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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 (NASDAQ: RSSS) will participate in the 2022 Virtual Growth Conference on March 29th at 1:00 p.m. ET. Hosted by Maxim Group LLC and M-Vest, the event will feature presentations, fireside chats, and live Q&A sessions with CEOs. Research Solutions, known for its cloud-based technologies, serves over 70% of top pharmaceutical companies and universities with its SaaS platform, Article Galaxy, designed to streamline access to scientific research. For participation, sign up at m-vest.com/events.
Research Solutions (NASDAQ: RSSS) announced a partnership with scite to enhance its cloud-based research tools, Bibliogo and Article Galaxy. This collaboration aims to display Smart Citations, allowing users to easily identify the context of citations and whether they support or contrast with the articles in question. This initiative is designed to streamline access to crucial research, benefiting both customers and researchers by improving the efficiency of discovering relevant studies. The partnership underscores Research Solutions' commitment to simplifying the research process.
Research Solutions, Inc. (NASDAQ: RSSS) will ring the NASDAQ Stock Market Closing Bell on March 2, 2022, marking its second year on the exchange. CEO Roy W. Olivier expressed gratitude to customers, shareholders, and employees, highlighting the uplisting as a significant step toward attracting institutional investors. The company focuses on cloud-based solutions for research and development, with its Article Galaxy platform being crucial for over 70% of leading pharmaceutical companies and universities.
Research Solutions, Inc. (NASDAQ: RSSS) has appointed Barbara J. Cooperman to its Board of Directors, bringing over 20 years of experience in both corporate and non-profit sectors. Cooperman has held prominent positions in various technology companies and previously served as Chief Marketing Officer at Kroll, Inc. and The College Board. Her background in scientific publishing and strategic initiatives aligns with the company's goals to expand product offerings and enhance Platforms deployments, according to CEO Roy W. Olivier.
Research Solutions, Inc. (RSSS) reported Q2 fiscal 2022 results, showcasing total revenue of $7.9 million, a 5.7% increase year-over-year. Notable highlights include a 31% rise in platform revenue to $1.6 million and a 36% year-over-year growth in Annual Recurring Revenue (ARR) to $6.8 million. Gross profit improved 19% with a total gross margin of 36.0%. However, the net loss widened to $0.02 per share from $0.01 in the previous year. The quarter saw a record 56 net new platform deployments and an incremental ARR of $0.6 million.
Research Solutions, Inc. (NASDAQ: RSSS), a leader in cloud-based workflow solutions for R&D organizations, will report its financial results for the fiscal second quarter ending December 31, 2021, on February 10, 2022, followed by a conference call at 5:00 p.m. ET. The call will be hosted by CEO Roy W. Olivier and CFO Bill Nurthen, including a Q&A session. Investors can join the call via toll-free and international dial-in numbers. A replay will be available the same day after 8:00 p.m. ET through March 10, 2022.
Research Solutions (NASDAQ: RSSS) has launched Article Galaxy Scholar (AGS), a cutting-edge platform designed for academic institutions. This innovative tool connects users to Open Access articles and facilitates interlibrary loans, ensuring users can access full-text articles with ease. AGS is integrated with existing library systems, delivers PDFs swiftly, and offers usage insights for better budget management. Libraries can customize controls to meet their needs, empowering them to manage costs effectively while improving user access.
Research Solutions, Inc. (NASDAQ: RSSS) reported its fiscal Q1 2022 results for the quarter ended September 30, 2021. Total revenue remained steady at $7.7 million, with platform revenue rising 32% to $1.5 million. Annual recurring revenue (ARR) grew by 33% to $6.3 million, while gross profit increased 9% year-over-year. However, the company incurred a net loss of $372,000 or ($0.01) per share, compared to a net income of $15,000 in the prior-year quarter. Operating expenses increased by 24.4% to $3.0 million.
Research Solutions (NASDAQ: RSSS) announces a conference call scheduled for November 11, 2021, at 5:00 p.m. ET to discuss its financial results for the fiscal first quarter ended September 30, 2021. A press release detailing the financial results will precede the call, which will be hosted by President and CEO Roy W. Olivier and CFO Bill Nurthen. Interested parties can join the call using provided dial-in numbers or access the live stream via the investor relations section of the website.
Research Solutions, Inc. (NASDAQ: RSSS) announced the resignation of Chief Financial Officer Alan Urban, effective October 4, 2021. He will assist in the transition for an unspecified duration. William A. Nurthen has been appointed as the new CFO, bringing over 14 years of experience in B2B media and SaaS companies. Nurthen expressed enthusiasm about joining Research Solutions, emphasizing its strong platform deployments and potential for growth. CEO Roy W. Olivier praised Nurthen's qualifications, which are expected to benefit the company's strategic and financial objectives.
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