Healthcare Triangle, Inc (HCTI), a leading provider of cloud and digital transformation, managed services, and data analytics platforms for the Healthcare and Life Sciences industry reported results for the quarter ended June 30, 2022. All comparisons are to the same year-ago period unless otherwise noted.
Q2 2022 Financial Highlights
- Revenue increased 15% to $11.6 million
- Gross margins at 27%
- Achieved second quarter positive cash flow from operations
Q2 2022 Operational Highlights
- HCTI launched business operations in the Singapore region with a focus to bolster digital healthcare in the Asia Pacific region
- Partnered with a leading patient engagement platform company in the US for providing our platforms and services to their 900+ hospital clients
- Added oncology device manufacturing client
- Added genomics-based drug discovery client
- Increased the wallet share with a global biotechnology giant
- Launched Neutral Zone, engineered on DataEz platform which facilitates secure data sharing
“With an increase in digital investments by health systems and their consumer-centric focus, our managed services business and digital platforms will grow in 2022 and beyond as we continue to expand our footprint across North America and the international markets,” said Suresh Venkatachari, Chairman and CEO.
In Q2, we accelerated our revenue growth; the strong operational performance reflects the customer adoption and strength of our offerings. The pipeline for managed services and digital platforms is strong and we expect new customer wins to increase our revenue and consolidate our position as one of the fastest-growing companies in the Healthcare Technology industry.
Thyagarajan Ramachandran, CFO of Healthcare Triangle, said “We are pleased with our Q2 revenue growth of 15%. We continue to make progress in driving operational efficiencies and remain confident in our journey towards profitability.”
Q2 2022 Financial summary
Revenue in the second quarter of 2022 totaled $11.6 million, up 15% from 10 million. The increase was primarily due to an increase in enterprises adopting Cloud transformation services.
Gross profit totaled $3.1 million at a 27% margin.
Selling, general and administrative expenses increased to $3.1 million compared to $1.8 million mainly due to higher investments in Sales & Marketing.
Net loss was $0.4 million or $(0.01) per share.
Cash and cash equivalents totaled $1.4 million on June 30, 2022.
Subsequent to the quarter ended June 30, 2022, the company raised $6.50 million through a private placement.
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 of the Company’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.