- Kovo HealthTech Corporation (KOVO) has announced its annual financial results for the fiscal year ending December 31, 2021
- Kovo recorded 96 per cent year-over-year revenue growth in 2021
- This was driven by a combination of organic growth of its core medical billing software and services business
- Kovo finished 2021 with annualized recurring revenue of approximately C$15 million
- Kovo HealthTech Corporation is a growing healthcare technology company.
- Kovo HealthTech Corporation was unchanged at $0.19 at 1:19 PM ET
Kovo HealthTech Corporation (KOVO) has announced its annual financial results for the fiscal year ending December 31, 2021.
Kovo recorded 96 per cent year-over-year revenue growth in 2021. This was driven by a combination of organic growth of its core medical billing software and services business. Two strategic acquisitions also delivered accretive growth throughout the year.
Kovo finished 2021 with annualized recurring revenue of approximately C$15 million.
This represents more than 243 per cent growth over 2020 and an increase of more than 600 per cent over the past two years. It reflects a combination of organic growth and accretive growth related to the company’s successful acquisition strategy.
During 2021, the company posted the largest revenue in its history, achieving on the higher range of its 2021 guidance and closing out the year with revenues of $7.3 million.
Adjusted earnings before interest, taxes and amortization (EBITDA) margin for 2021 was approximately 4 per cent, in line with the previous year. The company anticipates an adjusted EBITDA of approximately 10 per cent in 2022.
“In addition to successfully going public, integrating two accretive acquisitions, securing financing to power future growth and expanding our clients served to more than 1700+ healthcare providers, Kovo and its subsidiaries are now processing over C$250 million in total billing claims annually,” said CEO Greg Noble.
“As the company officially closes out 2021 in a position of strength, we anticipate 2022 to be a step-change year for Kovo, our clients and our shareholders,” he added.
Kovo HealthTech Corporation is a growing healthcare technology company.
Kovo HealthTech Corporation was unchanged at $0.19 at 1:19 PM ET.
