Healthcare Triangle Reports Third Quarter 2023 Results
PLEASANTON, Calif., Nov. 13, 2023 (GLOBE NEWSWIRE) — Healthcare Triangle, Inc. (Nasdaq: HCTI) (“HCTI” or the “Company”), a leader in digital transformation solutions including managed services, cloud enablement, cybersecurity, data analytics, and AI data processing for the healthcare and life sciences industries, today announced results for the third quarter of 2023 ended September 30, 2023.
Thyagarajan Ramachandran, CFO of Healthcare Triangle, said, “A return to predictable revenue growth is top priority for the current quarter and throughout 2024. During the third quarter we launched an exciting new initiative working with U.S. health systems on an HCTI-branded ransomware protection framework and methodology. The response so far has been encouraging, and our goal is to become a top provider of robust cybersecurity services to meet the widespread accelerating demand for cyber preparedness in healthcare. Another key area of focus is on driving adoption of our high-performance readabl.ai solutions for cloud-scale, AI-driven healthcare document workflow. HCTI is in discussions with multiple life sciences companies about piloting generative AI use cases in areas such as drug discovery and documentation AI. We are also looking to expand business with our current pharma customers in 2024 with new managed services opportunities in cloud DevOps and data modernization projects. We are confident that these key revenue drivers will support improved Company performance in the coming quarters.”
Third Quarter 2023 Financial Results
- Total revenue was $7.8 million, compared to $11.9 million in the third quarter of 2022. Revenue in the year-ago quarter included multiple one-time EHR (electronic health record) implementations and short-term consulting contracts.
- Loss from operations was $1.5 million, compared to $2.2 million for the third quarter of 2022.
- Basic and diluted net loss per share was $0.46 based on 4.2 million weighted-average shares outstanding, compared to basic and diluted net loss per share of $0.64 based on 35.6 million weighted-average shares outstanding for the third quarter of 2022.
Third Quarter 2023 and Recent Business Highlights
- Closed $1.6 million of new business with existing customers.
- Spurred brand awareness for the Company’s new ransomware protection and prevention initiative through marketing activities.
- Hosted an educational roundtable with hospital CXOs in collaboration with Amazon Web Services about the role of generative AI and data modernization technologies in improving patient outcomes, improving clinical decision, streamlining healthcare operations and reducing costs.
- Secured a multi-year contract to customize and enhance electronic health record (EHR) software for client-specific workflow and provide managed support.
- Launched a project for comprehensive development, testing, and go-live support for Epic cloud-based EHR, including post-go-live stabilization phases.
- Secured a design and integration project for a SAP-SQL global data migration solution for a pharmaceutical customer including 12 months of continuous hypercare support.
- Secured a contract extension from a top 5 customer for a public cloud-based clinical HPC (high performance computing) project initiative.
About Healthcare Triangle
Healthcare Triangle, Inc. based in Pleasanton, California, reinforces healthcare progress through breakthrough technology and extensive industry knowledge and expertise. We support healthcare including hospitals and health systems, payers, and pharma/life sciences organizations in their effort to improve health outcomes through better utilization of the data and information technologies that they rely on. Healthcare Triangle achieves HITRUST Certification for Cloud and Data Platform (CaDP), marketed as CloudEz™ and DataEz™. HITRUST Risk-based, 2-year (r2) Certified status demonstrates to our clients the highest standards for data protection and information security. Healthcare Triangle enables the 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, identity management, data lifecycle management, healthcare interoperability, and clinical and business performance optimization. For more information, visit www.healthcaretriangle.com.
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 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.
Investor Contact
1-800-617-9550
ir@healthcaretriangle.com
