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Carebook Technologies (CRBK) investor relations material
Carebook Technologies Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2024 revenue increased 2% year-over-year to $3.6M, with 64% from the employer vertical and 36% from the pharmacy vertical.
Net loss widened to $0.7M from $0.4M in Q3 2023, mainly due to bad debt expense and lower income tax recovery.
Adjusted EBITDA was $0, down from $0.1M in Q3 2023; margin declined to −1% from 3%.
Annual recurring revenue at quarter end was $11.4M, a 2% decrease year-over-year; 60% of ARR originated from clients outside Canada.
Combined platforms served 5M users.
Financial highlights
Q3 2024 revenue was $3.6M, up from $3.5M in Q3 2023, driven by CoreHealth license revenue.
Loss from operations was $0.4M, consistent with Q3 2023.
Net loss increased to $0.7M from $0.4M year-over-year, due to bad debt and lower tax recovery.
Adjusted EBITDA was $0, down from $0.1M; margin fell to −1% from 3%.
ARR decreased to $11.4M from $11.6M year-over-year.
Outlook and guidance
Management expects annual revenue growth for 2024, with a focus on cost control and cash flow improvement.
Targeting adjusted EBITDA break-even or better for fiscal 2024.
Plans to pursue accretive acquisitions and partnerships to expand offerings and market reach.
Recurring revenue from the employer vertical is projected to increase, while pharmacy revenue may decrease slightly in Q4.
Financial outlook based on assumptions regarding inflation, interest rates, customer adoption, and cost management.
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