Healthcare Triangle Reports Third Quarter 2023 Results

PLEASANTON, Calif., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc. (Nasdaq: HCTI) (“HCTI” or the "Company"), a leader in digital transformation solutions including managed services, cloud enablement, cybersecurity, data analytics, and AI data processing for the healthcare and life sciences industries, today announced results for the third quarter of 2023 ended September 30, 2023.

Thyagarajan Ramachandran, CFO of Healthcare Triangle, said, “A return to predictable revenue growth is top priority for the current quarter and throughout 2024. During the third quarter we launched an exciting new initiative working with U.S. health systems on an HCTI-branded ransomware protection framework and methodology. The response so far has been encouraging, and our goal is to become a top provider of robust cybersecurity services to meet the widespread accelerating demand for cyber preparedness in healthcare. Another key area of focus is on driving adoption of our high-performance readabl.ai solutions for cloud-scale, AI-driven healthcare document workflow. HCTI is in discussions with multiple life sciences companies about piloting generative AI use cases in areas such as drug discovery and documentation AI. We are also looking to expand business with our current pharma customers in 2024 with new managed services opportunities in cloud DevOps and data modernization projects. We are confident that these key revenue drivers will support improved Company performance in the coming quarters.”

Third Quarter 2023 Financial Results

• Total revenue was $7.8 million, compared to $11.9 million in the third quarter of 2022. Revenue in the year-ago quarter included multiple one-time EHR (electronic health record) implementations and short-term consulting contracts.
• Loss from operations was $1.5 million, compared to $2.2 million for the third quarter of 2022.
• Basic and diluted net loss per share was $0.46 based on 4.2 million weighted-average shares outstanding, compared to basic and diluted net loss per share of $0.64 based on 35.6 million weighted-average shares outstanding for the third quarter of 2022.
  

Third Quarter 2023 and Recent Business Highlights

• Closed $1.6 million of new business with existing customers.
• Spurred brand awareness for the Company’s new ransomware protection and prevention initiative through marketing activities.
• Hosted an educational roundtable with hospital CXOs in collaboration with Amazon Web Services about the role of generative AI and data modernization technologies in improving patient outcomes, improving clinical decision, streamlining healthcare operations and reducing costs.
• Secured a multi-year contract to customize and enhance electronic health record (EHR) software for client-specific workflow and provide managed support.
• Launched a project for comprehensive development, testing, and go-live support for Epic cloud-based EHR, including post-go-live stabilization phases.
• Secured a design and integration project for a SAP-SQL global data migration solution for a pharmaceutical customer including 12 months of continuous hypercare support. 
• Secured a contract extension from a top 5 customer for a public cloud-based clinical HPC (high performance computing) project initiative.