Business
Healthcare Triangle Reports Second Quarter 2023 Results
PLEASANTON, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (Nasdaq: HCTI) (“HCTI” or the "Company"), a leader in digital transformation
About this update from Healthcare Triangle, Inc.
[{"type":"text","content":"PLEASANTON, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (Nasdaq: HCTI) (“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 results for the second quarter of 2023 ended June 30, 2023. Thyagarajan Ramachandran, CFO of Healthcare Triangle, said, “We had a productive quarter focused on marketing and customer acquisition strategies along with platform development initiatives aimed at expanding our revenue streams. Operating margins were resilient within an uncertain macro environment reflecting our continued focus on cost optimization. Our priorities for the second half of 2023 are focused on building traction for key services including cybersecurity and document AI, and shoring up efficiencies in our business operations.” Second Quarter 2023 Financial Results Total revenue was $8.5 million, compared to $11.6 million in the second quarter of 2022.Loss from operations was $1.6 million, compared to $1.4 million for the second quarter of 2022 and a 50% improvement from $3.2 million in the first quarter of 2023.Basic and diluted net loss per share was $0.42 based on 4.2 million weighted-average shares outstanding, compared to $0.11 based on 3.5 million weighted-average shares outstanding for the second quarter of 2022. Second Quarter 2023 and Recent Business Highlights Acquired 5 new customers and $2 million of new business.Secured a multi-year program expansion contract with a Fortune 500 biopharmaceutical company and top-five customer for cloud DevOps, data engineering, and data platform management solutions. Announced a multi-year SaaS contract for readabl.ai document workflow process automation to improve efficiency and optimize costs. readabl.ai runs on public cloud platforms.Launched a new ransomware protection and prevention initiative drawing initial interest and support from numerous health system clients. The Company is servicing multiple contract agreements for cloud backup and disaster recovery, enabling hospitals and health systems to move disaster recovery to the Amazon Web Services (AWS) cloud to secure resources and scale on demand.Participated at the 2023 MUSE Inspire Conference as exhibitor and host of best practi...