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thinkresearch Think Research Corporation Announces September 30 , 2021 Third Quarter Financial Results • Achieved strong quarterly revenue of $ 10.1 million , an increase of 153 % compared to the same period in the prior year . • Adjusted EBITDA1 ( as defined herein ) was ( $ 3.4 ) million compared to $ 0.6 million for the same period in the prior year . Management estimates Expected Cost Savings ( as defined herein ) of at least $ 5.8 million , related to acquisitions completed by the Company during the last 12 months . TORONTO , Nov. 29 , 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 third quarter unaudited financial results . Additional information concerning the Company , including its unaudited interim financial statements and related Management's Discussion and Analysis ( " MD & A " ) for the three and nine months ended September 30 , 2021 , 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 third quarter revenue growth , and we continue to benefit from synergies from integrating recent acquisitions . We are currently integrating BioPharma and expect that the digitization of patient enrollment and study data should improve results going forward . Our strategic acquisitions have been accretive to our growth strategy and with the BioPharma transaction , we will add significant scale to our existing operations and expand our reach into the complementary contract pharmaceutical research space . Our acquisitions , together with our recent organic growth announcements in our core software business , 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 September 30 , 2021 ( unaudited ) • Achieved revenue of $ 10.1 million , an increase of 153 % compared to the same period in the prior year . • Adjusted EBITDA¹ was $ ( 3.4 ) million compared to $ 0.6 million for the same period in the prior year . • Net income was $ ( 10.8 ) million compared to $ ( 0.3 ) 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 , higher non - cash stock - based compensation and amortization on acquired intangibles , partially offset by higher revenue . • The results of Q3 2021 were negatively affected by the effects of COVID - 19 , leading to an impact on revenue , gross profit , and EBITDA ; due to spikes in COVID - 19 virulence during the time period , some revenue trajectories were negatively affected due to patient cancellations and no - shows for clinical procedures and studies . In particular , this impacted BioPharma which derives its revenue from research studies that require minimum patient enrollment . Because of enrollee cancellations , certain studies had to be redone which also resulted in lower margins .