VitalHub Reports Q1 2021 Revenues of over $5.3 Million, and a significant increase in Annualized Contract Value (“ACV”) of Recurring Revenue

VitalHub Reports Q1 2021 Revenues of over $5

TORONTO, May 27, 2021 (GLOBE NEWSWIRE) — (GLOBE NEWSWIRE – May 27, 2021) VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management’s Discussion and Analysis report for the three months ended March 31, 2021 and 2020 with the Canadian securities authorities. These documents may be viewed under the Company’s profile at

When asked to comment on the results, VitalHub CEO Dan Matlow said,

“In Q1 the Covid-19 pandemic continued to be prevalent within our markets but we continued to see demand for our solutions as demonstrated by the addition of another $1,087,589 of organic contract value of recurring revenue in Q1. When you add in the value of the recurring revenue from the Jayex Acute business and the S12 Solutions Ltd. acquisition that were completed subsequent to Q1 our ACV is over $19 million. This is now approaching the 80% level of total revenue which has been an important goal for us. In the last three quarters we have added $8,439,787 of ACV representing an annualized growth rate of 150% (52% or $2,914,460 is organic and 98% or $5,525,327 is from acquisitions). “

The Company will be holding a conference call via Zoom on May 28, 2021 at 9:00am EST hosted by CEO Dan Matlow and CFO Brian Goffenberg with a Q&A session to follow. To register for the conference call please visit: VitalHub Q1 2021 Financial Results Conference Call.

First Quarter 2021 Financial Highlights

  • Revenue of $5,323,074, an increase of $2,553,074 or 92% from the comparative period in the prior year.
  • Annualized Contract Value (Non-IFRS measure) grew by $1,087,589 (all organic) to $15,931,628, a 7% sequential growth in Q1 2021 versus Q4 2020.
  • Net loss of ($241,671) compared to a net loss of ($564,458) from the comparative period in the prior year.
  • EBITDA (Non-IFRS measure) of $299,241 compared to ($12,688) from the comparative period in the prior year.
  • Adjusted EBITDA (Non-IFRS measure) of $865,834, or 16% of revenue, compared to $282,291 or 10% of revenue from the comparative period in the prior year.
  • Cash on hand at March 31, 2021 was $26,688,021 compared to $23,391,946 as at December 31, 2020.
  • Cash from operations before working capitals items increased by $677,234 from $29,727 in Q1 2020 to $706,961 in Q1 2021.
  • Including the acquisitions of S12 and Jayex subsequent to the quarter, Vitalhub’s ACV of recurring revenue now stands at $19,241,228.

First Quarter 2021 Business Highlights

  • The Company has partnered with a regionally integrated Canadian Health Network, which has contracted the Company’s SHRWED products. This marks the first sale of the company’s UK product offering into the Canadian market and lays the foundation for the expansion of the SHREWD products into the Canadian marketplace.
  • During the quarter, the Company closed the additional sale of its DOCit mobile application to Caressant Care Nursing and Retirement Homes Limited. (“Caressant”) in a multi-year expansion deal. Following the success of the initial deployment, Caressant has extended VitalHub’s contract to cover the remainder of their homes, encompassing 15 sites and over 2,000 residents. Additionally, the term of the agreement has been extended from two to five years.
  • The Company continues to increase its international presence with 7 additional licensing deals won in Q1 2021 as follows:
    • Licensing of Transforming Systems’ SHREWD products to the National Health Service East of England Regional Team,
    • Licensing of Intouch with Health’s digital health platform with Harrogate and District NHS Foundation Trust,
    • Multi-year large-scale licensing transaction of Intouch with Health’s Synopsis product with South Tees Hospitals NHS Foundation Trust,
    • Multi-year licensing contract of Intouch with Health’s virtual clinic platform to Buckinghamshire Healthcare NHS Trust,
    • Licensing of Intouch with Health’s digital health platform to Surrey and Sussex Healthcare NHS Trust,
    • Expansion of Intouch with Health’s digital platform installation at Rotherham Foundation NHS Trust and,
    • Licensing of Intouch with Health’s Synopsis product to Anaesthesia Associates Medical Group in Nassau, Bahamas.
  • Subsequent to the quarter the Company acquired all of the issued and outstanding shares of S12 Solutions Ltd. (“S12”). S12 is a UK-based company, which helps mental health professionals efficiently complete Mental Health Act 1983 processes.
  • Subsequent to the quarter the Company acquired the assets of Jayex Healthcare Limited on-premise hospital queue management business segment., a leading UK and Australian e-health provider of integrated SaaS healthcare services delivery platforms.

First Quarter 2021 Results

  Three months ended  
  March 31, 2021 % Revenue March 31, 2020 % Revenue Change  
  $   $   %  
Revenue 5,323,074   100 % 2,770,000   100 % 92 %  
Cost of sales 1,278,099   24 % 904,807   33 % (41 %)  
Gross Profit 4,044,975   76 % 1,865,193   67 % 117 %  
Operating Expenses            
General and administrative 1,198,918   23 % 703,278   25 % (70 %)  
Sales and marketing 754,630   14 % 273,496   10 % (176 %)  
Research and development 1,158,173   22 % 707,559   26 % (64 %)  
Depreciation 33,347   1 % 26,689   1 % (25 %)  
Depreciation of right-of-use assets 63,571   1 % 53,461   2 % (19 %)  
Stock based compensation 319,777   6 % 46,071   2 % (594 %)  
Foreign currency loss (gain) 64,923   1 % (101,431 ) (4 %) 164 %  
Other Income and Expenses            
Amortization of intangible assets 433,972   8 % 443,237   16 % 2 %  
Business acquisition, restructuring and integration costs 246,816   5 % 248,908   9 % 1 %  
Interest expense and accretion (net of interest income) (10,530 ) (0 %) 24,966   1 % 142 %  
Interest income from sublease (59 ) (0 %) (729 ) (0 %) 92 %  
Interest expense from lease liabilities 20,611   0 % 20,880   1 % 1 %  
Loss on disposal of property and equipment 2,497   0 % 0   0 % 100 %  
Current income taxes 0   0 % (16,734 ) (1 %) 100 %  
Net loss (241,671 ) (5 %) (564,458 ) (20 %) 57 %  
EBITDA (Non-IFRS measure) 299,241   6 % (12,688 ) (0 %) 2458 %  
Adjusted EBITDA (Non-IFRS measure) 865,834   16 % 282,291   10 % 207 %  
Annualized Contract Value (Non-IFRS measure) 15,931,628     7,486,925        
Recurring revenue (Non-IFRS Measure) 3,868,358   73 % 1,796,894   65 % 115 %  


Software for Health and Human Services providers designed to simplify the user experience & optimize outcomes.

VitalHub provides technology to Health and Human Services providers including; Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. VitalHub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow & Operational Visibility, and DOCit Mobile Apps.

The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol “VHI”.

This press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
[email protected]

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