VitalHub Reports Record Revenue of $9,423,191 and Net Profit of $1,437,611 in Q1 2022

Enter Wall Street with StreetInsider Premium. Claim your one week free trial here.

TORONTO, May 12, 2022 (GLOBE NEWSWIRE) — VitalHub Corp. (the “Company” or “VitalHub”) (TSX: VHI) today announced that it has filed its condensed interim consolidated financial statements and MD&A for the three months ended March 31, 2022 with Canadian securities regulators. These documents can be viewed under the Company’s profile at

When asked to comment on the results, Vitalhub CEO Dan Matlow said:

“The current trend in the global market to use digital solutions to reduce capacity constraints, improve patient access to services and manage patient flow through local health systems in hospitals and community settings is a key driver in the increased adoption of Vitalhub’s proven solutions. We saw this increased adoption across all of the company’s products, resulting in record first quarter results. »

The company will host a conference call via Zoom on May 13, 2022 at 9:00 a.m. EDT hosted by CEO Dan Matlow and Chief Financial Officer Brian Goffenberg with a Q&A session to follow. To register for the conference call, please visit: VitalHub Q1 2022 Conference Call or

First Quarter 2022 Highlights

  • Revenues of $9,423,191, an increase of $4,100,117 or 77% over the comparative period of the previous year.
  • Gross margin as a percentage of revenue for the first quarter of 2022 was 84%, compared to 76% in the first quarter of 2021 and 79% in the fourth quarter of 2021.
  • ARR(1, 2) increased by $1,908,427 to $24,015,090, achieving 9% growth for the quarter ($2,743,987 or 11.39% in constant currencies) – (1,485,613 $ or 6.72% organically and $1,032,000 or 4.67% per acquisition and a decrease due to an unrealized foreign exchange loss of $609,186 or 2.76%, which is attributable to the fluctuation of the pound sterling by against the Canadian dollar with a decline of CA$1: £1.73 to CA$1: £1.64) in Q1 2021 compared to Q4 2021.
  • New customer billings for perpetual and recurring licenses, support, services and hardware were $8.7M, of which $2.9M was recognized during the quarter, and the balance was $5.8M. $M is deferred to be recognized as earned over the next 12-60 months.
  • Net profit of $1,437,611 compared to a net loss of ($241,671) in the comparative period of the previous year.
  • EBITDA (2) of $2,367,044 compared to $299,241 for the comparative period of the previous fiscal year.
  • Adjusted EBITDA (2) of $3,051,015, or 32% of revenues, compared to $865,864 or 16% of revenues for the comparative period of the previous fiscal year.
  • Cash at March 31, 2022 was $20,751,890 compared to $16,389,982 at December 31, 2021.
  • Cash flow from operations before changes in working capital was $2,594,450 for the period compared to $706,961 for the same period last year.
  • Vitalhub was ranked 20th in Deloitte’s Technology Fast 50 2021 program among Canadian companies for its rapid revenue growth with 1103% growth from 2017 to 2020. The company also ranked 127th in North America on Deloitte’s Technology Fast 500 ranking list.
  • With the addition of Hicom’s ARR after the quarter, Vitalhub’s ARR is approximately $30,903,090 (ARR at the end of Q1 2022 $24,05,090 plus Hicom ARR of $6,888,000). ARR is a non-IFRS measure.

(1) The Company defines annual recurring revenue (“ARR”) as expected recurring revenue based on annual subscriptions to renewable software license fees and maintenance services (2) Non-IFRS measure


Three months completed
March 31, 2022 %Revenue March 31, 2021 %Revenue Switch
$ $ %
Revenue 9,423,191 100% 5,323,074 100% 77%
Cost of sales 1,474,579 16% 1,278,099 24% 15%
Gross profit 7,948,612 84% 4,044,975 76% 97%
Functionnary costs
general and administrative 1,821,638 19% 1,198,918 23% 52%
Sales and Marketing 1,048,389 11% 754,630 14% 39%
Research and development 2,048,245 22% 1,158,173 22% 77%
Depreciation 43,317 0% 33,347 1% 30%
Amortization of rights of use 63,389 1% 63,571 1% (0%)
Stock-based compensation 269 ​​244 3% 319,777 6% (16%)
Exchange loss (gain) (20,675) (0%) 64,923 1% (132%)
Other income and expenses
Amortization of intangible assets 683 928 7% 433,972 8% 58%
Business acquisition, restructuring and integration costs 414,727 4% 246,816 5% 68%
Interest expense and accretion (net of interest income) (4,720) (0%) (10,530) (0%) (55%)
Sublease interest income 0 0% (59) (0%) 0%
Interest expense on lease debts 17,618 0% 20,611 0% (15%)
Loss on disposal of property, plant and equipment 0 0% 2,497 0% 0%
Current and deferred taxes 125,901 1% 0 0% 100%
Net profit (loss) 1,437,611 15% (241,671) (5%) 695%
EBITDA (Non-IFRS measure) 2,367,044 25% 299 241 6% 691%
Adjusted EBITDA (Non-IFRS measure) 3,051,015 32% 865 834 16% 252%
Recurring annual income (Non-IFRS measure) 24,015,090 15,931,628 51%
Recurring revenue (Non-IFRS measure) 5,732,891 61% 3,868,358 73% 48%
Deferred revenue 14,405,056 8,821,331
Cash balance 20,751,890 16,389,982


Software for health and social service providers designed to simplify user experience and optimize outcomes.

Vitalhub provides the technology to health and social service providers including; Hospitals, regional health authorities, mental health, long-term care, home care, community and social services. Vitalhub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow and Operational Visibility, and DOCit ​​Mobile Apps.

The company has a strong two-pronged growth strategy, targeting organic growth opportunities within its product line and pursuing an aggressive mergers and acquisitions plan. Currently, Vitalhub serves over 275 customers in Canada, USA, UK, Australia, Qatar and Latvia. Vitalhub is based in Toronto, Canada, with an offshore development center in Sri Lanka. The Company is listed on the TSX Venture Exchange under the symbol “VHI”.


This press release contains forward-looking statements regarding the Company and its business, which may include, but are not limited to, statements regarding the appointment of new directors. Often, but not always, forward-looking statements can be identified by the use of words such as “anticipates”, “is planned”, “expects”, “anticipates”, “intends”, “intends “, “anticipates”, “believes”, “proposes” or variations (including negative variations) of these words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “could” or “will” be taken, occur or be affected. These 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 on certain specific dates or may not occur at all and may differ materially due to known and unknown risk factors and uncertainties affecting the businesses, including risks relating to the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, stock markets generally, and risks associated with growth and competition. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actual actions, events or results differ from those anticipated, estimated or expected. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether whether as a result of new information, future events, or otherwise.


Dan MatlowChief Executive Officer, Director(416) 727-9061[email protected]

main logo

Source: Vitalhub Corp.

Comments are closed.