126 0 Kommentare VIQ Solutions Reports Third Quarter Results

VIQ Solutions Inc. ("VIQ" or the "Company") (TSX Venture Exchange: VQS and OTC Markets: VQSLF) a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today reported financial results for the third quarter 2020 and outlined plans to accelerate the Company’s growth. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards ("IFRS").

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“This year has been both rewarding and challenging for our team who has shown resilience and agility during a global pandemic while accelerating digitization and redefining our addressable growth markets,” said Sebastien Paré, VIQ Solutions’ President and CEO. “We significantly increased productivity, added new clients, expanded existing client volume, and launched new products to support a remote workforce. All of which contributed to a strong financial performance, including gross margin expansion. This success positions us well for 2021 when we expect to generate significant top-line growth, and positive net income and earnings per share.”

Key Third Quarter 2020 Highlights:

Revenue of $8.2 million increased 27% versus the third quarter 2019 revenue of $6.5 million. The increase of $1.7 million included $2.7 million from acquisitions and was partially offset by $1.0 million downward exposure from temporary COVID-19 shutdowns during the second and third quarter 2020 on net organic growth;
Generated 71% of revenue in the United States, 27% in Australia, and 2% in EMEA and Canada;
Gross profit of $4.9 million represented 60.4% of revenue versus $2.9 million or 45.0% of revenue in the third quarter of 2019. Gross profit in 2020 was favorably impacted by $1.4 million in COVID-19 wage subsidies;
Adjusted EBITDA of $1.9 million increased 305% compared to the third quarter 2019 Adjusted EBITDA of $0.5 million. The increase in Adjusted EBITDA was driven by higher revenues due to acquisitions, and productivity gains in transcription services as well as COVID-19 wage subsidies received in 2020, and was partially offset by higher SG&A expenses as the Company continues to invest in scalability and innovations.