Intouch Insight Ltd. Announces 32% Revenue Growth and Q3 2021 Financial Results
OTTAWA, ON, Nov. 25, 2021 /CNW/ - Intouch Insight Ltd., (Intouch or the Company) (TSXV: INX) (OTCQX: INXSF) today announced its operating and financial results for the quarter ended September 30, 2021.
Revenue from Q3 2021 was $3,927,301, which was 32% higher than revenue of $2,965,928 in Q3 2020 due to ongoing recovery from the COVID-19 pandemic. Loss from operating activities was $17,909 in Q3 2021 compared to a net income of $484,374 in Q3 2020 as spending has increased to support revenue recovery. The quarter's net loss was $56,721 compared to a net income of $508,364 in Q3 2020. Company-defined adjusted EBITDA was $386,273 for Q3 2021, compared to $760,897 in Q3 2020. Gross Margin increased to 53.9% in Q3 2021 from 52.5% the prior year due to the shift in sales mix.
"We expect double-digit revenue growth in 2022 due to the increasing sales pipeline, the recent acquisition, and positively trending recurring software sales. Client programs are returning, new programs are starting and we are investing in our growth. As we look towards a post-pandemic future we are very excited at the opportunities that lay ahead for Intouch in terms of technological advancement and the resulting growth in recurring revenues," said Cameron Watt, President & Chief Executive Officer of the Company.
"While we continue to invest in long term competitive advantages and differentiation through technology, we remain mindful of the overall financial health of the company and expect to continue to deliver EBITDA positive quarters," said Watt.
Consolidated Statements of Operations
About Intouch Insight
Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, including the acquisition, future revenues and references to the Company's expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Intouch Insight Ltd.
Company Codes: OTC-QB:INXSF, TorontoVE:INX
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