VitalHub Update - Company Adds Over $1,000,000 in Q4 2020 Organic Growth to Annualized Contract Value

Toronto, Ontario, CANADA


TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) is pleased to report that the Company had organic growth in excess of $1,000,000 in new Annualized Contract Value Revenue during Q4/2020.

The Company defines Annualized Contract Value (ACV) as the contracted annual recurring revenue relating to renewable software license fees and maintenance services. ACV revenue typically has gross margin above 85%. As a result of the organic growth in Q4/2020, VitalHub’s ACV is now in excess of $14.5 million on a Company-wide basis, an increase of 7.4% from the end of Q3/2020. 75% of this revenue was generated from the UK marketplace, and the remainder from the rest of the world.

The Company is rapidly expanding, as evidenced by the recently announced procurement of 8 new contracts that have contributed to the growth in ACV. In addition, VitalHub has completed various transactions in the community, mental health, long-term care sectors, and through the MCAP and Oculys business units. The Company completed the following previously announced material transactions in Q4/2020:

  1. Licensing of Synopsis iQ to Worcestershire Acute Hospitals NHS Trust
  2. Large-scale expansion of the licensing contract with King’s College Hospital NHS Foundation Trust
  3. Licensing of digital outpatient management solutions to the Royal Victorian Eye and Ear Hospital in partnership with Australia’s Device Technologies
  4. Licensing of Synopsis iQ to the Northumbria Healthcare NHS Foundation Trust
  5. Expansion of the licensing contract with East Suffolk and North Essex NHS Foundation Trust
  6. Deployment of a contract for Transforming Systems’ SHREWD products with Bedfordshire, Luton and Milton Keynes Integrated Care System
  7. Multi-year deployment of a contract for Transforming Systems’ SHREWD products with NHS Herefordshire and Worcestershire CCG
  8. Expansion of the licensing contract for Synopsis iQ with King’s College Hospital NHS Foundation Trust

Much of VitalHub’s organic growth in ACV has been generated through the adoption and sale of the Company’s proprietary Synopsis and SHREWD product sets.

SHREWD is a product portfolio of real-time operational management tools, designed for all tiers of complexity that can span across health systems.  The cloud-based SHREWD platform and portfolio of modules has the ability to take complex data from all system providers across health and social care, creating clear visibility of pressure points and potential impact on demand and capacity.

The Synopsis products allows hospitals to manage the entire assessment process – from initial questionnaire through to post-operative outcomes – digitally, removing the paper trail, reducing triage times, and cutting cancellation rates. Synopsis is a vital tool for health systems, providing clarity, efficiency, and value; having the proven ability to reduce cancellation rates and risk, increasing patient throughput and theatre utilization.

“Our recent acquisitions in 2020 have added to our strong set of product offerings, giving VitalHub a robust suite of solutions that are currently providing a high degree of value to healthcare organizations around the world. Due in part to our great customer reference base, and also to the strong team of industry experts deploying our offerings, other healthcare organizations are purchasing our digitally-enabled solutions to become more streamlined and efficient,” said Dan Matlow, CEO of VitalHub. “VitalHub has achieved its strong revenue growth not only through acquisitions. As our organic growth has been demonstrating, our solutions are each industry leaders in their respective markets. We are excited about the future of these products and are confident in their ability to meet the demands of health systems internationally. This organic growth is further proof that we are able to grow both organically and through M&A via our two-pronged growth strategy.”

ABOUT VITALHUB

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”.

CAUTIONARY STATEMENT

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.

CONTACT INFORMATION

Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com