“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.
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.
Consolidated Statements of Operations
“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.
2,965,928 Cost of services
1,557,207 Total operating expenses
2,115,959 Gross margin