During the first quarter of 2021, Toronto-based healthtech company Think Research achieved record revenue of $8.4 million CAD, an increase of 44 percent compared to the same period last year, when it generated $3.6 million.
The company’s latest results, released Thursday morning, detail Think Research’s performance for the three months ending March 31, its first full quarter as a public company. Think Research went public on the TSX Venture Exchange (TSXV) in December via a reverse takeover of shell company AIM4 Ventures, raising aggregate gross proceeds of $33 million. The company’s shares currently trade on the TSXV under the symbol ‘THNK.’
Think Research attributed its revenue growth to its recent acquisitions of MDBriefCase and Clinic 360.
Think Research’s Q1 revenue grew by 135 percent since the fourth quarter of 2020. The company attributed this revenue growth to its recent acquisitions. In January, Think Research acquired MDBriefCase and Clinic 360.
“We are pleased that we achieved record revenue for our first full quarter as a public company,” said Sachin Aggarwal, CEO of Think Research.
“This was accomplished through strong SaaS partnerships with health systems both in Canada and in international markets, coupled with continued expansion of our telemedicine and digital referrals software partnerships,” the CEO added.
Founded in 2006, Think Research is a healthcare software company that develops tools and content for clinicians.
Aggarwal said these results, combined with Think Research’s strategic acquisition of MDBriefCase, have “created a strong foundation for continued growth.” He added that the company plans to remain active in the merger and acquisition markets.
In Q1, Think Research generated a net loss of $5 million, an increase compared to the same period in 2020, when it saw a loss of only $1.6 million. The company attributed this decrease to a rise in expenses related to its acquisitions, expansion efforts, and stock-based compensation, adding that it was partially offset by its increase in revenue.
In February, Think Research announced that demand for its VirtualCare telemedicine platform increased by over 600 percent since the start of COVID-19 and Think Research’s Ontario digital referrals program hit 250,000 referrals processed.
In March, Think Research signed a national partnership with CareRX to deliver virtual healthcare to Canadian seniors and revealed a multi-year partnership with Iceland’s hospital record system to deploy Think Research’s clinical content software.
Photo from Think Research