelerated our revenue growth and achieved first quarter of positive cash flow from operations. The strong operational performance reflects the customer adoptions and strength of our offerings. The pipeline for new business is stronger than it has ever been, and we expect new customer wins to increase our revenues and consolidate our position as one of the fastest growing companies in the Healthcare Technology industry.
Thyagarajan Ramachandran, CFO of Healthcare Triangle, said: “We are pleased with our Q1 revenue growth of
Q1 2022 Financial summary
Revenue in the first quarter of 2022 totaled
Gross profit totaled
Selling, general and administrative expenses increased to
Net loss totaled
Cash and Net AR as on March 31, 2022, was
Subsequent to the first quarter of 2022, we obtained working capital line of
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Prospectus filed with the SEC on October 7, 2021, previous filings, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
Healthcare Triangle, Inc. Contact:
For Media Enquiries:
Michael Campana
michael.c@healthcaretriangle.com
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