Business
Kovo HealthTech Reports 2021 Annual Financial Results
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2022) - Kovo HealthTech Corporation (...
About this update from Kovo+ Holdings Inc
[{"type":"text","content":"Kovo HealthTech Reports 2021 Annual Financial ResultsVancouver, British Columbia--(Newsfile Corp. - March 28, 2022) - Kovo HealthTech Corporation (TSXV: KOVO) (the \"Company\" \"Kovo\") — a leader in healthcare technology and Billing-as-a-Service — today reported its annual financial results for the fiscal year ending December 31, 2021.96% YOY Revenue GrowthKovo posted 96% year-over-year (\"YoY\") revenue growth in 2021 driven by a combination of organic growth of its core SaaS-style medical billing software and services business — and two strategic acquisitions that delivered accretive growth throughout the year.Kovo finished 2021 with Annualized Recurring Revenue (\"ARR\") of approximately $15 million CAD ($12 million USD) — which represents +243% growth over 2020 and an increase of +600% over the past two years — reflecting a combination of organic growth and accretive growth related to the Company's successful acquisition strategy. During 2021, the Company posted the largest revenue in its history, achieving on the higher range of its 2021 guidance and closing out the year with revenues of $7.3 milllion CAD ($5.9 million USD). Adjusted EBITDA* margin for 2021 was approximately 4%, in-line with the prior year — and, as previously disclosed, the Company anticipates Adjusted EBITDA of approximately 10% in 2022.Kovo Now Processing $250M CAD ($200M USD) in Medical Billing Annually\"In addition to successfully going public, integrating two accretive acquisitions, securing financing to power future growth and expanding our clients served to more than 1700+ healthcare providers, Kovo and its subsidiaries are now processing over $250 million CAD in total billing claims annually,\" explains Kovo CEO Greg Noble. \"As the Company officially closes out 2021 in a position of strength, we anticipate 2022 to be a step-change year for Kovo, our clients and our shareholders,\" he says.RCM Operations Generating Consistent, Positive Monthly Cash Flow\"Kovo has now reached a new milestone of predictable growth where the Company continues to consistently and reliably deliver positive cash flow from its RCM operations, adding to — and improving — our working capital month-over-month,\" explains CFO Inder Saini, adding that ...