Think Research Corporation (TSX-V:THNK, OTCQB:THKKF) has posted its financial results for the three months and nine months ended September 30, showing strong revenue growth due to the integration of several key acquisitions along with successful operations optimization and streamlining of costs.
For 3Q, the company reported an 82% increase in revenue at $18.4 million up from $10.1 million in the year-ago quarter.
Revenue for the nine months ended September 30, 2022, was up 99% at $57 million, compared to $28.7 million for the same period in 2021.
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Think Research CEO Sachin Aggarwal said Think’s 3Q and first nine months of 2022 had built momentum for its path forward, evidenced by significant revenue increases despite summer’s seasonal impact on both clinical and education operations.
“Given our recent success winning increasingly larger deals combined with a more streamlined cost structure, the company is well positioned to continue enhancing our revenue growth and advancing near and longer-term expectations for profitability, all of which we believe will translate into value creation for our shareholders,” he said.
He added that multiple new study wins were secured into 4Q by the company’s BioPharma subsidiary have increased the backlog of studies and provided Think with greater visibility into its future quarterly revenue potential.
"This backlog also supports our confirmation of Think's annualized 4Q 2022 run rate revenue guidance range of between $84 million and $90 million and $21 million to $22.5 million guidance for 4Q, along with adjusted EBITDA guidance range of between $1.5 million and $2.3 million for 4Q inferring a run rate range of between $6 million and $9 million," Aggarwal said.
The company reported a net loss of $6.5 million for 3Q, down from a net loss of $10.9 million in 3Q 2021 that Think attributed to higher revenue coupled with lower operating, acquisition and restructuring-related costs and a non-cash recovery of tax expenses due to a reduction in Think’s deferred tax liability.
Think Research is an industry leader in delivering knowledge-based digital health software solutions.
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