BlueRush Inc has reported results from its fiscal fourth quarter and full year ended July 31, revealing major revenue and profit increases and Software-as-a-Service margins of 91%.
The Toronto-based company posted revenue of over $4.7 million in fiscal 2022, up 30% from more than $3.6 million in 2021. Gross profit jumped 59% to $3.5 million on the year, compared to $2.2 million in 2021.
“In 2022 we saw growth in every area of the business, against a backdrop of cost reductions in the latter part of the year which we expect to carry over into 2023,” CEO Steve Taylor said.
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“Fiscal 2022 was also a transitional year for BlueRush, as we developed an extension to our SaaS IndiVideo platform,” Taylor added. “This allows us to expand our target market to include smaller companies and we anticipate will help shorten our sales cycles.”
During the period, BlueRush prioritized R&D investments on completing its IndiVideo for Sales product, which provides sales and marketing teams the ability to integrate personalized videos into their sales and marketing sequences, the company said.
“We expect to see the full impact of IndiVideo for Sales in 2023, most likely in the 2nd quarter as we really just began taking it to market in Q1 2023,” Taylor said. “This product extension allows us to sell out of the box without the need to develop videos, which leads to a much faster sales cycle and opens up a significantly larger market for us. This is an exciting period of transition for BlueRush and IndiVideo.”
BlueRush develops and markets IndiVideo, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer lifecycle, from increased conversions to more engaging statements and customer care.
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