Fourth Quarter 2023 Financial Results
- Revenue: Total revenue was
$7.1 million , representing a decrease of 37% compared to the fourth quarter of 2022. Revenue from the Software Services and Managed Services segments decreased by 40% and 37%, respectively, partially offset by a 22% increase in Platform Services. - GAAP loss from operations: GAAP loss from operations was
$5.3 million , compared to$4.9 million in the fourth quarter of 2022. The increased loss was primarily due to impairment of intangibles and goodwill. The one-time impact of the impairment was$4.2 million . The normalized GAAP loss from operations was$0.7 million . - GAAP net loss per share: GAAP basic and diluted net loss per share was
$1.26 based on 4.2 million weighted-average shares outstanding, compared to$1.33 based on 3.6 million weighted-average shares outstanding in the year-ago quarter.
Full Year 2023 Financial Results
- Revenue: Total revenue was
$33.2 million , representing a decrease of 28% compared to 2022. Revenue from Software Services, Managed Services and Support and Platform Services revenue has decreased in the current year. - GAAP loss from operations: GAAP loss from operations was
$12.3 million , compared to$9.6 million in 2022. The increased loss was primarily due to impairment of intangibles and goodwill. The onetime impact of the impairment was$4.2 million . The normalized GAAP loss from operations was$8.1 million . - GAAP net loss per share: GAAP basic and diluted net loss per share was
$2.92 based on 4.2 million weighted-average shares outstanding, compared to$2.63 based on 3.6 million weighted-average shares outstanding in 2022. - Cash and cash equivalents totaled
$1.2 million as ofDecember 31, 2023 .
Business Highlights:
- Secured a new
$3 million contract to provide HITRUST-certified Cloud DevOps Managed Services for a leading life sciences customer, reinforcing the Company’s position as a top player in the Cloud DevOps Managed Services business. - Secured a multi-year program expansion contract with a Fortune 500 biopharmaceutical company, securing our position as one of the providers for Cloud DevOps, data engineering and data platform management solutions.
- Announced a multi-year subscription agreement with a long-standing customer for readabl.ai, a medical document automation solution aimed at streamlining patient care and reducing operating costs.
- Launched a new ransomware protection and prevention initiative drawing initial interest and support from numerous health system clients. The Company is servicing multiple contract agreements for cloud backup and disaster recovery, allowing hospitals and health systems to move disaster recovery to the
Amazon Web Services (AWS) cloud to secure resources and scale on demand. - Hosted sessions on digital transformation and ransomware preparedness for healthcare systems at CHIME23 fall forum.
- Hosted roundtable discussion on generative AI and data modernization strategies for healthcare and hosted webinar addressing ransomware preparedness for healthcare.
- Participated in 2023 MUSE Inspire conference as exhibitor and host of best practice sessions and at HIMSS23 conference as a guest speaker for
Amazon Web Services .
About
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 Annual Report on Form 10-K filed with the
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 the 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.
Contacts
Investors:
1-800-617-9550
ir@healthcaretriangle.com
Source:
2024 GlobeNewswire, Inc., source