Business
Kovo HealthTech Reports Q1 2022 Financial Results
+246% Year-over-Year Revenue Growth +105% Year-over-Year Organic Growth Vancouver, Briti...
About this update from Kovo+ Holdings Inc
[{"type":"text","content":"Kovo HealthTech Reports Q1 2022 Financial Results+246% Year-over-Year Revenue Growth+105% Year-over-Year Organic GrowthVancouver, British Columbia--(Newsfile Corp. - May 16, 2022) - Kovo HealthTech Corporation (TSXV: KOVO) (the \"Company\" \"Kovo\") — a leader in healthcare technology and Billing-as-a-Service — today reported its second quarter financial results for the period ending March 31, 2022. +246% YOY Revenue GrowthKovo posted 246% year-over-year (\"YoY\") revenue growth during the quarter driven by a combination of organic growth of its core SaaS-style medical billing software and services business — and two strategic and accretive acquisitions the Company completed in 2021. The record-setting quarter contributed to an Annualized Recurring Revenue (\"ARR\") of approximately $12 million USD, which puts Kovo on-track to meet its previously disclosed 2022 initial guidance. EBITDA results for the quarter were neutral (0%) versus a loss of $176,000 (21%) in the same quarter last year, reflecting an improvement over the prior year. +105% YOY Organic GrowthExcluding revenue growth attributed to its successful 2021 acquisitions, Kovo posted YOY organic growth of 105%. Organic growth for the quarter was driven primarily by two new client contracts signed in Q2 2021, confirms Kovo CEO Greg Noble, who anticipates one of those contracts will continue to benefit the Company's cash flow throughout 2022. Delivering Consistent Revenue Stability Over 13 Quarters\"At a time when the world economy is facing rising costs and uncertainty, Kovo continues to generate predictable and stable revenues,\" explains Noble. \"Q1 2022 marks our 13th quarter of delivering consistent, revenue stability and that is setting the Company up in a position of strength as we continue to explore future prospective 2022 acquisition targets,\" he says. Continued Focus on Strengthening Positive Monthly Cash Flow\"Kovo is consistently and reliably delivering positive cash flow from our RCM operations, and we continue to focus on improving our working capital month-over-month, while readying the Company for our next roll-up, accretive acquisition,\" explains CFO Inder Saini, adding that the company is on-track to meet the 30% organic growth target (exclusive of acquisitions) outlined in its initial 2022 guidance released earlier this year. Quar...