Business
Research Solutions Reports Third Quarter 2020 Financial Results
ENCINO, Calif., May 14, 2020 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a SaaS provider of workflow efficiency solutions for R&D-driven
About this update from Research Solutions, Inc
[{"type":"text","content":"ENCINO, Calif., May 14, 2020 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a SaaS provider of workflow efficiency solutions for R&D-driven organizations, reported financial results for its fiscal third quarter ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nFiscal Third Quarter 2020 Highlights vs. Year-Ago Quarter\nPlatform revenue up 36% to $1.0 million, with a 33% increase in total Platform deployments to 374. Annual recurring revenue up 39% to $4.1 million. Transaction revenue increased 6% to $7.0 million compared to $6.6 million, with customer count up to 1,115 compared to 1,078. Total gross margin up 210 basis points to 31.6%. Net income from continuing operations increased to $12,000, or nil per share, compared to a net loss of $0.2 million, or nil per share. Management Commentary \n\"As initially announced in our Q3 pre-release, the momentum in our business has accelerated, even amidst these unprecedented times,\" said Peter Derycz, president and CEO of Research Solutions. \"During the quarter, we experienced our highest level of annual recurring revenue for our Platforms business due to another strong period of new client wins and existing customer 'upsells.' In addition, we achieved an important milestone by completing the up-listing process to Nasdaq, which we believe will improve liquidity, expand our investor base and continue to drive long-term shareholder value.\n\"Subsequent to the quarter end, we launched Article Galaxy+ through a ground-breaking partnership with Springer Nature to significantly expand content available to our customers by providing full access to research from one of the world's largest publishers. Additionally, we continue to be a valuable resource to our customers during the height of the pandemic. We have tailored specific tools to help our clients research the virus, including the launch of a COVID-19 research viewer gadget and providing copyright free articles pertaining to the virus, when applicable. We have received excellent feedback from our customers who are working tirelessly in the fight against this pandemic and we are proud to be of help.\n\"Going forward, we have the utmost confidence in our ability to meet our customers' evolving needs in this current market environment. In fact, we experienced another strong month for April and, while we remain vigilant, we do not ant...