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Press Release

Vigil Reports Record Sales Bookings in Second Quarter


Posted on: 15 Nov 17

VICTORIA, British Columbia, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Vigil Health Solutions Inc. (TSX-VEN:VGL) (“Vigil”) announces the results of operations for the quarter ending September 30, 2017.

Business Highlights

  • Sales bookings were $1.93 million up 37% compared to $1.41 million in the three-month period ended September 30, 2016.

  • Revenue $1.61 million up 2% from $1.58 million in the three-month period ended September 30, 2016.

  • Earnings before income taxes $38 thousand compared to $152 thousand in the three-month period ended September 30, 2016.

  • EBITDA of $154 thousand compared to $160 thousand in the three months ended September 30, 2016.

“Over the three and six month period we had record sales bookings which we believe is validation of our strong product suite and a growing market. I’m also please to see continued strength in our revenue and Adjusted EBITDA,” stated Troy Griffiths, President and CEO of Vigil Health Solutions Inc.

Financial Results

Sales bookings for the quarter were $1.93 million up 37% compared to $1.41 million in the three months ended September 30, 2016. At September 30, 2017, Vigil had a backlog of approximately $3.23 million (including $1.37 million in deposits and progress billings, recorded as deferred revenue on the balance sheet) up from approximately $3.03 million (including $1.39 million in deposits and progress billings, recorded as deferred revenue on the balance sheet) at September 30, 2016.

Revenue for the three months ended September 30, 2017 was $1.61 million compared to $1.58 million for the three months ended September 30, 2016. Project revenue made up 64% of total revenue compared to 60% in the prior year; the remaining revenue came from follow on sales to existing customers.  These sales include software maintenance billings and replacement products including wireless devices and communication equipment.

The gross margin percentage for the three months ended September 30, 2017 was 49% compared to 45% for the three months ended September 30, 2016.

Operating expenditures for the three months ended September 30, 2017 were $699 thousand compared to $572 thousand for the three months ended September 30, 2016. The majority of the increase was stock option expense followed by increased staffing and contracting costs.

Earnings before income taxes for the three months ended September 30, 2017 were $38 thousand compared to a $152 thousand for the previous year. The decrease in earnings largely reflects the $45 thousand foreign exchange loss and the $53 thousand increase in stock option expense. Net earnings and comprehensive income was $10 thousand or $0.001 per share compared to $113 thousand or $0.007 per share per share.

Detailed financial statements along with Management Discussion and Analysis have been filed with SEDAR (www.sedar.com).

Financial information will be mailed to entitled security holders on November 24, 2017, or, upon notice to the Company, entitled security holders may request a copy of financials in advance.

    
Summary Financial Information
  Three months ended Six months ended 
  September 30, September 30, September 30, September 30, 
  2017 2016 2017 2016 
          
Revenue$1,612,309 1,576,789 3,104,969 3,234,084 
Cost of sales 830,148 859,907 1,505,079 1,648,618 
 782,161 716,882 1,599,890 1,585,466 
      
Expenses 698,862 571,601 1,402,095 1,181,124 
      
Earnings before the following items 83,299 145,281 197,795 404,342 
      
Other income (expense) (45,252)6,996 (79,074)13,182 
      
Earnings before income taxes 38,047 152,277 118,721 417,524 
      
Income taxes (27,974)(39,592)(60,642)(108,556)
      
Net earnings and comprehensive      
earnings for the period$10,073 112,685 58,079 308,968 
          

Non-IFRS Measure

For the three months ended September 30, 2017, we are disclosing Adjusted EBITDA, a non-IFRS financial measure, as a supplementary indicator of operating performance. We define Adjusted EBITDA as net income before, interest, income taxes, amortization, stock based compensation and currency gains or losses including derivative foreign exchange differences. We are presenting the non-IFRS financial measure in our filings because we use it internally to make strategic decisions, forecast future results and to evaluate our performance and because we believe that our current and potential investors and analysts use the measure to assess current and future operating results and to make investment decisions.  It is a non-IFRS measure, may not be comparable to other companies and it is not intended as a substitute for IFRS measures.

