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Think Research Corporation reported Q2 2022 revenue of $18.4 million, an 80% increase over Q2 2021. Year-to-date revenue totaled $38.6 million, up 108%. Software and Data Solutions revenue fell to $6.9 million, while Clinical Research Operations revenue reached $7.3 million. Adjusted EBITDA was a loss of $1.6 million. Despite revenue growth, expenses surged, leading to net losses of $7.5 million in Q2. The company anticipates an annualized revenue run rate of $84-$90 million for FY2022, with positive adjustments expected in the second half.
Think Research Corporation (TSXV: THNK, OTC: THKKF) will announce its financial results for Q2 ended June 30, 2022, on August 29, 2022, before market opens. The results will be published on SEDAR and the company's website at 7:30 a.m. Eastern Time. A conference call hosted by CEO Sachin Aggarwal and interim CFO John Hayes will take place at 9 a.m. Eastern Time on the same day, followed by a Q&A session. Think Research is a leader in digital health software solutions, serving over 13,000 facilities globally, enhancing care for millions of patients annually.
On August 10, 2022, Think Research Corporation (THKKF) announced the results from its August 2, 2022, Annual General Meeting. All seven nominated directors were re-elected, including Sachin Aggarwal and Eric Hoskins. Shareholders also approved Ernst & Young LLP as the company auditor and ratified an amendment to the omnibus long-term incentive plan, which currently has 6,022,128 issuable shares, pending acceptance by the TSX Venture Exchange. Think continues to lead in digital healthcare solutions, serving over 300,000 healthcare professionals globally.
Think Research Corporation (THKKF) has secured a contract with St. George's University Hospitals NHS Foundation Trust to provide tailored nursing care content. This partnership aims to enhance nursing care documentation and standardization within the hospital, ensuring evidence-based care for at-risk patients. The project will integrate with the Cerner Millennium electronic patient record system, supported by funding from the NHS's United Tech Frontline Digitization Fund. Think's CEO emphasizes the significance of this contract as it marks the company’s entry into the NHS, the world's largest publicly funded healthcare system.
Think Research Corporation (TSXV: THNK, OTCQB: THKKF) announced participation in an invitation-only event at the Delta Hotels by Marriott Grand Okanagan, focusing on discussions with small-cap investors. CEO Sachin Aggarwal highlighted significant progress, including four acquisitions, leading to an annualized revenue run-rate exceeding $80 million and realized cost synergies of $6.9 million through FY2021 and Q1 2022. The company serves over 300,000 health practitioners globally across 1,700 facilities, aiming to enhance healthcare through its innovative digital solutions.
Think Research Corporation (TSXV: THNK) (OTCQB: THKKF) announced that its subsidiary, BioPharma Services Inc., has successfully completed an FDA audit with zero Form 483 observations, continuing a record of compliance since 2009. The inspection occurred in May 2022 at BioPharma's Toronto facility, showcasing its high standards for Good Clinical Practice (GCP) regulations. This achievement reinforces BioPharma's reputation as a leader in digital clinical research, and highlights its dedication to quality and regulatory excellence.
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