/NOT FOR DISSEMINATION IN
- Significant growth and expansion to approximately
$19.4 million in revenue representing a 12 per cent increase over 2019 - Gross Margin of 61 per cent in high-margin software vertical compared to 58 per cent in 2019
- Net cash used for operations of
$9.1 million representing a reduction of$6.8 million compared to the prior year. - Net loss of
$10.0 million representing an improvement of$3.2 million over the prior year net loss. - Improved adjusted EBITDA (a non-IFRS financial measure)[1] loss of
$2.6 million with positive adjusted EBITDA of$0.1 million for the three months endingSeptember 30, 2020
These statements provide Think's results for its 2020 fiscal year (
2020 Financial/Business Highlights
Please see SEDAR for complete copies of audited
____________________________ |
1 See "Non-IFRS Financial Measures". |
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Gross Margin | 61% | 58% | 58% | 52% | |
Net Loss | ( | ( | ( | ( | |
EBITDA | ( | ( | ( | ( | |
Adjusted EBITDA | ( | ( | ( |
Reconciliation of Net Loss to Adjusted EBITDA
Year over Year | Quarter over | ||||
Year Ended | Year Ended | Quarter Ended | Quarter Ended | ||
In Thousands | In Thousands | In Thousands | In Thousands | ||
Net Loss | ( | ( | ( | ( | |
Interest Expense | |||||
Income Taxes | ( | ( | |||
Depreciation and | |||||
EBITDA | ( | ( | ( | ( | |
Stock Based | |||||
Adjusted EBITDA | ( | ( | ( |
Subsequent events
December 23, 2020 closed go-public transaction with an oversubscribed equity private placement of approximately$33M in gross proceedsDecember 23, 2020 completed the acquisition of HealthCarePlus, a chain of sevenToronto area digital-first primary, specialty and allied healthcare clinicsDecember 30, 2020 Think common shares commenced trading onTSX Venture Exchange as "THNK"January 4, 2021 announced pending acquisition of Clinic 360, aToronto surgical clinic specializing in elective surgeriesJanuary 18, 2021 announced pending acquisition ofMDBriefCase , uniquely positioning Think to deliver a full range of digital medical knowledge to healthcare providers
Outlook
New acquisitions have nearly doubled trailing pro forma annual revenue to more than
The Company also announced today that it has made, and certain former shareholders of
About
Non-IFRS Financial Measures
Certain identified financial measures included in the press release do not have any standardized meaning under international financial reporting standards ("IFRS") and therefore may not be comparable to similar measures presented by other issuers.
EBITDA is a Non-GAAP measure. Earnings before interest, tax, depreciation and amortization ("EBITDA") should not be construed as an alternative to net income/loss determined in accordance with IFRS. The Company defines Adjusted EBITDA as EBITDA adjusted for stock based compensation. EBITDA does not have any standardized meanings under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could,", "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Examples of forward-looking statements include, among others, Think's expectations to drive value for its shareholders, acquisitions and the statements included under the heading "Outlook".
By their nature, forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances and other factors that are difficult to predict and many of which are outside of the Company's control which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements include, among others: the risks disclosed in the filing statement of Think's predecessor dated
The Company has assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events, including that the announced acquisitions close on time and on the terms originally negotiated. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, the Company does not undertake to update this information at any particular time.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
Neither
SOURCE
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