{"id":25158,"date":"2022-05-02T07:58:00","date_gmt":"2022-05-02T11:58:00","guid":{"rendered":"https:\/\/www.thinkresearch.com\/ca\/?p=25158"},"modified":"2022-05-02T08:12:18","modified_gmt":"2022-05-02T12:12:18","slug":"think-research-announces-2021-results","status":"publish","type":"post","link":"https:\/\/www.thinkresearch.com\/ca\/2022\/05\/02\/think-research-announces-2021-results\/","title":{"rendered":"Think Research Announces 2021 Results Highlighted by 438% Growth in Q4 Revenue with Q4 Adjusted EBITDA Approaching Break-Even"},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li><em>Realized record Q4 revenue of $19.1 million, and $47.8 million in 2021, an increase of 438% and 178% over the same periods in 2020.<\/em><\/li><li><em>Q4 Adjusted EBITDA<sup>1<\/sup> (as defined herein) improved by 94% over Q3 2021, increasing by $3.2M.<\/em><\/li><li><em>Delivered continued organic growth by signing long-term government agreements and contract expansions for 2022.<\/em><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>TORONTO, ON<\/strong> \u2013 <strong>May 2, 2022<\/strong> \u2013 Think Research Corporation (TSX.V:THNK) (OTCQB: THKKF) (\u201cThink\u201d or the \u201cCompany\u201d), a healthcare technology company focused on transforming healthcare through knowledge-based digital health software solutions, today reported financial results for the fourth quarter and fiscal year ended December 31, 2021. Additional information concerning the Company, including its audited financial statements and related Management\u2019s Discussion and Analysis (\u201cMD&amp;A\u201d) for the three and twelve months ended December 31, 2021, can be found under the Company\u2019s profile on SEDAR and on Think\u2019s website.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe are very pleased to report a significant improvement in our bottom line for the fourth quarter, driven by our record fourth quarter revenue along with capturing nearly $6M in annualized synergies. This was truly a transformative year during which we acquired and integrated four strategic assets and announced meaningful new long-term SaaS contracts, all of which enhanced Think\u2019s scale and position as a leader in the delivery of knowledge-based health technology,\u201d said Sachin Aggarwal, Think\u2019s CEO. \u201cWith over 13,000 enterprise healthcare facilities having licensed Think\u2019s solutions, we enable more than 300,000 doctors, nurses and pharmacist users to leverage our essential data service to help ensure everyone gets the best possible care.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Financial Highlights:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Record revenue of $19.1M and $47.8M for Q4 and fiscal 2021 grew 438% and 178%, respectively, over the same periods in 2020.<\/li><li>Q4 2021 revenue increased by $9.0M or 90% relative to Q3 2021, attributable to the positive impact of including financial results of Bio Pharma Services Inc. (\u201cBioPharma\u201d) for the full fourth quarter in the Company\u2019s results, incremental revenue from the acquisition of assets of Pharmapod Limited (\u201cPharmapod\u201d) (which closed on November 4, 2021), and stronger overall performance related to an industry-wide recovery following a relaxation of COVID-19 restrictions.<\/li><li>Adjusted EBITDA<sup>1<\/sup> was close to break-even for Q4 at $(0.2M) and $(6.6M) for the full year 2021, positioning Think well to achieve its goal of generating positive Adjusted EBITDA in 2022. See \u201cCautionary Note Regarding Non-IFRS Financial Measures\u201d for further information.<\/li><li>Relative to Q3 2021, Adjusted EBITDA increased by $3.2M, or 94% in Q4 2021, reflecting stronger revenue and realized synergies, which drove an Adjusted EBITDA Margin<sup>2<\/sup> (as defined herein) of (1%) compared to (34%) in Q3 2021. See \u201cCautionary Note Regarding Non-IFRS Financial Measures\u201d for further information.<\/li><li>During the three months ended December 31, 2021, the Company generated gross profit of $9.1M compared to $1.5M for the same period in the prior year, an increase of 489%. For the three months ended December 31, 2021 the Company generated gross margin of 48% compared to 44% for the same period in the prior year. For the twelve months ended December 31, 2021 the Company generated a gross margin of 51% compared to 44% for the three months ended December 31, 2020. The gross margin in both periods was affected by the change in revenue mix as a result of the acquisitions. In Q4 of FY2021 the Company\u2019s gross margin % increased to 48% from 42% in Q3 of 2021 primarily as a result of operational synergies being realized during the quarter that reduced cost of sales and additional technology related revenue that has a higher gross margin percentage.<\/li><li>Year-over-year net loss improved to $(7.6M) in Q4, compared to $(13.1M) for the same period in 2020, reflecting an increase in revenue and gross profit related to acquisitions, partially offset by an increase in amortization on acquired intangibles and higher non-cash stock-based compensation.&nbsp; Full year 2021 net loss totaled $(29.0M).<\/li><li>Think fulfilled its goal of achieving $5.8M in annualized cost synergies throughout 2021 based on headcount reduction efficiency savings and vendor cost reductions achieved largely through shared services and by deploying superior technology.<\/li><li>The Company\u2019s financial performance during 2021 reflects the four acquisitions completed during the year as detailed in the Company\u2019s MD&amp;A for the year ended December 31, 2021. Together these acquisitions transformed the business such that revenue in the three months ended December 31, 2021 of $19.1M representing an increase of 438% over the same period in 2020. The reported financial performance of the Company includes $5.7M of one-time costs incurred during fiscal year 2021 associated with these transactions.