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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kneat Com Inc | TSX:KSI | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -0.92% | 4.30 | 4.25 | 4.34 | 4.35 | 4.30 | 4.35 | 7,521 | 21:01:04 |
SaaS Annual Recurring Revenue Growth Accelerates to 95%
LIMERICK, Ireland, Feb. 22, 2023 /CNW/ - kneat.com, inc. (TSX: KSI) (OTC: KSIOF) ("Kneat" or the "Company") a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2022. All dollar amounts are presented in Canadian dollars unless otherwise stated.
"As the largest global companies in life sciences continue to gain real business value from Kneat's purpose-built software, they are buying more, and leading the way for others in the industry to follow. Our focused, dedicated team of people crafting great software, combined with a growing marketing and sales muscle, will continue to build momentum for Kneat, as we support life sciences companies in bringing health and wellness innovations to market - at scale, with speed, and in a trusted way."
-said Eddie Ryan, Chief Executive Officer of Kneat.
Q4 2022 Highlights
Full Year 2022 Highlights
Kneat's momentum in gaining new customers continued into 2023:
Strategic Business Developments
___________________ |
1 ARR and SaaS ARR are supplementary measures. EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the "Supplementary and Non-IFRS Measures" section of this news release. |
"With our excellent results in the fourth quarter, it's clear our careful investments to grow Kneat's capabilities are paying off. Our sales and marketing team is expanding Kneat's footprint within our customer base while continuing to win new customers. At the same time, our research and development team is building out our platform to expand Kneat's use cases. These investments set us up to grow revenue faster than operating costs in 2023, even as we continue hiring opportunistically to strategically expand our customer base and use cases. With this momentum, along with our solid financial position, we are looking forward to what this powerful combination can do in 2023."
-said Hugh Kavanagh, Chief Financial Officer of Kneat.
Quarterly Conference Call
Mr. Eddie Ryan, Chief Executive Officer of Kneat, and Mr. Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat's third-quarter results and hold a Q&A for analysts and investors via webcast on February 23, 2023, at 9:00 a.m. ET.
Interested parties can register for the live webcast via the following link:
Register Here
Or, attend via teleconference:
Ireland +353 16 572 652
Canada +1 (647) 497-9388
United States +1 (562) 247-8421
United Kingdom +44 330 221 9922
If attending via teleconference, please register via the link above to access the dial-in pin code required to attend. The dial-in pin code is available in your confirmation email.
Supplementary and Non-IFRS Financial Measures
The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company's performance.
Annual Recurring Revenue ("ARR")
ARR is used by Kneat to assess the expected recurring revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.
Software-as-a-Service Annual Recurring Revenue ("SaaS ARR")
SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.
Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA")
EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA")
Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.
About Kneat
Kneat, a Canadian company with operational headquarters in Limerick, Ireland, develops and markets the next-generation Kneat Gx SaaS platform. Multiple business work processes can be configured on the platform from equipment to computer system validation, through to quality document management. Kneat's software allows users to author, review, approve, execute testing online, manage any exceptions, and post-approve final deliverables in a controlled FDA 21 CFR Part 11/ EU Annex 11 compliant platform. Macro and micro report dashboards enable powerful oversight into all systems, projects and processes globally. Customer case studies are reporting productivity improvements in excess of 100% and a higher data integrity and compliance standard. For more information visit www.kneat.com
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat's business development activities, the use and implementation timelines of Kneat's software within the customer's validation processes, the ability and intent of the customer to scale the use of Kneat's software within the customer's organization, our ability to win business from new customers and expand business from existing customers, and the compliance of Kneat's platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat's actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.
Material risks and uncertainties relating to our business are described under the headings "Cautionary Note Regarding Forward-Looking Statements and Information" and "Risk Factors" in our annual MD&A dated February 22, 2023, under the heading "Risk Factors" in our Annual Information Form dated February 22, 2023 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedar.com. Forward-looking statements are provided to help readers understand management's expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk.
kneat.com, inc. | |||||||||||||
Consolidated Statements of Loss and Comprehensive Loss | |||||||||||||
(expressed in Canadian dollars) | |||||||||||||
Three-month period ended | Twelve-month period ended | ||||||||||||
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||
REVENUE | 7,250,039 | 6,263,039 | 23,749,201 | 15,501,350 | |||||||||
Cost of Revenue | (2,672,903) | (1,813,202) | (9,094,688) | (6,180,272) | |||||||||
Gross Margin | 4,577,136 | 4,449,836 | 14,654,513 | 9,321,078 | |||||||||
63 % | 71 % | 62 % | 60 % | ||||||||||
