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  • Kovo HealthTech Corp. (KOVO) reported its Q2 financial results for the period ending June 30, 2022
  • Revenue for the three and six months ended June 30, 2022, was $2,609 and $5,446 and 180 per cent and 211 per cent higher than revenues of $931 and $1,751 for the three and six months ended June 30, 2021, respectively
  • The company generated annualized recurring revenue of approximately US$12 million, on-track to meet its 2022 initial guidance and reflects a 200 per cent increase over the previous year
  • Kovo HealthTech Corp. (KOVO) is trading steady at $0.20 per share as of 12:30 pm ET

Kovo HealthTech Corp. (KOVO) reported its Q2 financial results for the period ending June 30, 2022.

Revenue for the three and six months ended June 30, 2022, was $2,609 and $5,446 and 180 per cent and 211 per cent higher than revenues of $931 and $1,751 for the three and six months ended June 30, 2021, respectively.

The company generated annualized recurring revenue of approximately US$12 million, on-track to meet its 2022 initial guidance and reflects a 200 per cent increase over the previous year.

CEO Greg Noble pointed out that, “Even excluding incremental revenue attributed to our 2021 acquisitions, Kovo has achieved organic growth of 83 per cent over the first two quarters of 2022.”

“Kovo continues to generate predictable and stable revenues thanks to a disciplined operating strategy, the strength of our Billing-as-a-Service platform and the stable demand for US digital back office healthcare billing solutions.”

The company’s CFO Inder Saini added that the firm is on-track to meet the anticipated 30 per cent organic growth target outlined earlier this year.

“Kovo consistently and reliably delivers positive cash flow from our RCM operations, and, as we continue to strengthen and ready the Company for our next roll-up, accretive acquisition, we’re maintaining a strong focus on improving our working capital month-over-month.”

Kovo HealthTech is a healthcare technology company that is primarily engaged in delivering software solutions and services including revenue cycle management products and services offered by the corporation and PM software to medical practices and facilities.

Kovo HealthTech Corp. (KOVO) is trading steady at $0.20 per share as of 12:30 pm ET.


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