In the wake of the consecutive resignations of its CEO and CFO, CloudMD Software & Services Inc. (TSXV: DOC) maintains it has a steady roadmap to generating synergies, profitable execution, and continued growth. This is apparently evidenced by a “strong performance” in Q1 2022, highlighting a quarterly revenue of $41.4 million, up from both Q4 2021’s $38.7 million and Q1 2021’s $8.8 million.

The firm is attributing the year-on-year increase mainly to the MindBeacon acquisition‘s maiden quarter recognition, contributing $26.0 million of the topline figure through Enterprise Health Solutions. It also touts that its recent acquisitions in the trailing twelve months have contributed to the sequential quarterly growth.

Gross margin also increased to 32.5% from last quarter’s 30.0%, but it is a decline from last year’s 40.9%–mainly due to the lower-margin online vision care platform and patient support programs that were not part of the portfolio last year.

The firm saw its quarterly net loss contract to $5.6 million from last quarter’s $15.1 million net loss (which carries a $6.9 million impairment of goodwill), but was marginally down from last year’s $5.3 million net loss. This translates to a $0.02 loss per share.

Quarterly adjusted EBITDA ended at $1.6 million loss compared to a gain of $0.6 million last quarter and a loss of $1.6 million last year.

“We remain focused on cost control, realizing synergies, and profitable execution,” said interim CEO Karen Adams. “We have a strategic plan that focuses on leveraging our core assets, maximizing returns for our clients and shareholders, and achieving sustained profitability.”

The firm also ended the quarter with $46.9 million in cash and cash equivalents coming from a beginning balance of $45.1 million. This brings current assets balance to $84.4 million while current liabilities ended at $57.2 million.

Cannacord recently cut down its 12-month price target for the company from $3.00 to $1.50 following its Q4 2021 earnings release.

CloudMD Software & Services Inc. last traded at $0.51 on the TSX Venture.

Information for this briefing was found via Sedar and CloudMD Software & Services. The author has no securities related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.