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Healthcare Triangle, Inc (HCTI) Reports Results for the Second Quarter of 2022
PLEASANTON, Calif., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (HCTI), a leading provider of cloud and digital transformation, managed
About this update from Healthcare Triangle, Inc.
[{"type":"text","content":"PLEASANTON, Calif., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (HCTI), a leading provider of cloud and digital transformation, managed services and data analytics platform for 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 millionGross margins at 27%Achieved second quarter positive cash flow from operations Q2 2022 Operational Highlights HCTI launched business operations in Singapore region with focus to bolster digital healthcare in the Asia Pacific regionPartnered with a leading patient engagement platform company in the US for providing our platforms and services to their 900+ hospital clientsAdded oncology device manufacturing clientAdded genomics-based drug discovery clientIncreased the wallet share with a global biotechnology giantLaunched Neutral Zone, engineered on DataEz platform which facilitates secure data sharing for drug discovery Management Commentary “With 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 increase in enterprises adopting Cloud transformation services. Gross profit totaled $3.1 million at 27% margin. Selling, general and administrative expenses increased to $3.1 million compared to $1.8 million mainly due to higher investments ...