       
Adjusted EBITDA reconciliation
   Three months ended Six months ended 
   September 30, September 30, September 30, September 30, 
   2017 2016 2017 2016 
           
     Income for the period$10,073 112,685 58,079 308,968 
       
 Add / (deduct)     
 Foreign exchange 44,528 (8,056)82,873 (13,227)
 Change in fair value of derivative 2,541 1,915 (494)1,250 
 Interest (1,817)(855)(3,507)(1,371)
 Tax 27,974 39,592 60,642 108,556 
 Stock based compensation 61,145 8,372 60,642 16,846 
 Amortization 9,313 6,491 18,806 13,258 
   143,684 47,459 241,673 125,312 
       
 Adjusted EBITDA$153,757 160,144 299,752 434,280 
           


About Vigil Health Solutions Inc.

Vigil offers a technology platform combining software and hardware to provide comprehensive solutions to the expanding seniors’ housing market. Vigil has established a growing presence in North America and an international reputation for being on the leading edge of systems design and integration. Vigil’s objective is to offer solutions for the full continuum of care. Vigil’s product range includes the innovative wireless Vitality Care System™ featuring discreet 'mini pendants', a nurse call system, mobile fall, incontinence monitoring, resident check in and the award-winning Vigil Memory Care System.

Certain statements contained in this news release that are not based on historical facts may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”).  These forward-looking statements are not promises or guarantees of future performance but are only predictions that relate to future events, conditions or circumstances or our future results, performance, achievements or developments and are subject to substantial known and unknown risks, assumptions, uncertainties and other factors that could cause our actual results, performance, achievements or developments in our business or in our industry to differ materially from those expressed, anticipated or implied by such forward-looking statements.

Forward-looking statements include all financial guidance, disclosure regarding possible events, conditions, circumstances or results of operations that are based on assumptions about future economic conditions, courses of action and other future events. We caution you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These forward-looking statements appear in a number of different places in this presentation and can be identified by words such as “may”, “estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, “anticipates”, or their negatives or other comparable words. Forward-looking statements include statements regarding the outlook for our future operations, plans and timing for the introduction or enhancement of our services and products, statements concerning strategies or developments, statements about future market conditions, supply conditions, end customer demand conditions, channel inventory and sell through, revenue, gross margin, operating expenses, profits, forecasts of future costs and expenditures, the outcome of legal proceedings, and other expectations, intentions and plans that are not historical fact.

The risk factors and uncertainties that may affect our actual results, performance, achievements or developments are many and include, amongst others, our ability to develop our sales force and generate revenue, the length of the sales cycle, management of the Company’s growth, ability to recruit and retain staff, fluctuations in demand for current and future products, our ability to develop, manufacture, supply and market existing and new products that meet the needs of customers, volatility in the exchange rate, ability to secure financing, ability to secure product liability insurance, the continuous commitment of our customers, increased competition, changes in regulation and reliance on third party suppliers. These risk factors and others are discussed in the Risks and Uncertainties section of our “Management Discussion and Analysis” segment of our fiscal 2017 Annual Report.  Many of these factors and uncertainties are beyond the control of the Company. Consequently, all forward-looking statements in this news release are qualified by this cautionary statement and there can be no assurance that actual results, performance, achievements or developments anticipated by the Company will be realized.

Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should the assumptions related to these plans, estimates, projections, beliefs and opinions change.

  
For further information please contact:
Troy Griffiths, President and CEO
Tel: (250) 383-6900
Fax: (250) 383-6999
Email: information@vigil.com
Vigil Health Solutions Inc.
2102-4464 Markham Street
Victoria, BC
V8Z 7X8
Website: www.vigil.com

 

GlobeNewswire
globenewswire.com

Last updated on: 15/11/2017

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