PLEASANTON, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (HCTI), a leading provider of cloud and digital transformation, managed services and data analytics platform for healthcare and life sciences industry reported results for the quarter ended September 30, 2022. All comparisons are to the same year ago period unless otherwise noted.
Q3 2022 Financial Highlights
Revenue increased 48% to $11.9 million YoY
Gross margin at 29%
R&D costs at $1.5 million
Cash $4.1 million
Q3 2022 Operational Highlights
Healthcare Triangle Inc, raised USD 6.5M through private placement
Launched our services in Singapore to grow digital healthcare in the Asia Pacific region
Implemented MEDITECH Expanse for Chronic Care Management for a Primary Healthcare Centre
Standardized cloud platform using IaC (Infrastructure as Code) for a genomics-based drug discovery enterprise
Upgraded cloud platform for an Illinois based health insurer
Executed data management services deal with multispecialty healthcare group
Initiated AI based benchmarking services for a Fortune 100 technology company
We remain excited by the opportunities we see in front of us. “Focusing on advanced cloud and AI driven data analytics for healthcare and life sciences industry; we expect our platforms and neutral zone offering to propel our revenues while significantly enhancing customer experience,” said Suresh Venkatachari, Chairman and CEO.
Thyagarajan Ramachandran, CFO of Healthcare Triangle, commented “We are benefiting from the momentum in healthcare business and reaffirming our commitment to consistently improve our EBITDA; and expect to be positive cash flow in fiscal year 2023”.
Q3 2022 Financial Summary
Revenue in the third quarter of 2022 totalled $11.9 million, up 48% from $8.1 million. The increase was primarily due to increase in cloud adoption and cloud transformation services.
Gross profit was $3.4 million at 29% margin.
Selling, general and administrative expenses increased to $3.2 million compared to $2 million mainly due to additional investments in Sales & Marketing.
Net loss was $2.3 million or $(0.06) per share.
Cash and cash equivalents were $4.1 million on September 30, 2022
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Prospectus filed with the SEC on October 7, 2021, previous filings, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
Healthcare Triangle, Inc. www.healthcaretriangle.com
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