Vitalhub (VHI.T), a Canadian-based software developer focused on creating solutions for health and human service providers, announced today that the company had entered into a multi-year licensing agreement for its subsidiary, Transforming System’s Shrewd Platform and Shrewd Resilience, with NHS Mid and South Essex Integrated Care Board.
NHS Mid and South Essex Integrated Care Board currently serves 1.2 million-plus people and spans multiple care organizations including Mid and South Essex NHS Foundation Trust, North East London NHS Foundation Trust and Thurrock Council.
The agreement will give the Care Board visibility over its entire health system in real time, enabling it to monitor and optimize operations across multiple care organizations.
The Shrewd Platform with give the Board an operational data layer that provides a single source of truth in real time, allowing the Shrewd modules to generate intelligent insights for management to carry out suitable actions at the right time.
Shrewd Resilience displays the data provided by the platform in a simple-to-understand visual representation, identifying areas of pressure quickly. This real-time global view gives front line teams and operational leaders a snapshot of a situation in about three seconds. Users can then determine causes for the pressure within a few clicks and adjust operations accordingly.
Dan Matlow, Vitalhub CEO, commented, “We are thrilled to complete this multi-year licensing agreement with NHS Mid and South Essex ICB, as we continue to penetrate the East of England region, and the entirely of the UK marketplace. Once again, the power of our real-time visibility solutions offers health systems an incredible power to improve resource utilization, reduce response times, and optimize the overall quality and delivery of care. We look forward to continuing our expansion efforts on an international basis, as we strive to provide leading operational visibility solutions to our clients.”
Vitalhub recently announced financial results for its Q2 2022, noting record revenues of over $9.4 million CAD. This made for an increase of $3.69 million or 64% from the same period in the previous fiscal year.
Gross profit also improved from 77% of revenue in Q2 2021 to 83% with company reporting $36.83 million in cash as of June 30, 2022 compared to $16.39 million cash held as of June 30, 2021. This increase was partially attributed to a bought deal offering of $16.30 million closed during the quarter.
The company also noted that during Q2 2022, the Ministry of the Solicitor General selected TREAT Electronic Health Record for an initial six-year contract valued at $9.0 million. TREAT will be used to track essential medical information needed to treat inmates in provincially run adult correctional facilities across Ontario.
Vitalhub currently trades at $2.32 per share for a market cap of $101.75 million.