<\/li><li>The Company\u2019s cash balance at December 31, 2021 was $6.3M, down from $10.9M on December 31, 2020. This decrease in cash is the net impact of cash outflows from operations during the year of $11.5M and from investing activities of $27.4M offset by debt, lease and equity financings of $34.3M as detailed in the Company\u2019s MD&amp;A for the year ended December 31, 2021.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Business Highlights<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Think entered into a credit facility (the \u201c<strong>Credit Facility<\/strong>\u201d) with the Bank of Nova Scotia on September 10, 2021, featuring a $22 million revolving operating credit facility, a $6 million revolving acquisition facility, and a $10 million uncommitted accordion that can be allocated to either the revolving operating credit facility or the revolving acquisition facility at the Company\u2019s discretion, subject to the approval of the lender. The Credit Facility will remain in place until September 10, 2023, with an option to extend the term by an additional year at the lender\u2019s discretion.<\/li><li>Think acquired BioPharma, a leading contract research organization (\u201c<strong>CRO<\/strong>\u201d) on September 10, 2021, contributing to a new base of clients for Think which includes global pharmaceutical companies.<\/li><li>On November 15, 2021, the Company announced that it was awarded a five-year, Ontario-wide contract through the Better Access Alliance , with a value of approximately $5.2 million over the initial term of the contract. The contract will see Think deploy software across the province of Ontario through a SaaS-model that connects patients to health information and guidance, referred to as a \u2018Digital Front Door\u2019, that integrates with the Company\u2019s digital referral network. This deployment further builds upon Think\u2019s existing footprint across Ontario as the prime vendor supporting the Province\u2019s eServices and eReferrals products. With optional renewals and service expansion, this agreement could extend to a total length of eight years and potentially increase the contract\u2019s overall value.<\/li><li>The Company announced on February 23, 2022, that it had processed a record 300,000 digital referrals in fiscal year 2021 through its continued partnership with the Ontario eServices Program and Cognisant MD. This growth in usage follows a June 10, 2021 announcement on increased access to the Company\u2019s digital referral product for the Province of Ontario, resulting in annual license fee growth of greater than $1.5M per year.&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">________________<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Notes:<\/p>\n\n\n\n<ul class=\"has-small-font-size wp-block-list\"><li>Represents a non-IFRS financial measure. For the relevant definitions of each non-IFRS financial measure and a reconciliation of each financial measure to net loss, the most directly comparable IFRS measure, see the \u201cCautionary Note Regarding Non-IFRS Financial Measures\u201d section of this press release. Management believes non-IFRS measures, including EBITDA and Adjusted EBITDA, provide supplementary information to IFRS measures in assessing the performance of the business of the Company. Non-IFRS measures included in this press release are not standardized measures under IFRS, the financial reporting framework used to prepare the Company\u2019s financial statements and may not be comparable to similar financial measures disclosed by other issuers.<\/li><li>Represents a non-IFRS ratio. For the relevant definition of each non-IFRS ratio, see the \u201cCautionary Note Regarding Non-IFRS Financial Measures\u201d section of this press release. Management believes non-IFRS ratios, including Adjusted EBITDA Margin, provide supplementary information to IFRS measures in assessing the performance of the business of the Company. Non-IFRS ratios included in this press release are not standardized measures under IFRS, the financial reporting framework used to prepare the Company\u2019s financial statements and may not be comparable to similar financial measures disclosed by other issuers.<\/li><li>Estimates from Pharmapod\u2019s then current management team and total number of licensed pharmacies in Canada as reported by <a href=\"https:\/\/napra.ca\/national-statistics\" target=\"_blank\" rel=\"noreferrer noopener\">NAPRA<\/a>.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Events Subsequent to Year End 2021<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>On February 9, 2022, Think announced that it was selected by the Children and Youth Mental Health Lead Agency Consortium to provide the technology to enable virtual clinical counselling across the province of Ontario, and an entry point into digital referrals for community mental health services. This SaaS contract has a minimum term of three years through which Think will realize a minimum of $2M in revenue.<\/li><li>On April 25, 2022, the Company announced that it has entered into a credit agreement with Beedie Investments Ltd. (\u201cBeedie Capital\u201d) for a non-revolving term convertible loan facility of up to the principal amount of $25 million (the \u201cConvertible Facility\u201d). The Convertible Facility will be funded by way of an initial advance of $10 million (the \u201cInitial Advance\u201d) to be drawn on the date that the conditions precedent under the Credit Agreement are satisfied (the \u201cClosing Date\u201d), with the remaining $15 million available for subsequent advances (each a \u201cSubsequent Advance\u201d). The Convertible Facility has a term of four years from the Closing Date, bears interest at a rate of 8.50% per annum on advanced funds and carries a standby fee equal to 1.25% per annum on the unadvanced portion of the Convertible Facility. At any time during the term of the Convertible Facility, Beedie Capital may elect to convert the principal amount of the Initial Advance into common shares of Think (each a \u201cCommon Share\u201d) at a conversion price of $1.443 per Common Share, subject to adjustment in accordance with the terms of the Credit Agreement (the \u201cInitial Conversion Price\u201d). The Initial Conversion Price represents a 40% premium above the 20 trading day volume-weighted average price (\u201cVWAP\u201d) of the Common Shares on the TSX Venture Exchange (\u201cTSXV\u201d) on April 22, 2022.