Business
Research Solutions Reports Fiscal First Quarter 2021 Results
Reports 35 Percent Year-over-Year Increase in Platform Annual Recurring Revenue to $4.7 Million HENDERSON, Nev., Nov. 12, 2020 /PRNewswire/ -- Research
About this update from Research Solutions, Inc
[{"type":"text","content":"Reports 35 Percent Year-over-Year Increase in Platform Annual Recurring Revenue to $4.7 Million\n\n\n\n \n \n\n \n \n \n HENDERSON, Nev., Nov. 12, 2020 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, reported financial results for its fiscal 2021 first quarter ended September 30, 2020. \n\n \n \n \n \n \n \n\n \nFiscal First Quarter 2021 Summary Compared to Prior Year Quarter:\nTotal revenue increased 2% to $7.7 million Platform revenue up 33% to $1.1 million, Annual recurring revenue up 35% to $4.7 million Total gross margin improved 110 basis points to 31.6% Net income of $15,000, an improvement of $96,000; diluted earnings per share of nil Adjusted EBITDA of $167,000, an improvement of $131,000\"The sustained momentum within our Platforms business is evident in our first quarter fiscal 2021 results, with 31 net new deployments in the quarter and a record for Annual Recurring Revenue,\" said Peter Derycz, President and CEO of Research Solutions. \"We continue to enhance the product initiatives and offerings through Article Galaxy research platform to simplify, accelerate and lower the cost of information access for our users, including many within the life sciences field that continue to work on therapeutics and vaccines for COVID-19. We believe we remain well-positioned to grow our business through ongoing product improvements to our Article Galaxy platform, additional partnership opportunities, such as our most recent partnership with BIO Business Solutions, and our refined lead generation and sales approach.\"\nFiscal First Quarter 2021 Results\nTotal revenue increased 2% to $7.7 million, compared to $7.6 million in the same year-ago quarter. \nPlatform subscription revenue increased 33% to approximately $1.1 million compared to $856,000 in the year-ago quarter. The increase was primarily due to an increase in the total number of paid Platform deployments, including 31 net deployments added in the quarter. The quarter ended with annual recurring revenue of $4.7 million, up 7% sequentially and 35% year-over-year (see the company's definition of annual recurring revenue below).\nTransaction revenue decreased 2% to $6.6 million compared to $6.7 million in the prior-year quarter. Transaction count increased 4.3% from the year-ago quarte...