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VitalHub Reports Q2 2022 Financial Results with Record Revenue over $9.4M

TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- VitalHub Corp. (the "Company" or "VitalHub") (TSX:VHI) (OTCQX:VHIBF) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis report for the three and six months ended June 30, 2022, with the Canadian securities authorities. These documents may be viewed under the Company's profile at www.sedar.com.

VitalHub's Chief Executive Officer Dan Matlow commented, "The Company's positive momentum has continued into the second quarter, as demonstrated by another record high revenue result. We continue to see steady upward progress across all our key indicators, with a healthy pipeline of new business and backlog of closed sales that have not yet begun recognizing revenue. Notably, we are experiencing strong organic growth in our annual recurring revenue (ARR) numbers, as we continue to secure long term, recurring contracts. We generated over $800,000 of organic ARR growth in Q2/2022.  This brings our total organic ARR growth over the last eight quarters to approximately $6.8 million. It should also be noted that our Q2 ARR growth does not include the recently announced Ontario Solicitors General transaction, which we expect to start generating revenue in the latter part of this year."

VitalHub's quarterly investor conference call will take place on Friday, August 12, 2022, at 9:00AM EST. To join the call, please dial 1-888-664-6383 (Toll-Free North America) or 416-764-8650 (Local ? Toronto) and enter confirmation number 51418625.

A replay of the call will be available until Friday, August 19, 2022, and can be accessed by dialing 1-888-390-0541 (Toll-Free North America) or 416-764-8677 (Local ? Toronto), using the replay entry code 418625#.

Second Quarter 2022 Highlights

(1)   The Company defines annual recurring revenue ("ARR") as the recurring revenue expected based on yearly subscriptions of the renewable software license fees and maintenance services
(2)   Non-IFRS measure

Q2 2022 and 2020 Results

 Three months ended Six months ended
 $ $ %$
 $ %
Revenue9,477,464 100%5,792,182 100%64%18,900,656 100%11,115,255 100%70%
Cost of sales1,605,282 17%1,321,428 23%21%3,079,861 16%2,599,527 23%18%
Gross Profit7,872,182 83%4,470,754 77%76%15,820,795 84%8,515,728 77%86%
Operating Expenses            
  General and administrative2,099,943 22%1,077,532 19%95%3,921,577 21%2,276,451 20%72%
  Sales and marketing1,023,250 11%917,407 16%12%2,071,639 11%1,672,037 15%24%
  Research and development2,694,514 28%1,294,271 22%108%4,742,759 25%2,452,444 22%93%
  Depreciation60,556 1%41,342 1%46%103,873 1%74,689 1%39%
  Depreciation of right-of-use assets52,094 1%67,193 1%(22%)115,482 1%130,764 1%(12%)
  Stock based compensation314,540 3%284,303 5%11%583,784 3%604,080 5%(3%)
  Foreign currency (gain) loss186,855 2%127,858 2%46%166,180 1%192,780 2%(14%)
Other Income and Expenses           
  Amortization of intangible assets795,270 8%546,845 9%45%1,479,198 8%980,816 9%51%
  Business acquisition, restructuring and integration costs528,337 6%612,269 11%(14%)943,064 5%859,086 8%10%
  Interest expense and accretion (net of interest income)110,405 1%(7,707)(0%)(1533%)105,686 1%(18,294)(0%)117%
  Interest expense from lease liabilities15,318 0%22,770 0%(33%)32,686 0%43,381 0%(24%)
  Loss on disposal of property and equipment1,057 0%0 0%0%1,057 0%2,497 0%(58%)
Current and deferred income taxes(84,536)(1%)10,071 0%100%41,365 0%10,071 0%311%
Net income (loss)74,579 1%(523,400)(9%)114%1,512,194 8%(765,074)(7%)(298%)
EBITDA (Non-IFRS measure)1,023,686 11%157,114 3%552%3,390,734 18%456,353 4%87%
Adjusted EBITDA (Non-IFRS measure)1,866,563 20%1,053,686 18%77%4,917,582 26%1,919,519 17%61%
Annual Recurring Revenue (Non-IFRS measure)31,219,508  15,931,628  96%31,219,508  15,931,628  49%
Recurring revenue (Non-IFRS Measure)7,232,646 76%4,628,927 80%56%12,965,537 69%8,497,284 76%34%
Deferred revenue18,360,341  8,821,331   18,360,341  8,821,331   
Cash balance36,830,071  16,389,982   36,830,071  16,389,982   


Software for Health and Human Services providers designed to simplify the user experience & optimize outcomes.

Vitalhub provides technology to Health and Human Services providers including; Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. Vitalhub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow & Operational Visibility, and DOCit Mobile Apps.

The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, Vitalhub serves 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. Vitalhub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".


This press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Dan Matlow
Chief Executive Officer, Director
(416) 727-9061

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