Strong revenue for the quarter up 43% to $3.6M for Q1 2024 compared to $2.5M for Q1 2023. Loss from operations for Q1 2024 was $(0.1)M, an improvement of $0.3M, when compared to Q1 2023. Net Loss for Q1 2024 was $(0.3)M compared to Net Loss of $(0.5)M for Q1 2023. Adjusted EBITDA(1) of $0.1M for Q1 2024, compared to Adjusted EBITDA(1) loss of $(0.5)M for Q1 2023, an improvement of $0.6M.   Adjusted EBITDA Margin(1) of 3% in Q1 2024 compared to (19)% in Q1 2023. ARR([2]) of $11.8M as of March 31, 2024, an increase of 10% over the same date in 2023. MONTREAL, May 15, 2024 /CNW/ - Carebook Technologies Inc. ("Carebook" or the "Company") (TSXV:CRBK) (OTCPK: CRBKF) (XFRA: PMM1), a leading Canadian provider of innovative digital health solutions today announced its results for the quarter ended March 31, 2024. "The first quarter of 2024 continues to show strong revenue growth when compared to the first quarter of 2023 as we completed several large implementations and helped our clients onboard a significant amount of users during the last twelve months" commented Michael Peters, Carebook CEO. "We were successful delivering 43% year-over-year revenue growth, which was all organic, while we continued to improve our margins and operating cash flows. We expect the organic revenue growth trend to continue into the remainder of 2024 but at a slower pace, in the next quarters of 2024. We will continue managing cost with an objective of minimizing cash burn and increasing our profit margins." ______________________________      1 EBITDA and Adjusted EBITDA are non-IFRS financial measures, and Adjusted EBITDA Margin is a non-IFRS financial ratio, in each case without a standardized meaning under IFRS and which may not be comparable to similar measures or ratios used by other issuers. Please refer to the sections "Cautionary Note Regarding Non-IFRS Measures, non-IFRS Ratios and Key Performance Indicators", "Non-IFRS Measures and Non-IFRS Ratios" and "Non-IFRS Measures and Reconciliation of Non-IFRS Measures EBITDA and Adjusted EBITDA" for the definitions of such non-IFRS financial measures and ratio, an explanation of the usefulness of such non-IFRS financial measures and ratio, and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measure.2 Annual Recurring Revenue or ARR is a key performance indicator. Please refer to the sections "Cautionary Note Regarding Non-IFRS Measures, non-IFRS Ratios and Key Performance Indicators" and "Key Performance Indicators" below for the definition of ARR, as well as an explanation of the usefulness of such key performance indicator to the Company.   Q1 2024 Highlights Revenue Revenue for the quarter ended March 31, 2024 was $3.6M compared to $2.5M for the quarter ended March 31, 2023, an increase of 43% driven by strong organic growth in the pharmacy vertical and a significant increase in license revenue from CoreHealth offset by a decrease in license revenue at Infotech. Revenue in the quarter ended March 31, 2024, was contributed 64% from the employer vertical and 36% from our key customer in the pharmacy vertical.    Loss from Operations and Total Comprehensive Loss Loss from operations for the quarter ended March 31, 2024, was $(0.1)M compared to $(0.4)M incurred in the same period of 2023, an improvement of $0.3M. The decrease in loss from operations was due to significantly higher revenue offset by higher research and development costs and slightly higher sales and marketing costs. Total comprehensive loss was $(0.3)M for quarter ended March 31, 2024, compared to a loss of $(0.5)M for the quarter ended March 31, 2023. The decrease in comprehensive loss was also due to significantly higher revenue offset by higher research and development costs and slightly higher sales and marketing costs. Adjusted EBITDA(1) Adjusted EBITDA(1) for the quarter ended March 31, 2024 was $0.1M compared to an Adjusted EBITDA(1) loss of $(0.5)M for the quarter ended March  31, 2023, an improvement of $0.6M over the same period in 2023.  The corresponding Adjusted EBITDA Margin(1) for the quarter ended March 31, 2024 was 3% compared to (19)% in the quarter ended March 31, 2023, and represented a meaningful improvement, demonstrating management's fortitude and discipline to continue to generate increasing revenue while managing costs to reach profitability. Annual Recurring Revenue ARR(2) was $11.8M as at March 31, 2024, an increase of $1.1M, or 10%, compared to an ARR(2) of $10.7M as at March 31, 2023. This increase was primarily driven by new enterprise customers and organic growth with existing customers. Of the $11.8M of ARR(2) reported, 62% originated from clients outside of Canada. Financial Outlook Carebook's financial outlook continues to be positive for 2024. The Company is poised to achieve significant revenue growth while effectively managing its costs and delivering sustained growth in cashflows. Carebook's strong organic growth and efficient cost management initiatives will allow the Company to continue to successfully execute on its strategy.  Carebook is expecting to maintain strong performance in 2024 for the entire Company as a whole and although actual results may differ, we believe Carebook is on a course to deliver Adjusted EBITDA(1) break even or better in fiscal 2024. To complement its organic growth strategy, Carebook will continue to seek out accretive acquisitions and partnerships that improve the accessibility, quality, and functionality of its comprehensive solutions, surrounding ecosystem, and supporting services. Carebook has adopted a disciplined approach towards exploring strategic M&A opportunities in order to grow its reach in other markets and offer new services to its customer base, while maintaining a focus on its organic growth. This financial outlook is fully qualified and based on a number of assumptions and subject to a number of risks described under the headings "Financial Outlook Assumptions" ...