Investment in sales and support paying off for ProntoForms, says CEO

ProntoForms increased investment last year in sales and channel partner support was reflected in its 2015 year-end numbers, CEO Alvaro Pombo said Thursday.

“We continue to focus on growth in our core business and we are building new paths to market with complementary solutions,” Mr. Pombo said in a statement.

For the year ending Dec. 31, 2015, the Ottawa-based data collection and analytics platform provider saw total revenues jump 46 per cent to $9.2 million. Recurring revenue for the year was up 64 per cent to $8.1 million.

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The company’s results were boosted by the fact 90 per cent of its revenues came in American dollars, it said.

At $7.3 million, ProntoForms gross margin was 79 per cent of total revenue for the year, up from 74 per cent in 2014. Gross margin on recurring revenue climbed one point from 89 per cent to 90 per cent in 2015.

The increase in investment in operational and sales productivity did lead to an increase in the firm’s operating loss for the year, it said, as it jumped from $1.2 million to $2.7 million. ProntoForms posted a 2015 net loss of $2.6 million, up from $1.3 million in 2014.

As of Dec. 31, 2015, ProntoForms had a cash balance of just under $4 million and net working capital of $4.3 million.

For the fourth quarter, total revenue was up 70 per cent on a year-over-year basis, to $2.8 million. Recurring revenue was up 72 per cent at $2.4 million.

The firm’s gross margin in the fourth quarter was 79 per cent while it posted an operating loss and net loss that were both slightly higher than the same quarter last year.