&nbsp; The Closing Date and funding of the Initial Advance is expected to take place in early May, subject to the satisfaction of customary closing conditions, including the receipt of approval of the TSXV. For more information on the Convertible Facility, see the Company\u2019s press release dated April 25, 2022.<strong><\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Outlook<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company plans to grow revenue with improving margins by becoming an increasingly essential data solutions provider for healthcare providers everywhere, so they can deliver the best outcomes for patients.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To fulfill this objective, the focus of operations is threefold:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"a\"><li>Add more users to current licenses by promoting adoption and usage. Currently, more than 300,000 clinicians, including doctors, nurses and pharmacists, use Think\u2019s solutions. As we add more users, our solutions become more essential to health systems and licensees.<\/li><li>Increase revenue per user by increasing the number of content services and data solutions that a licensed user adopts and uses regularly.<\/li><li>Monetize licensed users directly, over-the-top of facilities licenses. For example, through Think\u2019s direct to user clinical education offerings.<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">The objective of this operational focus, both in the short and long term is to generate organic revenue growth with improved margins, and with positive Adjusted EBITDA.<strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Conference Call Notification<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Think will be holding a conference call via webcast on May 2, 2022, at 9:00 a.m. EST, hosted by CEO Sachin Aggarwal and interim CFO John Hayes, with a Q&amp;A session to follow. To register for the conference call, please click <a href=\"https:\/\/produceredition.webcasts.com\/starthere.jsp?ei=1545526&amp;tp_key=d324063e0b\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Conference call dial-in:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Toronto: 1-647-484-0478<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">North American Toll-Free: 1-800-256-1007<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Conference ID: 3411402<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About Think Research Corporation<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Think Research Corporation is an industry leader in delivering knowledge-based digital health software solutions. The Company\u2019s focused mission is to organize the world\u2019s 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, health care 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).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.&nbsp; Millions of patients and residents annually receive better care due to the essential data that Think produces, manages and delivers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the company collects and manages pharmaceutical and clinical trial data via the BioPharma entity that Think acquired on September 10, 2021.&nbsp; BioPharma is a leading provider of bioequivalence and Phase 1 clinical research services to pharmaceutical companies globally. Think\u2019s other services include a network of digital-first primary care clinics and medical clinics providing elective surgery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Caution Regarding Forward-Looking Statements<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This press release contains \u201cforward-looking information\u201d within the meaning of applicable securities laws. Forward-looking information may be identified by statements including words such as: \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbudget,\u201d \u201cbelieve,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cscheduled,\u201d \u201cforecast,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cto be,\u201d \u201ccould,\u201d, \u201cwould,\u201d \u201cshould,\u201d \u201cwill\u201d 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\u2019s Adjusted EBITDA in 2022, the expected term and value of contracts entered into in fiscal year 2021 and 2022, the funding of the Initial Advance and the availability of Subsequent Advances, the anticipated Closing Date and the funding of the Initial Advance, the Company\u2019s strategies and growth objectives, and statements made in the \u201cOutlook\u201d section of this press release.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Forward-looking information reflects management\u2019s current beliefs and is based on assumptions that may prove to be incorrect, including but not limited to the Company\u2019s 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\u2019s control which may cause the Company\u2019s 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\u2019s actual results may differ materially from those indicated in the forward-looking information. Important factors that could cause actual results to differ materially from those indicated in the forward-looking information include, among others, the risk factors described under the heading \u201cCaution Regarding Forward Looking Information\u201d in the Company&#8217;s Management&#8217;s Discussion &amp; Analysis for the year ended December 31, 2021, which is available on the Company\u2019s profile at <a href=\"http:\/\/www.sedar.com\" target=\"_blank\" rel=\"noreferrer noopener\">www.sedar.com<\/a>. The Company has assumed that the risk factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This press release contains financial outlook information within the meaning of applicable securities laws. The financial outlook included in this MD&amp;A includes, but is not limited to: the Company\u2019s goal of generating positive Adjusted EBITDA in 2022, the expected revenues to be realized