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Research Solutions Inc. (NASDAQ: RSSS) is a pioneering force in providing cloud-based workflow solutions, designed to accelerate research for R&D-driven organizations. Established in 2006 as Reprints Desk, the company has significantly evolved to streamline the access, procurement, and legal use of scientific, technical, and medical (STM) research articles.
The company's core offering, the Article Galaxy platform, serves over 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses globally. This platform enables users to find and download digital versions of STM articles, manage transactions, automate authentication, and generate reports. It integrates seamlessly with corporate intranets, aiding organizations in speeding up their research and development activities.
Research Solutions has continually expanded its product suite through strategic acquisitions. In late July, the company acquired ResoluteAI, enhancing its artificial intelligence capabilities. More recently, in November 2023, the acquisition of scite added a revolutionary search and discovery platform that uses AI to increase the discoverability and evaluation of research.
Key achievements include being ranked #1 by Outsell Inc. in document delivery and winning numerous industry awards like the Association of Independent Information Professionals Technology Award and the KMWorld Magazine Trend-Setting Products award.
The company reported robust financial performance for its fiscal first quarter ended September 30, 2023, with total revenue reaching $10.1 million, a 16% increase from the previous year. The addition of ResoluteAI and scite significantly boosted the annual recurring revenue (ARR) to over $11 million. Despite inflationary pressures affecting growth in platform products, the focus on high-margin solutions and continual mergers and acquisitions are expected to sustain their growth trajectory.
Recent developments include the launch of the Technology Landscape Module and the Clinical Trial Landscape solution, both leveraging advanced AI to provide comprehensive analytics and insights, further cementing Research Solutions' position as a leader in scientific data integration.
As the company continues to innovate and expand its offerings, it remains dedicated to its mission of empowering researchers with the most effective tools and resources to drive innovation and achieve groundbreaking results.
For more detailed information, visit www.researchsolutions.com.
Research Solutions, Inc. (NASDAQ: RSSS) reported a 17% revenue increase in the fiscal third quarter of 2024, reaching a total revenue of $12.1 million. The company achieved an 82% rise in Annual Recurring Revenue (ARR) to $16.6 million, with positive net income of $76,000 and record Adjusted EBITDA of $961,000. The quarter marked strong growth in both B2B and B2C ARR, along with the launch of two new product offerings. Research Solutions sees its expanded market delivering long-term value for shareholders.
Research Solutions, Inc. (NASDAQ: RSSS) will announce its financial results for the fiscal 2024 third quarter on May 9, 2024, following a conference call hosted by President and CEO Roy W. Olivier and CFO Bill Nurthen. The company specializes in cloud-based workflow solutions for R&D organizations.
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