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thinkresearch Think Research Corporation Announces June 30 , 2021 Second Quarter Financial Results • Achieved record revenue of $ 10.2 million , an increase of 167 % compared to the same period in the prior year . • Adjusted EBITDA¹ was ( $ 1.3 ) million compared to ( $ 1.9 ) million for the same period in the prior year . • On July 15 , 2021 , the Company entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of BioPharma , a leading contract research organization ( " CRO " ) to pharmaceutical companies globally.2 • The Company expects approximately $ 3.0 million in recurring annual cash savings going forward from synergies realized during Q3 of 2021. The completion of these synergies was one of the assumptions on which the Company's press release dated July 15 , 2021 , announcing the Bio Pharma Services Inc. ( " BioPharma " ) acquisition was based ( see below for discussion on the BioPharma transaction ) . TORONTO , Aug. 23 , 2021 / CNW / - Think Research Corporation ( TSXV : THNK ) ( " THINK " or the " Company " ) , a healthcare technology company focused on transforming healthcare through integrated digital health software solutions , today reported 2021 second quarter unaudited financial results . Additional information concerning the Company , including its annual audited financial statements and Management's Discussion and Analysis ( " MD & A " ) , can be found under the Company's profile on SEDAR and on the Company's website . THINK's CEO , Sachin Aggarwal said , " We are pleased with our second quarter results , including our strong revenue performance . This was accomplished through our continued strong SaaS partnerships with health systems both in Canada and in international markets , coupled with continued expansion of our telemedicine and digital referrals software partnerships , and successful integration of our clinics business . Our recently closed strategic acquisitions have been accretive to our growth strategy and with the announced BioPharma transaction , we will add significant scale to our existing operations and expand our reach into the complementary contract pharmaceutical research space . This will further strengthen THINK's position as a leader in the delivery of knowledge - based health technology and aligns with our mission to ensure everyone gets the best possible care . " Financial Highlights - Three months ended June 30 , 2021 • Achieved record revenue of $ 10.2 million , an increase of 167 % compared to the same period in the prior year . Revenue increased 22 % when comparing the three months ended June 30 , 2021 to the three months ended March 31 , 2021 . • Adjusted EBITDA¹ was ( $ 1.3 ) compared to ( $ 1.9 ) million for the same period in the prior year . • Net income was $ ( 5.6 ) million compared to $ ( 3.1 ) million for the same period in the prior year . The decrease was primarily due to higher expenses related to acquisitions , higher expenses to support continued business growth , and higher stock - based compensation , partially offset by higher revenue for the period . • Generated positive cash flow from operating activities of $ 1.7 million compared to $ 0.3 million for the same period in the prior year . Financial Highlights - Six months ended June 30 , 2021