Think Research Corporation Announces March 31, 2021 First Quarter Financial Results 

  • Achieved record revenue of $8.4 million for the three months ended March 31, 2021, an increase of 44% compared to the same period in the prior year. Revenue increased 135% when comparing the three months ended March 31, 2021, to the three months ended December 31, 2020, primarily as a result of the acquisitions.
  • Adjusted EBITDA1 was ($1.5) million for the three months ended March 31, 2021 compared to ($0.5) million for the same period in the prior year. 
  • On January 29, 2021, the Company closed the acquisitions of MDBriefCase Group Inc., a leading provider of online continuing medical education and professional development solutions for clinicians, and Clinic 360 Inc., a specialist in elective and cosmetic surgery.  

TORONTO, ON – May 13, 2021 – Think Research (TSX.V:THNK) (“THINK” or the “Company”), a healthcare technology company focused on transforming healthcare through integrated digital health software solutions, today reported  2021 first quarter unaudited financial results. 

Additional information concerning the Company, including its annual audited financial statements and Management’s Discussion and Analysis (“MD&A”), can be found under the Company’s profile on SEDAR and on the Company’s website.

THINK’s CEO, Sachin Aggarwal said, “We are pleased that we achieved record revenue for our first full quarter as a public company. This was accomplished through strong SaaS partnerships with health systems both in Canada and in international markets, coupled with continued expansion of our telemedicine and digital referrals software partnerships. This underscores THINK’S position as a leader in delivering knowledge-based health technology – all at a time when our solutions couldn’t be more relevant globally. Combined with strategic acquisitions like MDBriefCase, which we closed in January, we have created a strong foundation for continued growth. We also expect to continue being active in the M&A markets, attracting further acquisitions aligned with our mission to ensure everyone gets the best possible care.” 

Financial Highlights – Three months ended March 31, 2021

  • Achieved record revenue of $8.4 million for the three months ended March 31, 2021, an increase of 44% compared to the same period in the prior year. Revenue increased 135% when comparing the three months ended March 31, 2021 to the three months ended December 31, 2020. 
  • Adjusted EBITDA1 was ($1.5) million for the three months ended March 31, 2021 compared to ($0.5) million for the same period in the prior year. 
  • Net income was $(5.0) million for the three months ended March 31, 2021, compared to $(1.6) million for the same period in the prior year. The decrease was primarily due to higher expenses related to acquisitions, higher expenses to support continued business growth, and higher stock-based compensation, partially offset by higher revenue for the period.
  • On January 29, 2021, the Company closed the acquisitions of MDBriefCase, a leading provider of online continuing medical education and professional development solutions for clinicians, and Clinic 360 Inc., a specialist in elective and cosmetic surgery.  

Notes:

  1. Represents a non-IFRS measure. For the relevant definitions see “Cautionary note regarding Non-IFRS Measures” section of this press release. Management believes non-IFRS measures, including EBITDA, Adjusted EBITDA, provide supplementary information to IFRS measures used in assessing the performance of the business. 

Business Highlights

  • On February 19, 2021, the Company announced demand for VirtualCare telemedicine platform increased more than 600% since the beginning of the COVID-19 global pandemic.
  • On February 22, 2021, the Company announced its Ontario digital referrals program hit a milestone 250,000 referrals processed in the province.
  • On March 2, 2021, the Company announced a Canada-wide partnership with CareRX to deliver virtual healthcare to seniors.
  • On March 30, 2021, the Company announced a multi-year partnership with Iceland’s exclusive hospital record system, Origo, to deploy THINK’s clinical content software.

Conference Call Notification 

THINK will be holding a conference call via webcast on May 13, 2021 at 9 a.m. EST hosted by CEO Sachin Aggarwal and CFO Jae Cornelssen with a Q&A session to follow. To register for the conference call webcast, please click here.

Conference call dial-in
Toronto: 647-427-7450
Toll-free: 1-888-231-8191
Conference ID: 2368157

About Think Research Corporation

Think Research is an industry leader in delivering knowledge-based digital healthcare software solutions. The Company’s focused mission is to organize the world’s health knowledge so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, and improve patient outcomes. For over a decade, Think Research’s cloud-based, EMR-agnostic digital tools have empowered clinicians around the world and positively impacted millions of patients across the continuum of care – including primary physician care, acute care hospitals and surgical suites as well as community and seniors care. Think Research is proud to serve as a trusted health system partner to a rapidly growing, global client base that spans five continents and more than 2,800 healthcare facilities.

Caution Regarding Forward Looking Information 

Certain statements in this news release, other than statements of historical fact, contain “forward-looking information” within the meaning of Canadian securities laws and are based on certain assumptions and reflect the Company’s current expectations with respect to such matters. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and the reader is cautioned that such statements may not be appropriate for other purposes. Statements containing forward-looking information are not historical facts, but instead represent management expectations, estimates and projections regarding future events or circumstances. Such forward-looking information is necessarily based on a number of opinions, estimates and assumptions, including but not limited to those assumptions described under the heading “Caution Regarding Forward Looking Information” in the Company’s Management’s Discussion & Analysis for the Three months ended March 31, 2021. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, competitive strengths and outlook of the Company, and include statements concerning accelerating growth in 2021 and beyond, expectations for continuing to build out high quality, recurring software revenues from top-tier health system clients and continuing to acquire and integrate additional companies, and the statements made in the “First Quarter Fiscal 2021 Update”. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “committed” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. 

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, changes in technology, management of market liquidity and funding risks, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), reliance on third party services, the effect of applying future accounting changes, privacy and confidentiality risks, product and service defects, medical liability claims, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government regulation and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises (such as COVID-19), the Company’s ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, and the Company’s success in anticipating and managing the foregoing factors.  

The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances and that the list of factors in the previous paragraph, collectively, are not expected to have a material impact on the Company. While the Company considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.

Other than as specifically required by applicable Canadian law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Additional information about the risks and uncertainties of the Company’s business and material factors or assumptions on which information contained in forwardlooking statements is based is provided in its disclosure materials, including the Company’s most recently filed annual information form and any subsequently-filed interim MD&A, which are available under our profile on SEDAR at www.sedar.com

Cautionary Note Regarding Non-IFRS Measures 

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. The Company’s definitions of non-IFRS measures used in this MD&A may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non-IFRS financial measures, including “EBITDA” and  “Adjusted EBITDA” to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. Specifically, the Company believes that Adjusted EBITDA, when viewed with the Company’s results under IFRS and the accompanying reconciliations, provides useful information about the Company’s business without regard to potential distortions. By eliminating potential differences in results of operations between periods caused by factors such as restructuring, impairment and other charges, the Company believes that Adjusted EBITDA can provide a useful additional basis for comparing the current performance of the underlying operations being evaluated. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period.

EBITDA” means net income (loss) before amortization and depreciation expenses, finance and interest costs, and provision for income taxes.

Adjusted EBITDA” adjusts EBITDA for non-cash stock-based compensation expense, gains or losses arising from redemption of securities issued by the Company, asset impairment charges, gains or losses from disposals of property and equipment, foreign exchange gains or losses,  impairment charges on property and equipment, business acquisition costs, and restructuring charges. 

See “Select Information and Reconciliation of Non-IFRS Measures” for a reconciliation of each non-IFRS measure to its most directly comparable IFRS measure in the March 31, 2021 MD&A.

For Further Information:

Genevieve Tomney
VP, Communications & Investor Relations
Think Research
Direct: 416-460-5784
Email: Genevieve.Tomney@thinkresearch.com