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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.
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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.

  • 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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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.

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