Think Research Corporation (TSX-V:THNK, OTCQB:THKKF) announced that its BioPharma Services, Inc subsidiary has signed multiple new contracts in the third quarter of 2022 worth about C$12.8 million.
The healthcare technology company said the project-based study contracts span several health disciplines, from neurology to oncology to gastrointestinal treatments, and average approximately 12 months in duration.
“Although there were a few program delays experienced earlier this year in the segment, we are excited with the volume of wins during the quarter and with the certainty of project commencements,” Think Research CEO Sachin Aggarwal said in a statement.
READ: Think Research expands content and learning management contract with global pharma company to $6.4M
“These contracts increase our confidence that we will attain our previously-announced estimated revenue run-rate of between $84 million and $90 million annualized, and pro-forma adjusted EBITDA annualized range of between $6 million and $9 million in the fourth quarter, which should come in at somewhere between $21 million and $22.5 million in total revenue,” Aggarwal added.
Think Research noted that revenue recognition from the deals has already begun, or will begin imminently, during the first month of 4Q.
The company added that its Clinical Research solutions offered by Biopharma represent a significant component of Think Research's broad offering of content, essential data services and software to clinicians everywhere across eight countries.
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.
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