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vitalhub Care Evolved Source : Vitalhub Corp. November 15 , 2021 11:59 ET VitalHub Achieves Record Revenues in Q3 2021 with ARR over $ 21.5 million TORONTO , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- VitalHub Corp. ( the " Company " or " VitalHub " ) ( TSX : VHI ) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis report for the three and nine months ended September 30 , 2021 with the Canadian securities authorities . These documents may be viewed under the Company's profile at www.sedar.com . When asked to comment on the results , VitalHub CEO Dan Matlow said , " Although Q3 is traditionally a slower quarter due to the summer months , we have continued to experience strong organic growth and improved earnings year - over - year and quarter - over - quarter . Despite experiencing some extraordinary costs pertaining to our uplisting to the TSX and bank financing transaction , we have continued to see operational and financial improvement from the previous quarter . While the valuations of digital health providers have experienced multiple compression in recent months , we believe our status as a near pure SaaS - based software company differentiates us significantly , and is continually substantiated by improvements in key performance indicators and our reported financials . " The Company will be holding a conference call via Zoom on November 16th , 2021 , at 9:00 am EST hosted by CEO Dan Matlow and CFO Brian Goffenberg with a Q & A session to follow . To register for the conference call please visit : VitalHub Q3 2021 Conference Call or https://bit.ly/VitalHub-Q3-2021 . Third Quarter 2021 Highlights • Revenue of $ 6,619,047 , an increase of $ 3,426,881 or 107 % from the comparative period in the prior year . • Gross profit as a percentage of revenue for Q3 2021 was 82 % compared to 81 % in Q3 2020 and 77 % compared to Q2 2021 . • ARR ( 1,2 ) grew by $ 1,811,726 to $ 21,569,032 , achieving 9 % growth in Q3 2021 versus Q2 2021 . • ARR ( 1 ) consists of $ 513,488 or 2.60 % organic growth and $ 1,298,238 or 6.57 % acquisition growth in Q3 2021 versus Q2 2021 . • Net ( loss ) of ( $ 575,792 ) compared to a net loss of ( $ 1,065,505 ) from the comparative period in the prior year . ⚫ EBITDA ( 2 ) of $ 189,088 compared to ( $ 419,362 ) from the comparative period in the prior year . • Adjusted EBITDA ( Non - IFRS measure ) comparative period in the prior year . of $ 1,277,573 , or 19 % of revenue , compared to $ 502,595 or 16 % of revenue from the • Cash on hand at September 30 , 2021 was $ 15,704,130 compared to $ 23,391,946 as at December 31 , 2020 . • Cashflows from operations before changes in working capital was $ 1,394,927 for the period as compared to $ 352,464 for the same period last year . • During the quarter the Company arranged a $ 10,000,000 acquisition debt facility from the technology and Innovation banking division of The Bank of Nova Scotia . • On September 23 , 2021 the Company commenced trading on the Toronto Stock Exchange ( " TSX " ) . The common shares were previously listed on the TSX Venture Exchange ( " TSXV " ) since December 2 , 2016 . Q3 2021 and 2020 Results Revenue September 30 , 2021 $ 6,619,047 Three months ended % | September | Revenue 30 , 2020 Revenue $ % 100 % 3,192,166 100 % September Change 30 , 2021 % $ 107 % 17,734,300 Nine months ended % | September | % Revenue 30 , 2020 Revenue $ 100 % 8,711,060 Change % 100 % 104 % Cost of sales 1,174,244 18 % 618,482 19 % 90 % 3,773,770 21 % 2,264,839 26 % 67 % Gross Profit 5,444,803 82 % 2,573,684 81 % 112 % 13,960,530 79 % 6,446,221 74 % 117 % Operating Expenses General and administrative Sales and marketing 1,361,762 21 % 680,030 21 % 100 % 3,638,214 21 % 2,019,506 23 % 80 % 974,506 15 % 433,933 14 % 125 % 2,646,543 15 % 896,725 10 % 195 %