from contracts entered into in fiscal year 2021 and 2022, the Company\u2019s objective to grow revenue with improving margins and with positive Adjusted EBITDA. The financial outlook set out in this press release is subject to the same assumptions, risk factors, limitations and qualifications set out in these cautionary statements. The financial outlook contained in this press release was approved by management as of the date of the Company\u2019s MD&amp;A for the year ended December 31, 2021, and was provided for the purpose of providing an outlook of the Company\u2019s activities and results and may not be appropriate for other purposes. Management believes that the financial outlook has been prepared on a reasonable basis, reflecting reasonable assumptions, estimates and judgments; however, actual results of the Company\u2019s operations may vary from those described herein. The Company disclaims any intention or obligation to update or revise any financial outlook contained in this press release, whether as a result of new information, future events or results or otherwise, unless required pursuant to applicable Canadian law. Readers are cautioned that the financial outlook contained in this press release should not be used for purposes other than for which it is disclosed herein.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additional information about the risks and uncertainties of the Company\u2019s business and material factors or assumptions on which information contained in forward\u2010looking statements is based is provided in its disclosure materials, including the Company\u2019s MD&amp;A for the year ended December 31, 2021, which is available under the Company\u2019s profile on SEDAR at <a href=\"http:\/\/www.sedar.com\" target=\"_blank\" rel=\"noreferrer noopener\">www.sedar.com<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Cautionary Note Regarding Non-IFRS Financial Measures<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This press release makes reference to certain non-GAAP financial measures and non-GAAP ratios. These measures and ratios are not recognized measures under International Financial Reporting Standards (\u201cIFRS\u201d), 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 and ratios are provided as additional information to complement those IFRS measures by providing further understanding of the Company\u2019s results of operations from management\u2019s perspective. Non-IFRS measures and ratios have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company\u2019s financial information reported under IFRS and should be read in conjunction with the consolidated financial statements for the periods indicated. The Company uses non-IFRS financial measures and ratios, including \u201cEBITDA\u201d, \u201cAdjusted EBITDA\u201d and \u201cAdjusted EBITDA Margin\u201d 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 and Adjusted EBITDA Margin, when viewed with the Company\u2019s results under IFRS and the accompanying reconciliations, provides useful information about the Company\u2019s business by removing potential distortions that may arise from transactions that are not operational in nature. 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 and Adjusted EBITDA Margin can provide a useful additional basis for comparing the current performance of the underlying operations being evaluated. The Company\u2019s agreements with lenders include certain financial performance covenants which include EBITDA (as defined in the Company\u2019s credit agreement with its senior lender and with Beedie Capital) as a component of the covenant calculations and require the Company to maintain certain levels of EBITDA on a consolidated basis. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures and ratios in the evaluation of issuers. The Company\u2019s management also uses non-IFRS financial measures and ratios in order to facilitate operating performance comparisons from period to period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Non-GAAP financial measures and non-GAAP ratios used in this press release include:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>EBITDA<\/strong>\u201d means net income (loss) before amortization and depreciation expenses, finance and interest costs, and provision for income taxes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>Adjusted EBITDA<\/strong>\u201d 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,&nbsp; impairment charges on property and equipment, business acquisition costs, and restructuring charges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>Adjusted EBITDA Margin<\/strong>\u201d means Adjusted EBITDA divided by revenue of the Company for the applicable period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A reconciliation of EBITDA and Adjusted EBITDA to IFRS net income (loss) is presented under \u201cSelect Information and Reconciliation of Non-IFRS Measures\u201d in the MD&amp;A and press release below.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reconciliation of Net Loss to EBITDA and Adjusted EBITDA<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\" style=\"font-size:14px\"><table><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Three months ended December 31, 2021 <\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;Three months ended December 31, 2020 <\/strong><strong><\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Year ended December 31, 2021 <\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;Year ended September 30, 2020 <\/strong><strong><\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">                      <strong>$<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">           <strong>$<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">          <strong>$<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">                    <strong>$<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><\/tr><tr><td>Net loss<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,596)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,088)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29,049)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,016)<\/td><\/tr><tr><td>Depreciation