Healthcare Triangle, Inc (HCTI) Reports Fourth Quarter and Full Year 2021 Results
PLEASANTON, Calif., March 08, 2022 (GLOBE NEWSWIRE) — Healthcare Triangle, Inc (HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services and data analytics platform company today announced financial results for its fourth quarter and full year ended December 31, 2021.
“We had a strong finish to the quarter,” said Suresh Venkatachari, Chairman and CEO of Healthcare Triangle. “I’m incredibly proud of the focus and dedication of our employees as we continue to innovate on our platforms and execute on our strategy.”
“With our acquisition of Devcool Inc, we will expand our addressable market opportunities in the healthcare provider space, which will also offer our cloud and data analytics solutions on SaaS that drive better outcomes while lowering overall healthcare costs.”
Fourth quarter 2021 financial results
- Revenue: Total revenue was $9.2 million, representing growth of 2% compared to the fourth quarter of 2020.
- GAAP (Loss) from Operations: GAAP (loss) from operations was $(3.4) million, compared to $1.8 million in the fourth quarter of 2020.
- GAAP Net (Loss) Per Share: GAAP basic and diluted net (loss) per share was $(0.12) based on 29.4 million weighted-average shares outstanding, compared to $0.07 based on 27.9 million weighted-average shares outstanding in the fourth quarter of 2020.
- Net Cash Provided by Operating Activities: Net cash provided by operating activities was ($3.4) million, compared to $1.3 million in the fourth quarter of 2020.
- Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents, and marketable securities were $1.7 million as of December 31, 2021.
Full year 2021 financial results
- Revenue: Total revenue was $35.2 million, representing growth of 13% compared to 2020.
- GAAP (Loss) from Operations: GAAP (loss) from operations was $(5.9) million, compared to $2.3 million in 2020.
- GAAP Net (Loss) Per Share: GAAP basic and diluted net (loss) per share was $(0.20) based on 29.4 million weighted-average shares outstanding, compared to $(0.08) based on 27.9 million weighted-average shares outstanding in 2020.
- Net Cash Provided by Operating Activities: Net cash provided by operating activities was $(7.3) million, compared to $(0.7) million in 2020.
Key Metrics and Recent Business Highlights
- Advanced to Google Cloud Premier Partner status.
- Acquired EHR focused Healthcare IT and Managed Services Company.
- Signed a multi-year platform deal for readabl.ai to digitize medical documents.
- Renewed an opportunity to implement a secure and fully managed enterprise cloud platform for a pharmaceutical giant.
- Signed a multi-year contract for our Cloud Hosting/DRaaS (Disaster Recovery as a Service)
- Implemented Meditech as a Platform (MaaS) for a leading Critical care hospital.
- Automated document processing deploying Artificial Intelligence (AI) and Machine Learning (ML) through our flagship readabl.ai for a community-based health system.
- Co-presenting readabl.ai solution (built on and available in the Google Cloud Marketplace) at this year’s ViVE Conference in Miami in March 2022
- Hired VP Cloud & Tech and VP Client Success to strengthen our leadership; added nearly 100 employees during the quarter due to the acquisition and organic; total head count as of December 31, 2021, was 379.
Commenting on the Company’s financial performance for the fourth quarter of 2021, Thyagarajan Ramachandran, Chief Financial Officer of HCTI, stated, “We continued to make investments in building our SaaS platforms while improving on operating metrics as we continue to progress on our strategic objectives of growing our recuring revenues.”
About Healthcare Triangle, Inc. (HCTI)
Healthcare Triangle, Inc. based in Pleasanton, Calif., reinforces healthcare progress through breakthrough technology and extensive industry knowledge and expertise. We support healthcare organizations—including hospitals and health systems and health plans—as well as pharma and life sciences organizations, in their efforts to improve health outcomes. Healthcare Triangle enables the rapid adoption of new technologies, data enlightenment, business agility, and response to immediate business needs and competitive threats. The highly regulated healthcare and life sciences industries rely on Healthcare Triangle for expertise in digital transformation encompassing the cloud, security and compliance, data lifecycle management, healthcare interoperability, and clinical and business performance optimization. For more information, visit HealthcareTriangle.com.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to the Company on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Risk Factors section of the Company’s Registration Statement and preliminary prospectus for the offering filed with the SEC. Thus, actual results could be materially different. The Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, after the date of this release, except as required by law.
Healthcare Triangle, Inc. Contact:
For Media Enquiries:
Michael Campana
michael.c@healthcaretriangle.com
Healthcare Triangle, Inc. Investor Relations:
John McNamara
john@tradigitalir.com
917-658-2602
