Q2 2024 Carebook Technologies Inc Earnings Call Transcript
Key Points
- Carebook Technologies Inc (TSXV:CRBK) reported a 37% year-over-year revenue growth for Q2 2024, driven by strong organic growth in the pharmacy vertical and an increase in license revenue from core health.
- The company successfully launched a pharmacy app for another banner of a major pharmacy client in Quebec, expanding its presence to three banners across Canada.
- Carebook Technologies Inc (TSXV:CRBK) continued to implement cost reduction strategies, improving margins and operating cash flows.
- The company made significant improvements to its standardized offering, targeting the direct-to-employer segment with a revamped user experience and a nearly self-serve model.
- Annual recurring revenue increased by 14% over the same date in 2023, reaching $12.1 million by the end of Q2 2024.
- Despite revenue growth, Carebook Technologies Inc (TSXV:CRBK) reported a net loss of $0.7 million for the quarter ended June 30, 2024, unchanged from the same period in 2023.
- The company experienced a decrease in license revenue at Infotech, partially offsetting gains from other segments.
- Higher research and development costs and slightly higher sales and marketing costs contributed to the loss from operations.
- Pharmacy revenue, while strong, is expected to remain at or near current levels during fiscal 2024 but could fade thereafter.
- The company continues to rely on credit facilities and private placements to maintain operational flexibility, indicating ongoing financial challenges.
Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Carebook Q2 2024 results conference call. All lines have been placed on mute to prevent any background noise. Please take note of this notice with regards to forward-looking statements and financial outlook assumptions.
The company will make forward-looking statements and share it's financial outlook on the call today. For looking statements, including the company's financial outlook, are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. Carebook undertakes no obligation to update these statements, except as required by law.
You can read the cautionary notice and find out more about these risks and uncertainties in the company's press release distributed this morning as well as other filings with Canadian regulators on SEDAR+ the company will also make reference to certain non-IFRS measures and key performance indicators on their call today.
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