- Recent contract expansions add nearly $2.3M of revenue to the $4.1M contract announced earlier this year.
- Revenue recognition to commence prior to year-end.
TORONTO, ON – September 8, 2022 – Think Research Corporation (TSX.V:THNK) (OTCQB: THKKF) (“Think” or the “Company”), a healthcare technology company focused on transforming healthcare through knowledge-based digital health software solutions, is pleased to announce that MDBriefCase Group Inc., (MDBriefCase) a Think subsidiary, has expanded its original $4.1 million contract announced on May 19, 2022 with a global pharmaceutical company by approximately $2.3 million, bringing the total value up to approximately $6.4 million. The contract expansions include new exclusive learning modules added to the MDBriefCase learning management system (“LMS”) already being delivered throughout 2022 and 2023. Revenue from the contract expansion will be earned based on the achievement of various contractual milestones and the delivery of applicable programming starting in fiscal 2022, and continuing until fiscal 2023. The overall agreement encompasses Think’s content solutions along with MDBriefCase’s LMS to provide a broad offering of content, essential data services and software.
Sachin Aggarwal, CEO, Think Research said, “This contract expansion is very exciting for us because a recent major client continues to see the value of our content, essential data and software to their business. It also validates the power of our entire, integrated offerings after completing our acquisitions last year. This contract will help us to attain our revenue run-rate of between $84 million and $90M annualized, and pro forma adjusted EBITDA annualized run-rate range of $6 million to $9 million in the fourth quarter, which should come in at somewhere between $21 million and $22.5 million in total revenue.“
About Think Research Corporation
Think Research Corporation is an industry leader in delivering knowledge-based digital health 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, to facilitate better health care outcomes. The Company gathers, develops, and delivers knowledge-based solutions globally to customers which typically includes enterprise clients, hospitals, health regions, healthcare professionals, and / or governments. The Company has gathered a significant amount of data by building its repository of knowledge through its network and group of companies, including acquired companies.
Think licenses its solutions to over 13,000 facilities for over 300,000 primary care, acute care, and long-term care doctors, nurses and pharmacists that rely on the content and data provided by Think to support their practices. Millions of patients and residents annually receive better care due to the essential data that Think produces, manages and delivers.
In addition, the Company collects and manages pharmaceutical and clinical trial data via the BioPharma Services entity that Think acquired on September 10, 2021. BioPharma Services is a leading provider of bioequivalence and Phase 1 clinical research services to pharmaceutical companies globally. Think’s other services include a network of digital-first primary care clinics and medical clinics that provide elective surgery. Visit: www.thinkresearch.com.
MDBriefCase is an industry leader in delivering accredited, online Continuing Professional Development to help healthcare practitioners enhance their professional practice and stay at the forefront of the latest evidence and protocols. Visit www.MDBriefCase.com
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may be identified by statements including 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. Statements including forward-looking information may include, without limitation, statements regarding the Company’s revenue run-rate, pro forma adjusted EBITDA annualized run-rate and the expected term and value of the contracts.
Forward-looking information reflects management’s current beliefs and is based on assumptions that may prove to be incorrect, including but not limited to the Company’s business objectives, results of operations, financial results and trading activity in the Common Shares. The Company considers these assumptions to be reasonable in the circumstances. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. By its nature, forward-looking information involves 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 the Company’s 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 information. The Company’s actual results may differ materially from those indicated in the forward-looking information.. 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.
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, whether as a result of new information, future events or results, or otherwise.
For more information: https://www.thinkresearch.com/ca/investors/
For further information: Mark Sakamoto, Executive Vice President, Think Research, 416.388.7119, firstname.lastname@example.org