VitalHub Records Record Revenue of $9,423,191 and Net Income of $1,437,611 in Q1 2022

VitalHub Records Record Revenue of $9,423,191 and Net Income of $1,437,611 in Q1 2022

VitalHub Records Record Revenue of $9,423,191 and Net Income of $1,437,611 in Q1 2022

TORONTO, May 12, 2022 (GLOBE NEWSWIRE) — VitalHub Corp. (the “Company” or “VitalHub”) (TSX: VHI) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management’s Discussion and Analysis report for the three months ended March 31, 2022 with the Canadian securities authorities. These documents may be viewed under the Company’s profile at

When asked to comment on the results, Vitalhub CEO Dan Matlow said,

“The ongoing global market drive to use digital solutions to reduce capacity constraints, improve patient access to services and manage the flow of patients through local health systems in both hospital and community settings is a key factor in the increased adoption of Vitalhub’s proven solutions. We have seen this increased adoption across all products of the company resulting in the record results in Q1.”

The Company will be holding a conference call via Zoom on May 13th, 2022, at 9:00am EDT hosted by CEO Dan Matlow and CFO Brian Goffenberg with a Q&A session to follow. To register for the conference call please visit: VitalHub Q1 2022 Conference Call or

First Quarter 2022 Highlights

  • Revenue of $9,423,191, an increase of $4,100,117 or 77% from the comparative period in the prior year.
  • Gross profit as a percentage of revenue for Q1 2022 was 84% compared to 76% in Q1 2021 and 79% in Q4 2021.
  • ARR (1, 2) grew by $1,908,427 to $24,015,090, achieving 9% growth for the quarter ($2,743,987 or 11.39% on a constant currency basis) – ($1,485,613 or 6.72% organically and $1,032,000 or 4.67% through acquisition and a decrease due to an unrealized foreign exchange loss of $609,186 or 2.76%, which is attributable to the fluctuation of the GBP versus the CAD dollar with a decrease from $1 CAD: £1.73 to $1 CAD: £1.64) in Q1 2021 versus Q4 2021.
  • New customer billings for perpetual and recurring licenses, support, services and hardware were $8.7M of which $2.9M was recognized in the quarter, and the balance of $5.8M is deferred to be recognized as earned over the next 12 – 60 months.
  • Net income of $1,437,611 compared to a net loss of ($241,671) in the comparative period in the prior year.
  • EBITDA (2) of $2,367,044 compared to $299,241 from the comparative period in the prior year.
  • Adjusted EBITDA (2) of $3,051,015, or 32% of revenue, compared to $865,864 or 16% of revenue from the comparative period in the prior year.
  • Cash on hand at March 31, 2022 was $20,751,890 compared to $16,389,982 as at December 31, 2021.
  • Cashflow from operations before changes in working capital was $2,594,450 for the period as compared to $706,961 for the same period last year.
  • Vitalhub was ranked 20th on the 2021 Deloitte’s Technology Fast 50 program award amongst Canadian companies for its rapid revenue growth with 1103% growth from 2017 to 2020. The Company also ranked 127th within North America on Deloitte’s Technology Fast 500 Rankings List.
  • With the addition of the ARR of Hicom subsequent to the quarter, Vitalhub’s ARR is approximately $30,903,090 (ARR at the end of Q1 2022 $24,05,090 plus Hicom ARR of $6,888,000). ARR is a non-IFRS measure.

(1) The Company defines annual recurring revenue (“ARR”) as the recurring revenue expected based on yearly subscriptions of the renewable software license fees and maintenance services
(2) Non-IFRS measure


  Three months ended  
March 31, 2022
March 31, 2021 %

  $   $   %  
Revenue 9,423,191 100% 5,323,074 100% 77%  
Cost of sales 1,474,579 16% 1,278,099 24% 15%  
Gross Profit 7,948,612 84% 4,044,975 76% 97%  
Operating Expenses            
  General and administrative 1,821,638 19% 1,198,918 23% 52%  
  Sales and marketing 1,048,389 11% 754,630 14% 39%  
  Research and development 2,048,245 22% 1,158,173 22% 77%  
  Depreciation 43,317 0% 33,347 1% 30%  
  Depreciation of right-of-use assets 63,389 1% 63,571 1% (0%)  
  Stock based compensation 269,244 3% 319,777 6% (16%)  
  Foreign currency (gain) loss (20,675) (0%) 64,923 1% (132%)  
Other Income and Expenses            
  Amortization of intangible assets 683,928 7% 433,972 8% 58%  
  Business acquisition, restructuring and integration costs 414,727 4% 246,816 5% 68%  
  Interest expense and accretion (net of interest income) (4,720) (0%) (10,530) (0%) (55%)  
  Interest income from sublease 0 0% (59) (0%) 0%  
  Interest expense from lease liabilities 17,618 0% 20,611 0% (15%)  
  Loss on disposal of property and equipment 0 0% 2,497 0% 0%  
Current and deferred income taxes 125,901 1% 0 0% 100%  
Net income (loss) 1,437,611 15% (241,671) (5%) 695%  
EBITDA (Non-IFRS measure) 2,367,044 25% 299,241 6% 691%  
Adjusted EBITDA (Non-IFRS measure) 3,051,015 32% 865,834 16% 252%  
Annual Recurring Revenue (Non-IFRS measure) 24,015,090   15,931,628   51%  
Recurring revenue (Non-IFRS Measure) 5,732,891 61% 3,868,358 73% 48%  
Deferred revenue 14,405,056   8,821,331      
Cash balance 20,751,890   16,389,982      


Software for Health and Human Services providers designed to simplify the user experience & optimize outcomes.

Vitalhub provides technology to Health and Human Services providers including; Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. Vitalhub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow & Operational Visibility, and DOCit Mobile Apps.

The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, Vitalhub serves 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. Vitalhub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol “VHI”.


This press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Dan Matlow
Chief Executive Officer, Director
(416) 727-9061