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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.47% | 4.21 | 4.09 | 4.24 | 4.30 | 4.11 | 4.11 | 2,400 | 21:10:10 |
Q3 revenues increased 54% YoY to $5.8 million
Q3 SaaS revenue was up 71% YoY to $4.5 million
Annual recurring revenue (ARR) grew 60% to $19.1 million
LIMERICK, Ireland, Nov. 9, 2022 /CNW/ - kneat.com, inc. (TSX: KSI) (OTC: KSIOF) ("Kneat" or the "Company") a leader in digitizing and automating validation processes, today announced financial results for the three and nine-month periods ended September 30, 2022. All dollar amounts are presented in Canadian dollars unless otherwise stated.
"I am proud of our team as we continue to deliver record results, highlighted by 71% growth in SaaS revenue and 60% growth in annual recurring revenue over Q3 2021." said Eddie Ryan, Chief Executive Officer of Kneat. "This is testament to the growing importance of eValidation as a critical business function and our customers' appreciation for Kneat's ease of use, product vision, and proven track record."
"Kneat continues to leverage more than a decade of investment in our platform and a fast-growing base of customer references to drive commercialization across all tiers of the life sciences vertical," said CFO Hugh Kavanagh. "We continue to hire key employees to drive growth, supported by a strong financial position and a focus on prudent expense management."
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 November 10, 2022, at 9:00 a.m. ET.
Register
Or, attend via teleconference
Ireland +353 16 572 652
Canada +1 (647) 497-9386
United States +1 (562) 247-8421
United Kingdom +44 330 221 9922
If attending via teleconference, please register at the link above to access the dial-in pin code required to attend. The dial-in pin code is available in your confirmation email.
The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary 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.
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/ Eudralex 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
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 and the compliance of Kneat's platform under regulatory audit and inspection. While such forward-looking statements are expressed by Kneat, as stated in this release, in good faith and believed by Kneat to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties.
The forward-looking information in this press release does not include a full assessment or reflection of the unprecedented impacts of the COVID-19 pandemic occurring since the first quarter of 2020 and the ongoing and developing resulting indirect global and regional economic impacts. This has resulted in significant economic uncertainty and even though the Company has to date experienced no significant impact to its operations, any potential impact on our future is difficult to understand or measure at this time.
Kneat does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. 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 investors' own risk.
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1 Annual Recurring Revenue ("ARR") is a supplementary financial measure. See 'Supplementary Financial Measures' section below and the MD&A for additional information
SOURCE kneat.com, inc.
Copyright 2022 Canada NewsWire
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