Fortune 500 Customer Expands Scope of Engagement for Medical Record AI Data Annotation

Rhea-AI Summary

Innodata Inc. (NASDAQ:INOD) announced a significant expansion of services by a Fortune 500 insurance company, adding approximately $700,000 in anticipated one-time revenue. This is in addition to previously announced estimates of $3 million in one-time revenue and $800,000 per year in ongoing revenue. The expansion is aimed at supporting the company's medical record predictive model development, showcasing the effectiveness of Innodata's AI training data derived from medical records, which adhere to strict security and HIPAA protocols.

Positive

• Expansion of services with a Fortune 500 client, adding $700,000 in one-time revenue.
• Total anticipated one-time revenue now at approximately $3.7 million.
• Ongoing annual revenue expected to be $800,000, enhancing revenue stability.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / January 12, 2022 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that a Fortune 500 insurance company has expanded its scope of services with Innodata to support its medical record predictive model development. The expansion adds approximately $700 thousand of anticipated one-time revenue to the revenue estimates previously announced on September 15, 2021 of approximately $3 million of one-time revenue and $800 thousand per year of ongoing annual revenue.

"This expansion further validates our approach to creating high-quality AI training data from medical records," said Jack Abuhoff, Innodata's Chief Executive Officer. "By combining our data annotation platform's auto-tagging intelligence and various proprietary AI models with our Synodex medical data extraction platform, we built a unique platform for creating large volumes of high-quality medical record AI training data that meets stringent information security protocols and HIPAA requirements. We anticipate that we can use this new platform to help a range of companies focused on using AI to analyze, organize, and share medical record data."

Learn more about Innodata's insurance offerings here.

About Innodata

Innodata (NASDAQ:INOD) is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 3,500 subject matter experts, and a high-security infrastructure, we're helping usher in the promise of digital data and ubiquitous AI. Visit www.innodata.com to learn more.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "forecast," "predict," "likely," "goals," "estimate," "plan," "potential," or the negatives thereof and other similar expressions generally identify forward-looking statements, which speak only as of the date hereof.

These forward-looking statements are based on management's current expectations, assumptions and estimates and are subject to a number of risks and uncertainties, including without limitation, the expected or potential effects of the novel coronavirus (COVID-19) pandemic and the responses of governments, the general global population, our customers, and the Company thereto; that contracts may be terminated by clients; projected or committed volumes of work may not materialize; continuing Digital Data Solutions segment reliance on project-based work and the primarily at-will nature of such contracts and the ability of these clients to reduce, delay or cancel projects; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; continuing Digital Data Solutions segment revenue concentration in a limited number of clients; potential inability to replace projects that are completed, canceled or reduced; our dependency on content providers in our Agility segment; difficulty in integrating and deriving synergies from acquisitions, joint venture and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; changes in our business or growth strategy; a continued downturn in or depressed market conditions, whether as a result of the COVID-19 pandemic or otherwise; changes in external market factors; the ability and willingness of our clients and prospective clients to execute business plans that give rise to requirements for our services; changes in our business or growth strategy; the emergence of new or growth in existing competitors; various other competitive and technological factors; our use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, client, employee or Company information, or service interruptions; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, uncertainty around the COVID-19 pandemic and the effects of the global response thereto and the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 15, 2021, as updated, or amended by our other filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the Federal securities laws.

CONTACT:

Jessie Schnurr
jschnurr@innodata.com
201-371-8189

SOURCE: Innodata Inc.

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FAQ

What new revenue does Innodata expect from its partnership with a Fortune 500 company?

Innodata anticipates an additional $700,000 in one-time revenue from the expanded scope of services.

How much total one-time revenue does Innodata's recent announcement include?

The total expected one-time revenue is approximately $3.7 million.

What is the ongoing annual revenue expected from Innodata's service expansion?

Innodata expects $800,000 per year in ongoing annual revenue from this expansion.

What type of model development is Innodata supporting for the Fortune 500 client?

Innodata is supporting the development of medical record predictive models.

What security protocols does Innodata's platform adhere to?

Innodata's platform complies with stringent information security protocols and HIPAA requirements.