Successful Integration of Acquisitions Yielding Early Benefits
- $6.4 million in new multi-year contracts signed since November 1, 2021including new landmark contracts announced with LifeLabs and Air Canada
- Revenue up 178% to a record $2.40 million in Q1 2022 compared to $0.86 million in Q1 2021
- Increased number of clients to 96 in Q1 2022 compared to 2 in Q1 2021
- 3.5 million members currently connected on expanding Carebook platform
- Opportunities for synergies and further expansion into the fast-growing US market identified following successful completion of integration of InfoTech acquired in Q2 2021 and CoreHealth acquired in Q3 2021
- Rights Offering successfully completed with aggregate proceeds of $4.5 million
- Olivier Giner appointed as new CFO effective June 1, 2022
MONTREAL, May 30, 2022 /CNW Telbec/ – Carebook Technologies Inc. (“Carebook” or the “Company“) (TSXV:CRBK) (OTCPK: CRBKF) (XFRA: PMM1), a leading Canadian provider of innovative digital health solutions today announced its results for its first quarter ended March 31, 2022.
“Our record first quarter results provide an early illustration of the improved performance trends in place within the company following the successful integration of our acquisitions of Wellness Checkpoint and CoreHealth,” commented Michael PetersCarebook CEO. “We expect to see continued improvement and strong growth as we benefit from our shift in strategic focus to the Employer vertical. The recent landmark contracts signed with LifeLabs and Air Canada are two very strong indications of the success of our strategy and we are currently in discussions with many other potential major clients both in Canada and the US Of particular note is the fact that we are now providing services to 96 clients compared to 2 clients during the same first quarter period 2021. On the leadership front, we are thrilled to welcome Olivier Giner to the Carebook team as our new CFO. With Olivier’s strong background in both finance and operations, I know that he will play an integral role as Carebook takes the lead in the global digital healthcare market offering a comprehensive suite of assessment and wellness solutions.”
Revenue for the quarter ended March 31, 2022was $2.40 millioncompared to $0.86 million in the quarter ended March 31, 2021an increase of $1.53 million or 178% which is driven by the acquisitions of InfoTech and CoreHealth. Revenue generated in 2021 was entirely from the pharmacy vertical, whereas revenue generated in 2022 was 21% pharmacy and 79% employer.
Total comprehensive loss
Total comprehensive loss was $1.80 million for the quarter ended March 31, 2022compared to a loss of $2.26 million for the quarter ended March 31, 2021a decrease of $0.45 million. The loss from operations decreased by 19% from $2.06 million in the first quarter of 2021 to $1.67 million in the first quarter of 2022. While the acquisitions of InfoTech and CoreHealth increased operating expenses for the quarter ended March 31, 2022this was more than offset by the incremental revenue and cost reductions that were implemented as of November 1, 2021.
New Contracts Booked
Carebook has booked a record $6.4 million in new multi-year contracts since November 1, 2021. These contracts, from a diverse base of clients located in the US and Canadaprovide confirmation of the success of Carebook’s strategy and renewed focus on the fast-growing employer vertical. Included in the new bookings are the landmark contracts signed with LifeLabs and Air Canada highlighted below.
On January 10, 2022Carebook announced that it will be working with LifeLabs, Canada’s largest community medical laboratory network, to deliver valuable insights to LifeLabs’ MyCareCompass …