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Press Release

Symbility Solutions Reports Record Revenue and Profitability in Third Quarter 2017

Symbility
Posted on: 30 Nov 17

TORONTO, Nov. 29, 2017 /PRNewswire/ - Symbility Solutions Inc. ("Symbility" or the "Company") (TSX.V: SY), a global software company focused on modernizing the insurance industry, today announced financial results for the third quarter ending Sept. 30, 2017.

"Symbility has been working hard over the past couple of years to ensure we have enough adjusters in the supply chain trained to support our customers in their time of need and Q3 2017 was definitely a time when all hands were required on deck," said James Swayze, CEO of Symbility Solutions. "It was nice to see the leverage of our model emerge in this busy quarter to show strong profitability with the record revenue."

Mr. Swayze continued, "the strength of our top and bottom line this quarter gives us confidence to reiterate our guidance of $40 million - $42 million in revenue and $2 million - $3 million in Adjusted EBITDA1 for 2017."

THIRD QUARTER FINANCIAL RESULTS

Consolidated revenue for the third quarter of 2017 ended Sept. 30, 2017 was $11.3 million compared to $8.7 million in the same period in 2016, an increase of 30 percent. Consolidated revenue for the nine months ended Sept. 30, 2017 was $30.4 million compared to $25.3 million in the same period in 2016, an increase of 20 percent.

The Company reported an Adjusted EBITDA of $1.6 million in Q3 2017 compared to an Adjusted EBITDA of $0.3 million in Q3 2016, an increase of 507 percent. Adjusted EBITDA for the nine months ended Sept. 30, 2017 was $1.6 million compared to Adjusted EBITDA of ($0.3) million in the same period in 2016.

The Company had a net income per share2 of $0.00 in the third quarter of 2017 compared to a net loss per share of ($0.00) in the third quarter of 2016. The Company had a loss per share of ($0.01) for the nine months ended Sept. 30, 2017 compared to a loss per share of ($0.01) in the same period in 2016.

The Company had a cash balance of $6.4 million as at Sept. 30, 2017 compared to a cash balance of $8.0 million as at Dec. 31, 2016.

Net income for the third quarter of 2017 was $0.6 million compared to net loss of ($0.5) million in the same period in 2016. Net loss for the nine months ended Sept. 30, 2017 was ($1.5) million compared to net loss of ($2.8) million in the same period in 2016, an improvement of 48 percent.

For more information:
www.prnewswire.com/news-releases/symbility-solutions-reports-record-revenue-and-profitability-in-third-quarter-2017-660852533.html

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 30/11/2017

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