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Press Release

Symbility Solutions Reports Fourth Quarter and Full Year 2017 Results

Symbility Solutions
Posted on: 31 Mar 18

TORONTO, March 29, 2018 /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 fourth quarter and fiscal year ending December 31, 2017.

"2017 was a very positive year for Symbility as we continued to solidify our position in the P&C Insurance market globally," said James Swayze, Chief Executive Officer of Symbility Solutions. "We added new insurance companies to our Property platform in North America, Europe and Asia; launched our Health mobile benefits app with multiple providers; and saw a 50 percent increase to our app development with our Services team as customers looked to advance their mobile offerings. Furthermore, we approached the high end of our revenue guidance while exceeding our Adjusted EBITDA1 guidance as our model yielded higher leverage on the heels of a strong second half of the year."

Mr. Swayze continued, "Looking ahead to 2018, we remain committed to driving shareholder value as our markets seek improved customer experience through mobile tools that provide greater engagement and transparency for policyholders. Our ability to quickly integrate partner applications and datasets enables us to scale our business and drive customer efficiencies with only nominal incremental cost. Symbility is perfectly positioned to capitalize on the Insurtech momentum with our suite of applications which will drive expanded EBITDA margins into the future."

FOURTH QUARTER FINANCIAL RESULTS

Consolidated revenue for the fourth quarter of 2017 ended December 31, 2017 was $11.3 million compared to $9.0 million in the same period in 2016, an increase of 26 percent. Consolidated revenue for the twelve months ended December 31, 2017 was $41.8 million compared to $34.3 million in the same period in 2016, an increase of 22 percent.
 

Net income for the fourth quarter of 2017 was $1.4 million compared to a net loss of ($0.6) million for the same period in 2016. Net loss for the twelve months ended December 31, 2017 was ($96,000) million compared to a net loss of ($3.4) million for the same period in 2016.
 

The Company had income per share2 of $0.01 in the fourth quarter of 2017 compared to a loss per share of ($0.00) in the fourth quarter of 2016. The Company had a loss per share of ($0.00) for the twelve months ended December 31, 2017 compared to a loss per share of ($0.01) in the same period in 2016.
 

The Company reported Adjusted EBITDA of $2.1 million in fourth quarter of 2017 compared to an Adjusted EBITDA of $66,000 in the fourth quarter of 2016, an increase of 3,092 percent. Adjusted EBITDA for the twelve months ended December 31, 2017 was $3.7 million compared to Adjusted EBITDA of $62,000 for the same period in 2016.
 

The Company had a cash balance of $8.2 million as at December 31, 2017 compared to a cash balance of $8.0 million as at December 31, 2016.

Editor's Details

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

Last updated on: 31/03/2018

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