Ottawa’s Intouch Insight announced positive first-quarter earnings and raised its guidance going forward as it continues to recover from the pandemic and works to fully incorporate its acquisition of SeeLevel HX into operations.
For the first quarter ended March 31, Intouch (TSX-V:INX) reported revenue of $5.2 million, an increase of 63 per cent from the year-ago period. Loss from operating activities fell to $93,999, from $261,108 in 2021. The quarter’s net loss was higher, at $266,439 compared to $140,135 in 2021, due to costs related to the SeeLevel acquisition.
EBITDA decreased to $191,688, from $238,169 in 2021. Gross margin decreased to 52.4 per cent from 52.7 per cent in the year-ago period due to a shift in sales mix.
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“We are pleased with the first-quarter results, which reflect the rapid growth and scaling underway to deliver on existing contracts, as well as preparing for future growth,” said CEO Cameron Watt this week in a news release. “In 2022, we expect to deliver over 50-per-cent revenue growth through leveraging the recent acquisition, delivering on new projects from existing clients, increasing new client acquisition and continuing SaaS revenue growth.”
Intouch makes software that helps clients track customer satisfaction, as well as collect data on issues such as employee health and safety concerns. The company announced last month it has signed a contract to provide “geolocation data-capture services” across the U.S. to a NASDAQ-100 customer, which it declined to name. The client has been a customer of SeeLevel for the past four years.
Intouch said the contract is worth $7 million over an initial five-month term.
“Intouch continues to illustrate its health and stability,” added Watt. “Coming out of two years of pandemic, we are maintaining focus on our key operations while exploring areas for new revenue growth, such as the new data-capture project. We continue to make regular improvements to our technological capabilities to ensure we are able to not only retain existing client relationships, but be in a position to secure additional contract opportunities.”
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