Achieves 41% in Direct Recurring Revenue Year over Year to Drive 16% Total Recurring Revenue Growth
OTTAWA, ON--(Marketwired - August 21, 2017) - ProntoForms Corporation (
"Direct revenue continues as a strong engine of growth, delivering 41% recurring revenue growth over the comparable second quarter in 2016, and accounting for 64% of the quarterly recurring revenue," said Alvaro Pombo, CEO of ProntoForms. "Total recurring revenue growth was 16% over Q2 2016 and we continue to have a strong operating leverage with 91% gross margin."
"Data collection, through flexible workflows, is now core to field automation initiatives of any scale. Inspections, human actions in the field, and IoT digitalization of assets are generating more workflows that constantly evolve, and our platform is a great solution to these growing requirements. To accelerate market penetration, we have adopted a partner strategy to complement our direct initiatives and this market approach is strengthening," Mr. Pombo continued.
Financial Highlights -- 2017 Second Quarter
Operational Highlights
About ProntoForms Corporation
ProntoForms is a global leader in automating mobile workflows. The Company's platform is used to collect and analyze field data with smartphones and tablets, and offers a low total cost of ownership. The Company's 3,500 customers harness the intuitive, secure and scalable solution to increase productivity, improve quality of service, and mitigate risks.
ProntoForms has received a number of prominent industry awards, including the 2016 Deloitte Technology Fast 50, the 2016 CIX Public Top 20, the Ottawa Chamber of Commerce 2016 Employees' Choice Award and 2016 Best Ottawa Business Award, and the 2015 Frost & Sullivan Competitive Strategy Innovation and Leadership Award for the Mobile Forms Industry.
The Company trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
For additional information, please contact:
Certain information in this press release may constitute forward-looking information. For example, statements about the Company's future growth or value or the lead flow the Company may receive from its partnering strategy are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company's business and value may not grow as anticipated or at all and its partnering strategy may not generate increasing lead flow or maintain current lead flow levels. Historical growth levels and results may not be indicative of future growth levels or results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
There are a number of risk factors that could cause future results to differ materially from those described herein. Please see "Risk Factors Affecting Future Results" in the Company's annual management discussion and analysis dated March 8, 2017 found at www.sedar.com for a discussion of such factors.
Contact Information:
Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
apombo@prontoforms.com
Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
bpedram@virtusadvisory.com