EXPENSES | |||||||||||||
Research and development | 3,048,724 | 2,383,106 | 10,992,499 | 8,325,647 | |||||||||
Sales and marketing | 3,417,343 | 1,122,431 | 8,516,347 | 3,775,826 | |||||||||
General and administrative | 1,391,846 | 1,328,285 | 4,920,103 | 3,573,496 | |||||||||
Operating Loss | (3,280,777) | (383,986) | (9,774,436) | (6,353,891) | |||||||||
Interest expense | 53,857 | 65,388 | 228,586 | 284,954 | |||||||||
Interest income | (1,057) | (1,954) | (2,752) | (6,446) | |||||||||
Foreign exchange loss (gain) | (3,809,107) | 1,081,406 | (868,693) | 3,205,218 | |||||||||
Gain/(Loss) on ordinary activities before taxation | 475,530 | (1,528,825) | (9,131,577) | (9,837,617) | |||||||||
Income taxes | 16,611 | 20,911 | 16,611 | 20,911 | |||||||||
Total gain (loss) for the period | 458,919 | (1,549,736) | (9,148,188) | (9,858,528) | |||||||||
Other comprehensive income (loss) | |||||||||||||
Foreign currency translation adjustment to | (2,161,857) | 487,953 | (817,378) | 1,559,139 | |||||||||
Total comprehensive income (loss) | (1,702,938) | (1,061,783) | (9,965,566) | (8,299,389) | |||||||||
Gain / (Loss) per share - basic and diluted | $ 0.01 | $ (0.02) | $ (0.12) | $ (0.13) | |||||||||
Weighted Average Number of Common Shares | |||||||||||||
Basic and diluted | 77,504,920 | 76,843,873 | 77,444,009 | 74,114,534 | |||||||||
Reconciliation: | |||||||||||||
Total gain (loss) for the period | 458,919 | (1,549,736) | (9,148,188) | (9,858,528) | |||||||||
Interest expense | 53,857 | 65,388 | 228,586 | 284,954 | |||||||||
Interest income | (1,057) | (1,954) | (2,752) | (6,446) | |||||||||
Income taxes | 16,611 | 20,911 | 16,611 | 20,911 | |||||||||
Depreciation expense | 243,750 | 221,702 | 900,295 | 845,209 | |||||||||
Amortization expense | 1,418,625 | 990,476 | 4,795,508 | 3,558,714 | |||||||||
EBITDA Gain (Loss) | 2,190,705 | (253,213) | (3,209,940) | (5,155,186) | |||||||||
Adjustments to EBITDA | |||||||||||||
Foreign exchange loss (gain) | (3,809,107) | 1,081,406 | (868,693) | 3,205,218 | |||||||||
Stock-based compensation expense | 337,218 | 270,523 | 1,142,824 | 844,407 | |||||||||
Adjusted EBITDA Gain (Loss) | (1,281,184) | 1,098,716 | (2,935,809) | (1,105,561) |
kneat.com, inc. | |||||||
Consolidated Statements of Financial Position | |||||||
(expressed in Canadian dollars) | |||||||
as at December 31, | |||||||
2022 | 2021 | ||||||
Assets | |||||||
Current assets | |||||||
Cash | 12,282,478 | 21,562,968 | |||||
Accounts receivable | 8,914,980 | 6,079,383 | |||||
Prepayments | 931,856 | 496,937 | |||||
Deferred contract acquisition costs | - | 3,836 | |||||
22,129,314 | 28,143,124 | ||||||
Non-current assets | |||||||
Accounts receivable | 1,104,624 | 1,215,227 | |||||
Property and equipment | 7,807,042 | 8,479,957 | |||||
Intangible assets | 19,364,904 | 13,442,578 | |||||
Total assets | 50,405,884 | 51,280,886 | |||||
LIABILITIES | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 5,768,054 | 3,384,937 | |||||
Contract liabilities | 10,617,142 | 5,813,220 | |||||
Loans payable and accrued interest | - | 113,242 | |||||
Lease liabilities | 588,472 | 880,984 | |||||
16,973,668 | 10,192,383 | ||||||
Non-current liabilities | |||||||
Contract liabilities | 949,224 | 37,810 | |||||
Lease liabilities | 6,503,041 | 6,863,848 | |||||
Total Liabilities | 24,425,933 | 17,094,041 | |||||
Shareholders' equity | 25,979,951 | 34,186,845 | |||||
Total liabilities and equity | 50,405,884 | 51,280,886 |
kneat.com, inc. | |||||
Consolidated Statements of Cash Flows | |||||
(expressed in Canadian dollars) | |||||
For the years ended December 31, | |||||
2022 | 2021 | ||||
Operating activities | |||||
Net loss for the period | (9,148,188) | (9,858,528) | |||
Charges to loss not involving cash: | |||||
Depreciation of property and equipment | 900,295 | 845,209 | |||
Share-based compensation expense | 1,142,824 | 844,407 | |||
Interest expense | 228,586 | 284,954 | |||
Amortization of the intangible asset | 4,795,508 | 3,558,714 | |||
Amortization of deferred contract acquisition costs | 3,939 | 36,231 | |||
Write-off of property and equipment, excluding lease | 359 | - | |||
Impact of lease termination | 94,769 | - | |||
Other non-cash adjustments | (120,100) | - | |||
Foreign exchange (gain) loss | (845,999) | 3,205,218 | |||
Increase/(Decrease) in non-current contract liabilities | 878,945 | (28,408) | |||
Net change in non-cash operating working capital | |||||
related to operation | 5,063,150 | 3,419,756 | |||
Net cash provided by operating activities | 2,994,088 | 2,307,553 | |||
Financing activities | |||||
Proceeds received from public equity financing | - | 20,125,575 | |||
Proceeds received from non-brokered private placements | - | 2,000,004 | |||
Share issuance costs associated with equity financings | - | (1,647,054) | |||
Payment of principal and interest on the loan payable | (110,237) | (458,824) | |||
Proceeds from the exercise of stock options | 154,758 | 1,488,069 | |||
Proceeds from the exercise of warrants | 461,090 | 461,113 | |||
Repayment of lease liabilities | (889,525) | (768,746) | |||
Net cash (used)/provided by financing activities | (383,914) | 21,200,137 | |||
Investing activities | |||||
Additions to the intangible asset | (12,484,492) | (9,397,009) | |||
Collection of research and development tax credits | 904,566 | - | |||
Additions to property and equipment | (331,715) | (646,256) | |||
Net cash used in investing activities | (11,911,641) | (10,043,265) | |||
Effects of exchange rates on cash | 20,977 | (560,542) | |||
Net change in cash during the year | (9,280,490) | 12,903,883 | |||
Cash - Beginning of year | 21,562,968 | 8,659,085 | |||
Cash - End of year | 12,282,478 | 21,562,968 |
SOURCE kneat.com, inc.
Copyright 2023 Canada NewsWire
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