Carebook Announces Fiscal 2022 Results

Carebook Technologies Inc. Logo (CNW Group/Carebook Technologies Inc.)




Strong finish to the year sets stage for a robust 2023

  • Revenue for the year up 61% to $9.2 million for 2022 compared to $5.7 million for 2021.
  • Several large client implementations in the last quarter of the year help boost 2022 annual revenue, setting the stage for a strong 2023.
  • As a result of significant revenue growth and cost cutting measures implemented through the year, loss from operations reduced by $4.1M or 40%, when compared to 2021.
  • Net loss for 2022 also decreased by 8% year-over-year, despite a non-cash impairment of goodwill and intangible assets, for a total of $12.5M.
  • Wholly-owned subsidiary CoreHealth secured over $8.0M in new contract value during 2022, while Company also received additional $1.5M order under its pharmacy solution agreement with its foundational partner in the pharmacy vertical.
  • During the year, the Company successfully raised $8M in equity and convertible debt, amended and extended its credit facilities, and reduced its short-term liabilities by more than $3.8M, positioning the Company to achieve its objectives going forward.
  • $4.4M in additional contract value signed subsequent to the year end

MONTREAL, April 27, 2023 /CNW/ – Carebook Technologies Inc. (“Carebook” or the “Company“) (TSXV: CRBK) (OTCPK: CRBKF) (XFRA: PMM1), a leading Canadian provider of innovative digital health solutions today announced its results for the year ended December 31, 2022.

“We achieved several important milestones during 2022” commented Michael Peters, Carebook CEO. “We signed and implemented several key accounts, broadening our footprint in the employer vertical, and we substantially increased the scope of our statement of work with our major pharmacy client, laying the foundation for a strong 2023. We were successful in implementing our cost reduction strategy announced at the end of 2021 and finding further efficiencies within our cost structure during the year, thereby improving our margins and operating cash flows. The efficient management of our expenses combined with our ongoing revenue growth is setting us in the right direction towards profitability. Furthermore, we raised substantial long-term capital during the year, in the form of equity and convertible debt, allowing us to substantially reduce short term liabilities and strengthen our balance sheet, and improving our ability to execute our growth strategies during 2023”.

Fiscal 2022 Highlights


Revenue for the year ended December 31, 2022 was $9.2M compared to $5.7M for the year ended December 31, 2021, an increase of 61% which was primarily driven by the acquisitions of InfoTech and CoreHealth. Revenue generated in the year ended December 31, 2022, was 70% from the employer vertical, up from 52% during 2021. Recurring revenue from the employer vertical business is expected to continue to increase during 2023, following the implementation of several large customers during the fourth quarter of 2022.

Loss from operations and Total comprehensive loss

Loss from operations for year ended December 31, 2022, was $6.2M compared to $10.3M incurred in the same period of 2021, a decrease of $4.1M or 40%. The decrease in operating expenses was due to lower general and administrative costs and lower sales and marketing costs, partially offset by higher research and development costs. While the acquisitions generated additional operating expenses due to the increase in headcount, these costs were generally offset by the increase in revenue generated from the same acquisitions and some costs were eliminated following such acquisitions.

Total comprehensive loss was $17.8M for year ended December 31, 2022, compared to a loss of $19.2M for the year ended December 31, 2021, a decrease of 8%. The variance is driven mostly by a lower loss from operations and lower non-routine transactions costs, M&A costs and changes related to the fair value of warrants, which were partially offset by higher finance costs and a large goodwill and intangible asset impairment in 2022.

$8M in New Contracts Booked

During the year, Corehealth, a wholly-owned subsidiary of Carebook, booked over $8M in new contract value, for contracts ranging from one to five years in length, including a contract with a U.S. based global leader in employee benefits offering services to more than one million participants, and a binding agreement with Metro Inc. (TSX: MRU), a food and pharmacy leader in Québec and Ontario.

These contracts, from a diverse base of clients located in the U.S. and Canada, provide confirmation of the success of Carebook’s strategy and focus on the fast-growing employer vertical.

Expansion of Statement of Work with Major Pharmacy Client

On July 13, 2022, Carebook announced a significant new order under its pharmacy solution agreement with its major pharmacy client. The additional statement of work expanding the scope under the agreement was worth an incremental $1.5M over a one-year term. Subsequent to the year end, on April 21, 2023, Carebook further expanded the scope of work under its pharmacy solution with the same client, adding another $1.6M over a one year term.