and amortization<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,098<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,986<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,956<\/td><\/tr><tr><td>Finance costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,054<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,488<\/td><\/tr><tr><td>Income tax expense (recovery)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,481)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,461)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<\/td><\/tr><tr><td><strong>EBITDA<\/strong><sup>1<\/sup><strong><\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,266)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,914)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,470)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,596)<\/strong><\/td><\/tr><tr><td>Acquisition, restructuring and other<sup>2<\/sup><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,270<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,922<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,638<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u2014<\/td><\/tr><tr><td>Premium on Redemption of Class A Preferred shares<sup>3<\/sup><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u2014<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,271<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u2014<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u2014<\/td><\/tr><tr><td>Stock-based compensation<sup>4<\/sup><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,052<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,925<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,249<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,248<\/td><\/tr><tr><td>Foreign exchange loss (gain)<sup>5<\/sup><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u2014<\/td><\/tr><tr><td>Impairment loss<sup>6<\/sup><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u2014<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \u2014<\/td><\/tr><tr><td><strong>Adjusted EBITDA<\/strong><sup>1<\/sup><strong><\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,729)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(6,583)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,348)<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Notes:<\/p>\n\n\n\n<ol class=\"has-small-font-size wp-block-list\"><li>\u201cEBITDA\u201d and \u201cAdjusted EBITDA\u201d are non-GAAP financial measures, are not standardized measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. See \u201cNon-IFRS Financial Measures\u201d.<\/li><li>\u201cAcquisition, restructuring and other\u201d relate to costs incurred in connection with business combinations, reorganization of the Company\u2019s capital structure and workforce, and legal, advisory and banking expenses.<\/li><li>\u201cPremium on Redemption of Class A Preferred shares\u201d relates to the premium that was paid to redeem preferred shares on December 23, 2020 as part of the RTO<\/li><li>\u201cStock-based compensation\u201d relates to stock-based compensation expense recognized for equity awards issued under the Company\u2019s Omnibus Equity Incentive Plan.<\/li><li>\u201cForeign exchange loss (gain)\u201d relates to foreign exchange fluctuations.<\/li><li>\u201cImpairment Loss\u201d relates to the loss on impairment of intangibles<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About Think Research Corporation<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Think Research Corporation is an industry leader in delivering knowledge-based digital health software solutions. The Company\u2019s focused mission is to organize the world\u2019s 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\u2019s cloud-based, EMR- agnostic digital tools have empowered clinicians around the world and positively impacted millions of patients across the continuum of care \u2013 including primary physician care, acute care hospitals and surgical suites as well as community and seniors care. Think is proud to serve as a trusted health system partner to a rapidly growing, global client base that spans five continents across more than 13,000 healthcare facilities, with a clinical audience of over 300,000 doctors, nurses and pharmacists. Visit www.thinkresearch.com<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibilities for the adequacy or accuracy of this release.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>For more information:<\/strong> <a href=\"https:\/\/www.thinkresearch.com\/ca\/investors\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.thinkresearch.com\/ca\/investors\/<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>For further information:<\/strong> Mark Sakamoto, Executive Vice President, Think Research, 416.388.7119, <a href=\"mailto:mark.sakamoto@thinkresearch.com\" target=\"_blank\" rel=\"noreferrer noopener\">mark.sakamoto@thinkresearch.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Realized record Q4 revenue of $19.1 million, and $47.8 million in 2021, an increase of 438% and 178% over the same periods in 2020. Q4 Adjusted EBITDA1 (as defined herein) improved by 94% over Q3 2021, increasing by $3.2M. Delivered continued organic growth by signing long-term government agreements and contract expansions for 2022. TORONTO, ON [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":19063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[28],"tags":[489],"class_list":["post-25158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Think Research Announces 2021 Results Highlighted by 438% Growth in Q4 Revenue with Q4 Adjusted EBITDA Approaching Break-Even - Think Research Canada<\/title>\n<meta name=\"description\" content=\"Realized record Q4 revenue of $19.1 million, and $47.8 million in 2021, an increase of 438% and 178% over the same periods in 2020.Q4 Adjusted EBITDA1 (as\" \/>\n<meta name=\"robots\" content=\"index, follow, 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