Business
Kovo HealthTech Reports Annual Financial Results: Posts +79% Year-over-Year Revenue Growth in 2022
Vancouver, British Columbia--(Newsfile Corp. - April 27, 2023) - Kovo HealthTech Corporation (TSX...
About this update from Kovo+ Holdings Inc
[{"type":"text","content":"Kovo HealthTech Reports Annual Financial Results: Posts +79% Year-over-Year Revenue Growth in 2022Vancouver, British Columbia--(Newsfile Corp. - April 27, 2023) - 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 period ending December 31, 2022.79% YOY Revenue GrowthKovo posted 79% year-over-year (\"YoY\") revenue growth versus 2021 driven by a combination of organic growth of its core SaaS-style medical billing software and services business — and the continued integration of two accretive acquisitions the Company completed in 2021.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8064/163914_kovofig1.jpgAdjusted EBITDA* margin for the year ended December 31, 2022 was 3.1% (year ended December 31, 2021: 4.1%), marking the Company's 16th consecutive positive Adjusted EBITDA quarter. Strength of Medical Billing HealthTech Sector\"Despite challenging macroeconomic trends affecting the global economy, back-office digital Revenue Cycle Management (RCM) Billing-as-a-Service platforms are more important than ever before for the US healthcare industry — especially as more patients are looking to defer COVID-related payments and the industry continues to face staffing challenges that Kovo's RCM technology helps solve,\" explains CEO Greg Noble.\"We're very satisfied with Kovo's overall growth in 2022, and recently announced a new strategic acquisition that will continue to deliver accretive revenue growth in the 2nd quarter and beyond 2023,\" says Noble, adding that the Company is actively focused on more acquisitions in the months ahead. Quarter Highlights:Listed in thousands USD unless otherwise specifiedRevenue for the year ended December 31, 2022 was $10,546 and 79% higher than revenues of $5,904 for the year ended December 31, 2021. Payroll as a percentage of revenue ratio, improved from 75% for the year ended December 31, 2021 to 71% for the year ended December 31, 2022. The Company aims for payroll as a % of revenue to be approximately 50-60% as an optimal benchmark. Annual and year-over-year revenue growth was generated by a combination of new sales and the acquisition of new clients via the M&A transactions completed in ...