Think Research Announces Approximately $12.8 Million of New BioPharma Contracts Signed During Q3 2022
- Revenue recognition commencing in September to October timeframe.
- Average length of each program is approximately 12 months.
TORONTO, Sept. 20, 2022 /CNW/ - Think Research Corporation (TSX.V: THNK) ("Think" or the "Company"), a healthcare technology company focused on transforming healthcare through knowledge-based digital health software solutions, is pleased to announce that BioPharma Services, Inc. ("Biopharma") a Think subsidiary, has signed multiple new contracts in the third quarter worth approximately $12.8 million. The contracts span several health disciplines from neurology to oncology to gastrointestinal treatments. These project-based study contracts average approximately 12 months in duration. Revenue recognition from these deals has already commenced or is commencing imminently during the first month of Q4. Think's Clinical Research solutions offered by Biopharma represent a significant component of Think's broad offering of content, essential data services and software to clinicians everywhere across eight countries.
Sachin Aggarwal, CEO, Think Research said, "We are very pleased by the ongoing success that Biopharma is experiencing in the clinical research market. Although there were a few program delays experienced earlier this year in the segment, we are excited with the volume of wins during the quarter and with the certainty of project commencements. As a result, we have solid visibility on revenue recognition entering the fourth quarter. These contracts increase our confidence that we will attain our previously announced estimated revenue run-rate of between $84 million and $90 million annualized, and pro forma adjusted EBITDA annualized range of between $6 million and $9 million in the fourth quarter, which should come in at somewhere between $21 million and $22.5 million in total revenue. "
Think Research Corporation is an industry leader in delivering knowledge-based digital health software solutions. The Company's focused mission is to organize the world's health knowledge so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, to facilitate better health care outcomes. The Company gathers, develops, and delivers knowledge-based solutions globally to customers which typically includes enterprise clients, hospitals, health regions, health care professionals, and / or governments. The Company has gathered a significant amount of data by building its repository of knowledge through its network and group of companies (including acquired companies).
Think licenses its solutions to over 13,000 facilities for over 300,000 primary care, acute care, and long-term care doctors, nurses and pharmacists that rely on the content and data provided by Think to support their practices. Millions of patients and residents annually receive better care due to the essential data that Think produces, manages and delivers.
In addition, the company collects and manages pharmaceutical and clinical trial data via the BioPharma entity that Think acquired on September 10, 2021. BioPharma is a leading provider of bioequivalence and Phase 1 clinical research services to pharmaceutical companies globally. Think's other services include a network of digital-first primary care clinics and medical clinics providing elective surgery. Visit: www.thinkresearch.com.
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"Adjusted EBITDA" adjusts EBITDA for non-cash stock-based compensation expense, gains or losses arising from redemption of securities issued by the Company, asset impairment charges, gains or losses from disposals of property and equipment, foreign exchange gains or losses, impairment charges on property and equipment, business acquisition costs, and restructuring charges.
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A reconciliation of EBITDA and Adjusted EBITDA to IFRS net income (loss) is presented under "Select Information and Reconciliation of Non-IFRS Measures" in the MD&A and press release below.
For more information: https://www.thinkresearch.com/ca/investors/
SOURCE Think Research Corporation
Mark Sakamoto, Executive Vice President, Think Research, 416.388.7119, [email protected]
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