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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, 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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