Business
Healthcare Triangle, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results
PLEASANTON, Calif., March 15, 2024 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc. (Nasdaq: HCTI) (“Healthcare Triangle,” “HCTI” or the “Company”), a leader in
About this update from Healthcare Triangle, Inc.
[{"type":"text","content":"PLEASANTON, Calif., March 15, 2024 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc. (Nasdaq: HCTI) (“Healthcare Triangle,” “HCTI” or the “Company”), a leader in digital transformation solutions including managed services, cloud enablement, cybersecurity, data analytics and AI data processing for the healthcare and life sciences industries, today announced financial results for its fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Results Revenue: Total revenue was $7.1 million, representing a decrease of 37% compared to the fourth quarter of 2022. Revenue from the Software Services and Managed Services segments decreased by 40% and 37%, respectively, partially offset by a 22% increase in Platform Services.GAAP loss from operations: GAAP loss from operations was $5.3 million, compared to $4.9 million in the fourth quarter of 2022. The increased loss was primarily due to impairment of intangibles and goodwill. The one-time impact of the impairment was $4.2 million. The normalized GAAP loss from operations was $0.7 million.GAAP net loss per share: GAAP basic and diluted net loss per share was $1.26 based on 4.2 million weighted-average shares outstanding, compared to $1.33 based on 3.6 million weighted-average shares outstanding in the year-ago quarter. Full Year 2023 Financial Results Revenue: Total revenue was $33.2 million, representing a decrease of 28% compared to 2022. Revenue from Software Services, Managed Services and Support and Platform Services revenue has decreased in the current year.GAAP loss from operations: GAAP loss from operations was $12.3 million, compared to $9.6 million in 2022. The increased loss was primarily due to impairment of intangibles and goodwill. The onetime impact of the impairment was $4.2 million. The normalized GAAP loss from operations was $8.1 million.GAAP net loss per share: GAAP basic and diluted net loss per share was $2.92 based on 4.2 million weighted-average shares outstanding, compared to $2.63 based on 3.6 million weighted-average shares outstanding in 2022.Cash and cash equivalents totaled $1.2 million as of December 31, 2023. Business Highlights: Secured a new $3 million contract to provide HITRUST-certified Cloud DevOps Managed Services for a leading life sciences customer, reinforcing the Company’s position as a top player in the Cloud DevOps Managed...