Business
Healthcare Triangle Reports Fourth Quarter and Full Year 2022 Results
30% annual revenue growth to $46 million led by software services and successful integration of Devcool acquisition PLEASANTON, Calif., March 28, 2023 (GLOBE
About this update from Healthcare Triangle, Inc.
[{"type":"text","content":"30% annual revenue growth to $46 million led by software services and successful integration of Devcool acquisition\nPLEASANTON, Calif., March 28, 2023 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc. (Nasdaq: HCTI), a leading provider of cloud and digital transformation, managed services, and data analytics solutions for the healthcare and life sciences industry, today announced financial results for its fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Financial Results Revenue: Total revenue was $11.3 million, representing growth of 23% compared to the fourth quarter of 2021. Revenue from the Software Services and Platform Services segments increased by 82% and 55%, respectively, partially offset by a 31% decrease in Managed Services and Support.GAAP loss from operations: GAAP loss from operations was $4.9 million, compared to $3.4 million in the fourth quarter of 2021. The increased loss was primarily related to investments in sales and marketing and research and development. GAAP net loss per share: GAAP basic and diluted net loss per share was $0.13 based on 36.6 million weighted-average shares outstanding, compared to $0.12 based on 29.4 million weighted-average shares outstanding in the year-ago quarter. Full Year 2022 Financial Results Revenue: Total revenue was $45.8 million, representing growth of 30% compared to 2021. Revenue from Software Services and Platform Services increased 108% and 75%, respectively, partially offset by a 20% decrease in Managed Services and Support.GAAP loss from operations: GAAP loss from operations was $9.6 million, compared to $5.9 million in 2021. The increased loss was primarily related to a higher cost of revenue, costs of being a public company following the Company’s IPO in October 2021, and investments in sales and marketing and research and development. GAAP net loss per share: GAAP basic and diluted net loss per share was $0.26 based on 36.6 million weighted-average shares outstanding, compared to $0.20 based on 29.4 million weighted-average shares outstanding in 2021.Cash and cash equivalents totalled $1.3 million as of December 31, 2022. Business Highlights: Secured a long-term engagement for cloud and managed services with a client specialized in genomics-based drug discovery.Increased wallet share with one of the top cancer treatment and research hospitals ...