Kovo HealthTech Corporation (TSX-V:KOVO) unveiled its financial performance for the third quarter ending September 30, 2023 that was highlighted by a quarter-over-quarter revenue increase of 4%.
The healthcare technology and Billing-as-a-Service company reported total revenue of US$2.73 million for the quarter versus $2.63 million in the previous quarter and $2.52 million in the comparable year-ago period.
The company welcomed four new clients during the quarter, set to initiate billing in the fourth quarter of 2023.
"Kovo is seeing strong interest in the company's solutions and this is reflected in our organic growth," CEO Greg Noble said in a statement.
"Our transformation of Kovo's OneRev solution to the innovative KovoCloud platform is fuelling this interest and laying solid foundations for continued growth. KovoCloud is tailored to solve the specialized technology needs of US-based small and medium-sized healthcare providers and offers healthcare providers advanced features, billing workflows and analytics that combine modern software design simplicity with the power to scale to support enterprise level efficiency."
Kovo affirmed its trajectory to meet the anticipated 2023 Annual Recurring Revenue (ARR) projection of US$12 million.
The group reported an adjusted EBITDA loss of $432,000.
Kovo HealthTech focuses on Billing-as-a-Service, providing SaaS-style contracts and software to over 2,250 US healthcare providers. Utilizing its industry-leading KovoCloud platform, the company digitally streamlines patient care registration, services, billing, and payments, handling over US$250 million in annual billing transactions for 4.5 million patients through its clients.