Our Blog

VitalHub Reports 2017 Year End and Fourth Quarter Financial Results

TORONTO, April 18, 2018 (GLOBE NEWSWIRE) — VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) has released its audited financial results for the full year and fourth quarter ended December 31, 2017.

When asked to comment on 2017’s Year-End Results, VitalHub CEO Dan Matlow said, “2017 was focused on progressing our acquisition strategy, raising capital, and assembling the key ingredients for long-term success. The combination of our four acquired companies (VitalHub, B Sharp, HInext, and Clarity) together with a large existing customer install base, proven and experienced management team, valuable sales and marketing teams, growing mental health and long-term care markets, and a new innovative Blockchain solution, provides us with a strong foundation for growth and success in 2018 and beyond.  With two of our acquisitions having closed after the end of the year, we look forward to putting out our Q1 results in May, which will, for the first time, combine all of our acquired companies.”

The Company acquired B Sharp Technologies Inc. (“B Sharp”) on October 5, 2017 through the purchase of all issued and outstanding securities. B Sharp develops and deploys client mental health case management and electronic documentation solutions for healthcare, social services, and community care organizations, and has a software development operation in Sri Lanka which provides access to skilled and cost‐effective development personnel. The products of B Sharp are used by over 40 customers in 70 locations across Canada. B Sharp had total unaudited revenues from operations of over $1.8 million for the year‐ended December 31, 2017.

B Sharp has signed a strategic reseller agreement with TELUS Health to distribute a white‐labelled version of its mental health software platform (“B Care”) across Canada. TELUS Health and VitalHub have a licensing deal in place that will generate approximately $1 million in revenue upon the successful implementation of the B Care solution. This partnership and licensing deal will serve to advance the Company’s strategy to further penetrate the mental health community market by offering much-needed, innovative technology solutions.

VitalHub revenue for the three months ended December 31, 2017 was $699,489, representing an increase of 471.8% over revenues of $122,329 in the same period last year. Company revenue for the year ended December 31, 2017 was $1,146,391, representing an increase of 134.9% over revenues of $488,135 from the previous year. This increase is primarily attributable to the inclusion of revenue resulting from the B Sharp acquisition which amounted to $533,516 for the period October 5, 2017 to December 31, 2017.

For the year ended December 31, 2017, the Company raised total gross proceeds of $7,481,930 from various offerings, comprised of one brokered private placement which closed on September 12, 2017, two non‐brokered private placements which closed on October 24, 2017 and December 19, 2017, and the issuance of debentures which closed on December 7, 2017.

Download Full PDF