ARR up 21% YoY to $47.8 millionTotal Revenue up 21% to $15.3 millionEBITDA up 56% YoY to $3.1 million TORONTO, May 09, 2024 (GLOBE NEWSWIRE) -- VitalHub Corp. (the "Company" or "VitalHub") (TSX:VHI) (OTCQX:VHIBF) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis report for the three ended March 31, 2024, with the Canadian securities authorities. These documents may be viewed under the Company's profile at www.sedar.com. Dan Matlow, CEO of VitalHub, commented on the quarter's success, stating, "We are thrilled to report that VitalHub has kicked off 2024 with outstanding momentum, achieving a 21% increase in revenue, which rose to $15.3 million, up from $12.6 million in Q1 last year. Our focus on driving operational excellence and expanding our solution offerings continues to yield significant financial benefits and value for our shareholders. Our growth strategy, underpinned by both organic initiatives and strategic acquisitions, has effectively increased our Annual Recurring Revenue (ARR) by 21% to $47.8 million. This growth is a testament to our strong market position and our team's dedication to delivering innovative solutions that meet the evolving needs of healthcare providers. In Q1, we achieved a gross profit of 81%, reflecting our ability to scale efficiently while improving our cost structure. This resulted in a 56% increase in EBITDA to $3.1 million, and a notable increase in adjusted EBITDA, which rose to $4.0 million or 27% of revenue, compared to $2.9 million or 23% of revenue in Q1 last year. Our disciplined approach to cash management enabled us to end the quarter with a healthy cash balance of $33.3 million, after having made significant investments in growth initiatives and the purchase of Bookwise. In addition, when you add our recent financing, the Company now has in excess of $70 million in cash." Matlow concluded, "As we move through 2024, VitalHub is well-positioned to continue our growth trajectory. We remain focused on expanding our reach in existing markets, exploring new opportunities, and enhancing our product portfolio through innovation and strategic mergers and acquisitions. Our strong financial position supports our ambitious growth plans and our commitment to leading the digital transformation in healthcare." VitalHub Corp's quarterly investor conference call will take place on Friday, May 10, 2024, at 9:00AM EST. To register for the call, please visit: https://us02web.zoom.us/webinar/register/WN_cauJ_EXXTKqJuMRFFeBKYw First Quarter 2024 Highlights Revenue of $15,256,791 as compared to $12,595,174 in the equivalent prior year period, an increase of $2,661,617 or 21%. Gross profit as a percentage of revenue was 81% compared to 80% in the equivalent prior year period. The increase in Q1 2024 was primarily due to an increase in higher margin maintenance and support revenues in the quarter, coupled with an ongoing effort to reduce costs and gain operating cost synergies. ARR ⁽¹⁻²⁾ at March 31, 2024 was $47,834,002 as compared to $39,634,517 at March 31, 2023, an increase of 21%. ARR ⁽¹⁻²⁾ growth was largely due to organic growth of $6,472,477 or 15%, and acquisition growth of $1,062,500 or 2%. ARR ⁽¹⁻²⁾ also benefitted by a gain of $664,508 or 1% due to the increase in the GBP rates relative to the Canadian dollar in the quarter. EBITDA ⁽²⁾ of $3,099,016 compared to $1,987,747 in the equivalent prior year period, an increase of $1,111,269 or 56%. Adjusted EBITDA ⁽²⁾ of $4,044,932 or 27% of revenue, compared to $2,923,780 or 23 of revenue in the equivalent prior year period, an increase of $1,121,152 or 38%. The increase in EBITDA ⁽²⁾ and adjusted EBITDA ⁽²⁾ from Q1 2023 to Q1 2024 was primarily attributable to the higher recurring revenues of $12,465,062 in Q1 2024, as compared to $9,997,484 in Q1 2023, coupled with an ongoing effort to manage costs and gain operating cost synergies. Net income before income taxes of $1,978,895 as compared to net income before income taxes of $780,428 in the equivalent prior year period, an increase of $1,198,467 or 165%. The increase was primarily attributable to the significant increase in revenues from organic growth and acquisitions, coupled with an ongoing effort to reduce costs and gain operating cost synergies. Cash on hand at March 31, 2024 was $33,315,264 compared to $33,480,018 as at December 31, 2023. After paying approximately $5.3M on acquisitions in the quarter, the Company has been able to maintain a steady cash balance, due to continued revenue growth (both organically and through acquisition) and with an ongoing effort to manage costs and gain operating cost synergies. Cash from operations before changes in working capital was $2,917,700 as compared to $1,476,785 for the same period last year. Subsequent, to the quarter the Company closed a bought deal offering for total gross proceeds of approximately $40,254,000. (1) The Company defines annual recurring revenue ("ARR") as the recurring revenue expected based on yearly subscriptions of the renewable software license fees and maintenance services.(2) Non-IFRS measure.             SELECTED FINANCIAL INFORMATION                         Three months ended   March 31, 2024 % Revenue March 31, 2023 % Revenue Change   $   $   % Revenue 15,256,791 100% 12,595,174 100% 21%             Cost of sales 2,973,692 19% 2,471,877 20% (20%)