Fourth Quarter 2022 Financial Results
- Revenue: Total revenue was
$11.3 million , representing growth of 23% compared to the fourth quarter of 2021. Revenue from the Software Services and Platform Services segments increased by 82% and 55%, respectively, partially offset by a 31% decrease in Managed Services and Support. - GAAP loss from operations: GAAP loss from operations was
$4.9 million , compared to$3.4 million in the fourth quarter of 2021. The increased loss was primarily related to investments in sales and marketing and research and development. - GAAP net loss per share: GAAP basic and diluted net loss per share was
$0.13 based on 36.6 million weighted-average shares outstanding, compared to$0.12 based on 29.4 million weighted-average shares outstanding in the year-ago quarter.
Full Year 2022 Financial Results
- Revenue: Total revenue was
$45.8 million , representing growth of 30% compared to 2021. Revenue from Software Services and Platform Services increased 108% and 75%, respectively, partially offset by a 20% decrease in Managed Services and Support. - GAAP loss from operations: GAAP loss from operations was
$9.6 million , compared to$5.9 million in 2021. The increased loss was primarily related to a higher cost of revenue, costs of being a public company following the Company’s IPO inOctober 2021 , and investments in sales and marketing and research and development. - GAAP net loss per share: GAAP basic and diluted net loss per share was
$0.26 based on 36.6 million weighted-average shares outstanding, compared to$0.20 based on 29.4 million weighted-average shares outstanding in 2021. - Cash and cash equivalents totalled
$1.3 million as ofDecember 31, 2022 .
Business Highlights:
- Secured a long-term engagement for cloud and managed services with a client specialized in genomics-based drug discovery.
- Increased wallet share with one of the top cancer treatment and research hospitals in
California through multi-period renewals and new business. - Signed a deal to provide MEDITECH Expanse implementation support for a
Nebraska -based medical center. - Signed a contract for Enterprise EPIC support for one of the largest
Georgia -based medical centers. - Executed data management and advanced analytical services for an existing global Fortune 500 life sciences customer.
- Raised
$6.5 million through a private placement transaction inJuly 2022 .
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 Prospectus 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 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.
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