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Healthcare Triangle, Inc (HCTI) Reports Results for the First Quarter of 2022
PLEASANTON, Calif., May 16, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (NASDAQ:HCTI), a leading provider of Healthcare and Life Sciences cloud
About this update from Healthcare Triangle, Inc.
[{"type":"text","content":"PLEASANTON, Calif., May 16, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (NASDAQ:HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services and data analytics platform reported results for the quarter ended March 31, 2022. All comparisons below are to the same year-ago period unless otherwise noted. Q1 2022 Financial Highlights Revenue increased 39% to $11.1 millionGross profit increased 33% to $2.9 millionGross margins at 26%.Achieved first quarterly positive cash flow from operations. Q1 2022 Operational Highlights Achieved HITRUST Risk-based, 2-year certification to manage risk, improve security posture, and meet compliance requirements.Executed a contract with a major pharma company to build a Neutral Zone to collaborate globally across multiple datasets by employing end-to-end data governance and security controls using HITRUST certified environment.Signed a blockchain deal with a large pharma companySigned a deal with a large hospital for MEDITECH implementation and supportSecured a Cloud Backup and DR (disaster recovery) with one of the largest medical centres in the countryClosed a cloud and data transformation deal with an existing life sciences enterprise customerParticipated in Chime ViVE 2022, a leading Healthcare technology conference in Miami, Florida Management Commentary We are happy to announce that Healthcare Triangle obtained HITRUST certification for our Cloud and Data Platforms; this demonstrates our commitment to highest standards of data, information security and places us in an elite group of organizations worldwide that have earned this certification, stated Suresh Venkatachari, CEO of Healthcare Triangle. In Q1, we accelerated our revenue growth and achieved first quarter of positive cash flow from operations. The strong operational performance reflects the customer adoptions and strength of our offerings. The pipeline for new business is stronger than it has ever been, and we expect new customer wins to increase our revenues 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 Q1 revenue growth of 39%. We continue to make progress across several key operational priorities and remain confident in the long-term opportunities...