Carebook Technologies
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Carebook Technologies (CRBK) investor relations material

Carebook Technologies has been delisted

Carebook Technologies Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary15 Nov, 2024

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, offsetting churn and maintaining margins despite unusual expenses.

  • Net loss widened to $(0.7)M from $(0.4)M in Q3 2023, mainly due to higher expenses including a one-time bad debt expense and lower income tax recovery.

  • Adjusted EBITDA was $0, down from $0.1M in Q3 2023; Adjusted EBITDA margin declined to (1)% from 3%.

  • Annual recurring revenue (ARR) as of September 30, 2024, was $11.4M, a 2% decrease year-over-year, with 60% of ARR from clients outside Canada.

  • Combined platforms served 5M users, with continued operational strengthening in pharmacy and employer verticals, product enhancements, and successful client implementations.

Financial highlights

  • Q3 2024 revenue was $3.6M, up 2% year-over-year from $3.5M, driven by CoreHealth license revenue.

  • Employer vertical contributed 64% of revenue; pharmacy vertical 36%.

  • Net loss was $(0.7)M, compared to $(0.4)M in Q3 2023, due to higher expenses including a one-time bad debt expense.

  • Adjusted EBITDA was $0, down from $0.1M (margin 3%) in Q3 2023; margin declined to (1)%.

  • ARR at quarter-end was $11.4M, a 2% decrease year-over-year.

Outlook and guidance

  • Recurring revenue from the employer vertical expected to increase as more clients enter the implementation pipeline.

  • Management expects annual revenue growth and break-even Adjusted EBITDA for fiscal 2024, with a focus on cost control and cash flow improvement.

  • Pharmacy revenue expected to decrease slightly in Q4 due to reduced scope of work.

  • Plans to pursue accretive acquisitions and partnerships to expand offerings and market reach.

  • Financial outlook based on assumptions regarding inflation, interest rates, customer adoption, and cost management.

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Frequently asked questions

Carebook Technologies Inc. specializes in the development and commercialization of digital health platforms on a global scale. The company's product offerings include Corehealth, a wellness platform aimed at employers and wellness service providers; Wellness Checkpoint, which focuses on health and productivity risk management; and Carebook, a modular, turn-key pharmacy engagement platform. The company is headquartered in Montreal, Quebec, and its shares are listed on the TSX.