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Healthcare Triangle Reports First Quarter 2023 Results

Healthcare Triangle, Inc.
Healthcare Triangle, Inc.

PLEASANTON, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (Nasdaq: HCTI) (“HCTI” or the "Company"), a leader in digital transformation solutions including managed services, cloud enablement, and data analytics for the healthcare and life sciences industry, today announced results for the first quarter of 2023 ended March 31, 2023.

First Quarter 2023 Financial Results

  • Total revenue was $9.8 million, compared to $11.1 million in the first quarter of 2022. Revenue growth of 18% from Software Services was offset by lower Managed Services and Support revenue and Platform Service revenues compared to the year-ago period.

  • Loss from operations was $3.2 million, compared to $2.0 million for the first quarter of 2022.

  • Basic and diluted net loss per share was $0.08 based on 41.9 million weighted-average shares outstanding, compared to $0.06 based on 35.5 million weighted-average shares outstanding for the first quarter of 2022.

First Quarter 2023 and Recent Business Highlights

  • Closed three new customers and $7 million of new business.

  • Partnered with a leading oncology company to build and deploy its enterprise cloud foundation platform in a DevOps environment leveraging HCTI’s automation and compliance capabilities. This engagement, which includes ongoing management of infrastructure, is designed to accelerate global adoption of AWS Cloud for the client.

  • Signed a multi-year SaaS readabl.ai contract with long-standing customer Calvert Health for document workflow process automation to improve efficiency and optimize costs. HCTI’s readabl.ai runs on Google Cloud AI platform.

  • Participated in the recent ViVE 2023 conference as a sponsor and presenter, hosting a “Tech Talk” featuring client Calvert Health.

  • Attended the HIMSS23 Global Health Conference and Exhibition as a guest speaker for Amazon Web Services.

Thyagarajan Ramachandran, CFO of Healthcare Triangle, said, “In the first quarter, we initiated steps to pursue greater efficiency and to realign our strategic priorities for 2023. The Company continues to focus on building a strong pipeline of managed services and multi-year customer engagements, with the goal of bolstering our revenue streams for market expansion and growth.”

Forward-Looking Statements and Safe Harbor Notice

All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Prospectus filed with the SEC on October 7, 2021, previous filings, subsequent filings and future periodic reports filed with the SEC. All the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.

The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.

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