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Healthcare Triangle, Inc (HCTI) Reports Results for the Third Quarter of 2022
PLEASANTON, Calif., Nov. 10, 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., Nov. 10, 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 September 30, 2022. All comparisons are to the same year ago period unless otherwise noted. Q3 2022 Financial Highlights Revenue increased 48% to $11.9 million YoYGross margin at 29%R&D costs at $1.5 millionCash $4.1 million Q3 2022 Operational Highlights Healthcare Triangle Inc, raised USD 6.5M through private placement Launched our services in Singapore to grow digital healthcare in the Asia Pacific regionImplemented MEDITECH Expanse for Chronic Care Management for a Primary Healthcare CentreStandardized cloud platform using IaC (Infrastructure as Code) for a genomics-based drug discovery enterpriseUpgraded cloud platform for an Illinois based health insurerExecuted data management services deal with multispecialty healthcare groupInitiated AI based benchmarking services for a Fortune 100 technology company Management Commentary We remain excited by the opportunities we see in front of us. “Focusing on advanced cloud and AI driven data analytics for healthcare and life sciences industry; we expect our platforms and neutral zone offering to propel our revenues while significantly enhancing customer experience,” said Suresh Venkatachari, Chairman and CEO. Thyagarajan Ramachandran, CFO of Healthcare Triangle, commented “We are benefiting from the momentum in healthcare business and reaffirming our commitment to consistently improve our EBITDA; and expect to be positive cash flow in fiscal year 2023”. Q3 2022 Financial Summary Revenue in the third quarter of 2022 totalled $11.9 million, up 48% from $8.1 million. The increase was primarily due to increase in cloud adoption and cloud transformation services.Gross profit was $3.4 million at 29% margin.Selling, general and administrative expenses increased to $3.2 million compared to $2 million mainly due to additional investments in Sales & Marketing.Net loss was $2.3 million or $(0.06) per share.Cash and cash equivalents were $4.1 million on September 30, 2022 Forward-Looking Statements and Safe Harbor Notice All statements other than statements of historical facts included in this press release are \"forward-looking s...