Cost Reduction Measures and Sublease of Montreal Headquarters

In November 2021 we implemented significant measures to better align our cost structure to reflect the Company’s strategic shift towards the employer vertical, and to take full advantage of the synergies offered by the successful completion of two significant acquisitions. These efforts resulted in a reduction of annual expenses during the year ended December 31, 2022.

During the year, the Company implemented additional cost reduction measures that resulted in additional annual savings. On November 10, 2022, the Company entered into an agreement to sublease the entire premises of its Montreal office commencing on May 1, 2023 until the end of the lease on July 31, 2028. These initiatives, when combined with the strong revenue growth that the Company is experiencing, confirm the trajectory of the Company towards profitability.

Additional Financing Subsequent to Year end

On March 8th, 2023, the Company announced the closing of a non-brokered private placement with UIL Limited, its largest shareholder, for $1.25M. The private placement resulted in the issuance of 12,500,000 Common Shares at $0.10 per unit and 187,500 Common Share purchase warrants, with each whole warrant entitling the holder to acquire one Common Share for $0.15 on or before March 8th, 2025.

Health Care Sector Veteran Domenic Pilla joins Carebook’s board

On March 28th, 2023, the Company announced that health-care sector veteran Domenic Pilla had joined its board of directors. In recent years, Mr. Pilla led McKesson Canada (a wholly-owned subsidiary of McKesson Corporation), serving as Chief Executive Officer from 2016 to 2020. He also acted as President and Chief Executive Officer of Shoppers Drug Mart Corporation from 2011 to 2015.

Large Contract Increase with existing European client

Subsequent to the year end, on March 31, 2023, CoreHealth signed a significant extension to an existing contract with a large European client, representing an increase in contract value of $2.8M over the extended 3.5-year term.

Goodwill Impairment

The uncertain macroeconomic environment and consistently rising interest rates has put pressure on valuations of companies in our sector, and with similar operating profiles. Furthermore, there was a significant decline in the Company’s share price from December 31, 2021, which other companies in our industry also experienced during 2022. Due to these conditions, and with the Infotech results falling short of previous estimates, a non-cash goodwill and intangible asset impairment charge of $12.5 million was recorded.

Conference Call Details

A conference call will be held at 8:30 AM Eastern on April 27, 2023 to discuss Carebook’s year end financial results. Participants may join the Company’s conference call by using an appropriate dial-in number or via webcast. For those unable to participate, playback will be made available an hour after the event at 416-764-8677, or 1-888-390-0541, utilizing passcode 837231.

Carebook’s audited consolidated financial statements and accompanying notes, and Management’s Discussion and Analysis for the year ended December 31, 2022 are available on the Company’s website at and on SEDAR at

About Carebook Technologies

Carebook’s digital health platform empowers its clients and more than 3.5 million members to take control of their health journey. During 2021, the Company completed the acquisitions of InfoTech Inc. (“InfoTech“), a global leader in health and productivity risk management, and CoreHealth Technologies Inc. (“CoreHealth“), owner of an industry-leading wellness platform. In combination, these companies create a comprehensive digital health platform that includes both assessment tools and the technology to deliver complementary solutions. Carebook’s shares trade on the TSXV under the symbol “CRBK,” on the OTC Markets under the symbol “CRBKF,” and are listed on the Open Market of the Frankfurt Stock Exchange under the symbol “PMM1.”

For further information contact:

Carebook Investor Relations Contact:
Olivier Giner, CFO
Email :
Telephone: (450) 977-0709

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Notice regarding forward-looking statements:

This release includes forward-looking information and forward-looking statements within the meaning of Canadian securities laws regarding Carebook, its subsidiaries and their business. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this release include statements with respect to revenue generating contracts, the Company’s growth strategy, the overall value of recently signed contracts, the Company’s path to profitability and the expected benefits from completed and integrated acquisitions. Such statements are based on the current expectations of the management of Carebook and are based on assumptions and subject to risks and uncertainties. Although the management of Carebook believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and undue reliance should not be placed on such forward-looking statements. The forward-looking statements reflect the Company’s current views with respect to future events based on currently available information and are inherently subject to risks and uncertainties. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including economic factors, management’s ability to manage and to operate the business of Carebook, management’s ability to successfully integrate the Company’s completed acquisitions and to realize the synergies of such acquisitions, management’s ability to successfully complete product studies, the equity markets generally and risks associated with growth and competition, management’s ability to achieve profitability for the Company, as well as the risk factors identified in the Company’s management’s discussion and analysis for the year ended December 31, 2022 a copy of which can be found on SEDAR under the Company’s profile at Although Carebook has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Carebook does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

SOURCE Carebook Technologies Inc.