CloudMD Software & Services Inc. (TSXV: DOC) released on Monday its Q4 and full-year 2021 financial results which saw the company post annual revenue of $102.3 million. This is an increase from 2020’s revenue of $15.0 million.
However, the firm also widened its annual net loss to $30.7 million from last year’s $13.6 million. The decrease is primarily driven by a $6.9 million impairment of goodwill recorded during Q4.
“2021 was a year of momentum and growth, and we are pleased with our overall financial and operational performance. Our success can be attributed to our employees who executed on our growth framework through continuous improvement, operational excellence, customer diversification and innovation,” explained interim CEO Karen Adams.
The release coincides with former CEO Dr. Essam Hamza’s last day in the position. The firm also saw its chairman Mark Kohler step down a few days ago without a named successor so far.
Gross margin for the year came in at 33.3%, down from 38.4% last year. The company also saw a huge increase in its operating expenses, notably in general and administrative–from $5.8 million last year to $24.9 million this year.
At the end of year, adjusted EBITDA came in at a loss of $0.9 million, up from a loss of $4.9 million last year.
For Q4, the firm recorded quarterly revenue of $38.7 million, a dip from Q3 2021’s $39.2 million but an increase from Q4 2020’s $5.8 million. Gross margin also declined to 30.0% during the quarter from 34.0% last quarter and 40.4% last year.
The firm also ended the quarter with a wider net loss of $15.1 million compared to a $4.3 million net loss last quarter and a $5.0 million net loss last year. Quarterly adjusted EBITDA ended at $0.6 million, a decrease from $0.8 million last quarter and a loss of $1.5 million last year.
The firm also ended the quarter with $45.1 million in cash and cash equivalents coming from a balance of $59.7 million last year. This brings current assets balance to $82.5 million while current liabilities ended at $49.9 million.
In March 2022, the healthtech firm announced its public sector division to handle contracts with local government offices.
CloudMD Software & Services Inc. last traded at $0.55 on the TSX Venture.
Information for this briefing was found via Sedar and CloudMD Software & Services. The author has no securities related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
