• Achieved record revenue of $10.2 million, an increase of 167% compared to the same period in the prior year. 
  • Adjusted EBITDA1 was ($1.3) million compared to ($1.9) million for the same period in the prior year. 
  • On July 15, 2021, the Company entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of BioPharma, a leading contract research organization (“CRO”) to pharmaceutical companies globally.2
  • The Company expects approximately $3.0 million in recurring annual cash savings going forward from synergies realized during Q3 of 2021. The completion of these synergies was one of the assumptions on which the Company’s press release dated July 15, 2021, announcing the Bio Pharma Services Inc. (“BioPharma”) acquisition was based (see below for discussion on the BioPharma transaction).

TORONTO, ON – August 23, 2021 – Think Research Corporation (TSX.V:THNK) (“THINK” or the “Company”), a healthcare technology company focused on transforming healthcare through integrated digital health software solutions, today reported 2021 second 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 with our second quarter results, including our strong revenue performance. This was accomplished through our continued 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, and successful integration of our clinics business. Our recently closed strategic acquisitions have been accretive to our growth strategy and with the announced BioPharma transaction, we will add significant scale to our existing operations and expand our reach into the complementary contract pharmaceutical research space. This will further strengthen THINK’s position as a leader in the delivery of knowledge-based health technology and aligns with our mission to ensure everyone gets the best possible care.”

Financial Highlights – Three months ended June 30, 2021

  • Achieved record revenue of $10.2 million, an increase of 167% compared to the same period in the prior year. Revenue increased 22% when comparing the three months ended June 30, 2021 to the three months ended March 31, 2021. 
  • Adjusted EBITDA1 was ($1.3) compared to ($1.9) million for the same period in the prior year. 
  • Net income was $(5.6) million compared to $(3.1) 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.
  • Generated positive cash flow from operating activities of $1.7 million compared to $0.3 million for the same period in the prior year. 

Financial Highlights – Six months ended June 30, 2021

  • Achieved record revenue of $18.6 million, an increase of 93% compared to the same period in the prior year. 
  • Adjusted EBITDA1 was ($2.9) compared to ($2.5) million for the same period in the prior year. 
  • Net income was $(10.6) million compared to $(4.7) 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.

Business Highlights

  • On April 14, 2021, the Company announced the opening of a new digital-first clinic that modernizes and streamlines the patient experience by offering secure virtual and in-person care for an underserved region in the Greater Toronto Area.
  • On May 5, 2021, the Company announced that it has partnered with the British Columbia Seniors Living Association to revitalize its leading senior standards assessment program, the Seal of Approval. 
  • On May 25, 2021, the Company announced the launch of an innovative mental health decision support tool designed to help treat patients experiencing suicidal ideation in acute hospital settings.
  • On May 27, 2021, the Company announced a multi-year partnership with the leading hospital information system in the Kingdom of Saudi Arabia to deploy the Company’s clinical content software across hospitals in the country.
  • On June 1, 2021, the Company announced its enterprise telemedicine software platform is a listed partner of the PointClickCare Marketplace
  • On June 10, 2021, the Company announced its Ontario digital referrals program exceeded 325,000 referrals processed in the province.
  • On June 22, 2021, the Company announced demand for its eForms™ Electronic Data Capture (EDC) software has increased by more than 140 per cent year-over-year between May 2020 and May 2021.
  • On June 25, 2021, the Company replaced its existing credit facility with a new credit facility (the “Credit Facility”) that increased the Company’s operating line of credit from $10,000 to $15,000. The Credit Facility also provides the Company with an acquisition facility of $10,000 for aggregate total credit availability of up to $25,000. The Credit Facility represents a three-year committed agreement and expires on June 25, 2024. 



  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, and adjusted EBITDA, provide supplementary information to IFRS measures used in assessing the performance of the business. 
  2. The transaction is subject to the approval of the TSX Venture Exchange, the satisfaction of applicable conditions to closing, and is conditional on the Company having sufficient financing to close the transaction.

Conference Call Notification 

THINK will be holding a conference call via webcast on August 23, 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, please click here.

Conference call dial-in

Toronto: 647-792-1240 

Toll-free: 1-800-437-2398

Conference ID: 6551183 

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 and Six months ended June 30, 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 “Second 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-International Financial Reporting Standards measures. These measures are not recognized measures under International Financial Reporting Standards (“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 June 30, 2021 MD&A.

For Further Information:

Mark Sakamoto
Executive Vice President, Think Research 
Direct: 647-691-6031
Email: Mark.Sakamoto@thinkresearch.com