Kovo HealthTech Corporation (TSX-V:KOVO) has released its financial results for 2022, revealing major growth in its medical billing and software business.
The company posted revenue of $10,546 in 2022, 79% higher year-over-year. Adjusted EBITDA for the year was 3.1%, and Kovo noted it has reported positive adjusted EBITDA in the last 16 quarters.
Kovo attributed the growth to gains in its SaaS-style medical billing software and services business, as well as the integration of two acquisitions made in 2021.
"Despite challenging macroeconomic trends affecting the global economy, back-office digital Revenue Cycle Management Billing-as-a-Service platforms are more important than ever before for the US healthcare industry — especially as more patients are looking to defer Covid-related payments and the industry continues to face staffing challenges that Kovo's RCM technology helps solve," CEO Greg Noble said in a statement.
He continued, “We're very satisfied with Kovo's overall growth in 2022, and recently announced a new strategic acquisition that will continue to deliver accretive revenue growth in the 2nd quarter and beyond 2023.”
Noble also noted that Kovo is focusing on more acquisitions in the coming months.
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