Think Research Corporation (TSX-V:THNK, OTCQB:THKKF) revealed that its subsidiary MDBriefCase Group Inc has expanded its original $4.1 million contract with a global pharmaceutical company by nearly $2.3 million, bringing the total value of the contract now to approximately $6.4 million.
The Toronto-based healthcare technology company said the contract expansions include new exclusive learning modules added to the MDBriefCase learning management system (LMS) already being delivered throughout 2022 and 2023.
Revenue from the contract expansion will be earned based on the achievement of various contractual milestones and the delivery of applicable programming starting in fiscal 2022 and continuing until fiscal 2023, said the company.
On May 19 this year, Think Research announced that MDBriefcase has been chosen by the global pharma company to deliver high-quality content to healthcare practitioners and allied health professionals regarding its drug and vaccine therapies.
The agreement encompasses Think's content solutions along with MDBriefCase's LMS to provide a broad offering of content, essential data services and software, it added.
Think Research CEO Sachin Aggarwal described the contract expansion as “very exciting” for the company because the client continued to see the value of the firm’s content, data and software to their business.
“It also validates the power of our entire, integrated offerings after completing our acquisitions last year,” Aggarwal said in a statement.
“This contract will help us to attain our revenue run-rate of between $84 million and $90 million annualized, and pro-forma adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) annualized run-rate range of $6 million to $9 million in the fourth quarter, which should come in at somewhere between $21 million and $22.5 million in total revenue."
Think Research is an industry leader in delivering knowledge-based digital healthcare software solutions. The firm’s evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, and improve patient outcomes. Think serves as a health system partner to a global client base that spans five continents across more than 13,000 healthcare facilities, with a clinical audience of over 300,000 doctors, nurses and pharmacists.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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