Healthcare Triangle Reports Second Quarter 2023 Results

Rhea-AI Summary

Healthcare Triangle, Inc (Nasdaq: HCTI) announced its Q2 2023 results, highlighting a focus on marketing, customer acquisition, and revenue expansion. The company's total revenue was $8.5 million, with a loss from operations of $1.6 million. Despite the decrease in revenue, the company secured new customers and contracts, particularly in the areas of cloud DevOps, data engineering, and document workflow automation. Additionally, the company launched a ransomware protection initiative and participated in the 2023 MUSE Inspire Conference.

Positive

• Focus on marketing and customer acquisition strategies
• Expansion of revenue streams through new business contracts
• Launch of new ransomware protection initiative
• Participation in the 2023 MUSE Inspire Conference

Negative

• Decrease in total revenue from the same period in 2022
• Increase in loss from operations compared to the same period in 2022

PLEASANTON, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (Nasdaq: HCTI) (“HCTI” or the "Company"), a leader in digital transformation solutions including managed services, cloud enablement, cybersecurity, data analytics, and AI data processing for the healthcare and life sciences industries, today announced results for the second quarter of 2023 ended June 30, 2023.

Thyagarajan Ramachandran, CFO of Healthcare Triangle, said, “We had a productive quarter focused on marketing and customer acquisition strategies along with platform development initiatives aimed at expanding our revenue streams. Operating margins were resilient within an uncertain macro environment reflecting our continued focus on cost optimization. Our priorities for the second half of 2023 are focused on building traction for key services including cybersecurity and document AI, and shoring up efficiencies in our business operations.”

Second Quarter 2023 Financial Results

• Total revenue was $8.5 million, compared to $11.6 million in the second quarter of 2022.
• Loss from operations was $1.6 million, compared to $1.4 million for the second quarter of 2022 and a 50% improvement from $3.2 million in the first quarter of 2023.
• Basic and diluted net loss per share was $0.42 based on 4.2 million weighted-average shares outstanding, compared to $0.11 based on 3.5 million weighted-average shares outstanding for the second quarter of 2022.
  

Second Quarter 2023 and Recent Business Highlights

• Acquired 5 new customers and $2 million of new business.
• Secured a multi-year program expansion contract with a Fortune 500 biopharmaceutical company and top-five customer for cloud DevOps, data engineering, and data platform management solutions.

• Announced a multi-year SaaS contract for readabl.ai document workflow process automation to improve efficiency and optimize costs. readabl.ai runs on public cloud platforms.
• Launched a new ransomware protection and prevention initiative drawing initial interest and support from numerous health system clients. The Company is servicing multiple contract agreements for cloud backup and disaster recovery, enabling hospitals and health systems to move disaster recovery to the Amazon Web Services (AWS) cloud to secure resources and scale on demand.
• Participated at the 2023 MUSE Inspire Conference as exhibitor and host of best practice sessions on data protection and information security.
  

About Healthcare Triangle

Healthcare Triangle, Inc. based in Pleasanton, California, reinforces healthcare progress through breakthrough technology and extensive industry knowledge and expertise. We support healthcare including hospitals and health systems, payers, and pharma/life sciences organizations in their effort to improve health outcomes through better utilization of the data and information technologies that they rely on. Healthcare Triangle achieves HITRUST Certification for Cloud and Data Platform (CaDP), marketed as CloudEz™ and DataEz™. HITRUST Risk-based, 2-year (r2) Certified status demonstrates to our clients the highest standards for data protection and information security. Healthcare Triangle enables the adoption of new technologies, data enlightenment, business agility, and response to immediate business needs and competitive threats. The highly regulated healthcare and life sciences industries rely on Healthcare Triangle for expertise in digital transformation encompassing the cloud, security and compliance, identity management, data lifecycle management, healthcare interoperability, and clinical and business performance optimization. For more information, visit www.healthcaretriangle.com.

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 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.

Investor Contact

1-800-617-9550
ir@healthcaretriangle.com

FAQ

What were Healthcare Triangle, Inc's Q2 2023 total revenue and loss from operations?

The total revenue for Q2 2023 was $8.5 million, with a loss from operations of $1.6 million.

What new contracts or customers did Healthcare Triangle, Inc secure in Q2 2023?

The company acquired 5 new customers and $2 million of new business. It also secured a multi-year program expansion contract with a Fortune 500 biopharmaceutical company and a top-five customer for cloud DevOps, data engineering, and data platform management solutions.

What new initiatives or launches did Healthcare Triangle, Inc announce in Q2 2023?

The company announced a multi-year SaaS contract for readabl.ai document workflow process automation and launched a new ransomware protection and prevention initiative.

What events did Healthcare Triangle, Inc participate in during Q2 2023?

The company participated at the 2023 MUSE Inspire Conference as an exhibitor and host of best practice sessions on data protection and information security.