Wellteq Digital Health Inc said it expects its Software-as-a-Service (SaaS) revenue for fiscal 2021 to be in the range of C$1.1 million to C$1.25 million, an increase of more than 100% year over year.
The company noted its SaaS revenue comprises about 75% of its total revenue for the year, which is projected to be in the range of C$1.5 million to C$1.65 million, excluding other income.
Wellteq added that its revenue is expected to accelerate further through fiscal 2022, driven primarily by paid subscriber growth as well as an increase in its corporate wellness revenue growth rates and new revenue streams across the continuum of care.
As well, the company has announced that its registered user base has grown about 100% during the eight months ending August 31, 2021 to 17,092 users, up from 8,553 registered users during the full calendar year ending December 31, 2020.
Wellteq said it expects future user growth to be driven by the company’s largest insurance client, which is ramping up deployment of Wellteq’s corporate wellness solutions to over one million of its consumer insurance customers.
User growth is also anticipated to increase with the acquisition of new large corporate clients. Wellteq said these new corporate partnerships are expected to accelerate its premium SaaS revenue streams.
The company projects user numbers to experience “high triple digit growth, or higher,” during the current fiscal year ending June 30, 2022.
Wellteq also noted it holds nearly C$7.2 million in cash as of August 31, 2021, which the company says will allow it to grow revenue organically and inorganically with plans to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in fiscal 2023.
Wellteq Digital Health’s digital health platform is paid for by employers, insurers and healthcare providers, which algorithmically coaches the four pillars of behavioural health - sleep, mindset, nutrition and activity - for employees, insurance policy holders and healthcare patients.
Wellteq’s growing portfolio of corporate clients includes Willis Towers Watson, UBS, DBS, nib Health Funds, Bupa Health Insurance, and Northern Trust.
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