Think Research Corporation (TSX-V:THNK) (OTCQB:THKKF), a healthcare technology company, reported fourth-quarter revenue of $19.1 million and full-year 2021 revenue of $47.8 million, a whopping 438% and 178% increase over the same periods a year earlier.
Those figures, both record highs, easily top the company’s fourth-quarter revenue of $3.5 million and full-year revenue of $19.4 million in 2020. Meanwhile, adjusted EBITDA was nearly break-even for the quarter at negative $200,000 and negative $6.6 million for the year. That positions Think Research well to achieve its goal of positive EBITDA in 2022, the company says.
The difference, CEO Sachin Aggarwal says, has been acquisitions that helped Think Research capture $6 million in synergies last year.
“This was truly a transformative year during which we acquired and integrated four strategic assets and announced meaningful new long-term (Software-as-a-Service) contracts, all of which enhanced Think's scale and position as a leader in the delivery of knowledge-based health technology," Aggarwal said in a statement. "With over 13,000 enterprise healthcare facilities having licensed Think's solutions, we enabled more than 300,000 doctors, nurses and pharmacist users to leverage our essential data service to help ensure everyone gets the best possible care."
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Most impactful in terms of fourth-quarter revenue was the addition of contract research organization Bio Pharma Services Inc, which closed in September, as well as incremental revenue from acquiring assets of Pharmapod Limited in November.
Additionally, gross profit for the three months ended December 31 was $9.1 million, nearly six times more than the $1.5 millon it reported during the same period in 2020. Gross margin also increased to 48% from 44%, which the company likewise attributed to a change in revenue mix due to the acquisitions. Think Research’s cash on hand was $6.3 million as of December 31, down from $10.9 million a year earlier.
Since quarter-end, the company has seen its stock debut in March on the OTCQB Venture Market in the United States. From here, the plan is to add more users and empower clinicians around the world, Think says.
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