Carebook Announces Second Quarter Results


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

Record Orders Received in the Quarter Confirms Success of Company Growth Strategy

  • Record $5 million in new sales booked in the quarter provides confirmation of the success of strategy and renewed focus on fast-growing employer vertical
  • Revenue up 105% to $2.3 million in Q2 2022 compared to $1.1 million in Q2 2021
  • Carebook wholly owned subsidiary CoreHealth receives $2.9 million contract, its largest single contract ever, from a U.S. based global leader in employee benefits
  • Company receives $1.5 million order under its pharmacy solution agreement with its foundational partner in the pharmacy segment
  • Wholly owned subsidiary CoreHealth signs binding agreement with Metro Inc.
  • Amended and extended credit agreement with a Canadian tier 1 bank and its affiliate
  • Rights offering successfully completed with aggregate gross proceeds of $4.5 million

MONTREAL, Aug. 29, 2022 /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 its second quarter ended June 30, 2022.

“Our second quarter results continue the positive trend begun at the start of our current fiscal year as we benefit from the successful integration of our acquisitions of Wellness Checkpoint and CoreHealth,” commented Michael Peters, Carebook CEO. “Our recent announcements of major wins with tier one employers provides true validation of the success of our strategy and renewed focus on the growing employer market. Major companies across North America, like Air Canada and Metro Inc., are recognizing Carebook for the innovative and powerful digital health and wellness solutions we offer that can provide meaningful relief to the challenges faced by their clients and employees. When coupled with the significant enhancements to our statement of work with our major pharmacy client, we are solidifying Carebook as a major player in the digital health and wellness market that positions us for continued growth going forward.”


Revenue for the quarter ended June 30, 2022, was $2.3 million, compared to $1.1 million in the quarter ended June 30, 2021, an increase of 105% which was primarily driven by the acquisitions of InfoTech in Q2 2021 and CoreHealth in Q3 2021. Revenue generated in the quarter ended June 30, 2021, was 28% from the employer vertical and 72% from the pharmacy vertical, whereas revenue generated in the quarter ended June 30, 2022 was 25% pharmacy and 75% employer.

Net loss

Net loss for the quarter ended June 30, 2022, was $2.4 million compared to $2.8 million for the quarter ended June 30, 2021, a decrease of 14.6% year-over-year. While the acquisitions of InfoTech and CoreHealth increased operating expenses for the quarter ended June 30, 2022, this was more than offset by the incremental revenue and cost synergies that were implemented after the acquisitions.

Record New Contracts Booked

During the quarter, Carebook booked a record $5 million in new sales ranging from one to five years in length. 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 renewed focus on the fast-growing employer vertical as well as significant additional work within the pharmacy sector.

Air Canada

On April 25, 2022, Carebook announced a contract with Air Canada for the inclusion of the Carebook CoreHealth platform in its employee portals. Air Canada is using Carebook’s CoreHealth total well-being platform to connect their employees to a comprehensive suite of leading health and wellness programs, content and solutions. CoreHealth’s platform is easy to use and highly configurable giving Air Canada the ability to deliver specific wellness programming to meet the individual needs of its employees. The CoreHealth solution builds upon the current organizational understandings provided by Carebook’s Wellness Checkpoint assessment tool which has been in use with Air Canada since 2017. When coupled together, these two leading solutions offer Air Canada an unparalleled opportunity to curate relevant programming that will help improve the health and wellness of all Air Canada employees. Air Canada will be one of the first world-class employers to benefit from the combined power of Carebook’s integrated assessment and wellness solutions and provides the company with an international showcase for its solutions capability.

Largest Single Contract Received by CoreHealth

On June 15, 2022, Carebook’s wholly owned subsidiary CoreHealth announced it had received its largest single contract ever from a U.S. based global leader in employee benefits offering services to more than one million plan participants. The $2.9 million multi-year contract contemplates the migration of all plan participants to the CoreHealth platform over the next 36 months. CoreHealth’s solution was selected after a competitive process because of the capabilities of its technology to offer flexible, configurable, and scalable solutions that are above all easy to integrate.

Expansion of Statement of Work (“SOW”) With Major Pharmacy Client

On July 13, 2022, Carebook announced a significant order under its pharmacy solution agreement with its major pharmacy client. The additional statement of work (“SOW“) expanding the scope under the agreement was signed in June and is worth an incremental $1.5 million over a one-year term, representing an increase of 83% in pharmacy contract value for Carebook.

Carebook has completed the expansion of its existing team for the solution, nearly doubling capacity to deliver on the continued development of its robust, customer-facing platform.

CoreHealth Announces METRO Inc. Partnership

CoreHealth today announced a binding agreement with Metro Inc. (TSX: MRU)(“Metro”), a food and pharmacy leader in Québec and Ontario, for the provision of digital health and well-being solutions. The agreement provides a unique opportunity for CoreHealth to showcase the flexibility of its platform as it adapts to new markets and continues to deliver solutions that improve health and wellbeing. CoreHealth will be supporting Metro’s transformational initiatives in the industry, promoting the health and well-being of Canadians.

Amendments to the Credit Agreement

On April 7, 2022, the Company entered into an amendment to its credit facilities with a leading Canadian Schedule I bank and one of its affiliates (together, the “Lenders”). Under the amendment, the Lenders agreed to provide the Company with (i) a $3 million demand revolving facility (the “Revolving Facility”) and (ii) a $4 million non-revolving term loan facility (the “Term Loan Facility” and together with the Revolving Facility, the “Credit Facilities”). Moreover, the maturity date of Term Loan Facility was extended to November 30, 2022, provided that the Company make a mandatory prepayment of $1 million on the Term Loan Facility which was paid in June 2022, after which the outstanding amount under the Term Loan Facility was $3 million. The applicable margin on each of the Credit Facilities was increased to 9.0%, effective as of April 7, 2022.

Effective July 31, 2022 the Company entered into another amendment to its Credit Facilities with the Lenders. Under the amendment, the maturity date of the Credit Facilities was extended to August 31, 2023, provided that the Company completes a minimum capital raise in the amount of $1 million, makes a mandatory prepayment of $250,000 on the Term Loan Facility and maintains a minimum cash balance financial covenant.

The above is a summary of the amendments to the Credit Facilities. This summary is not intended to be complete and is qualified in its entirety by the full text of the amendments, a copy of which have been filed or will be filed on the Company’s SEDAR profile at

Rights Offering and Stand-by Commitment Agreement

On May 17, 2022, Carebook announced the completion of its previously announced rights offering (the “Rights Offering“). The Rights Offering resulted in the issuance of 17,107,749 common shares of Carebook at a price of $0.15 per share for gross proceeds to the Company of approximately $2.57 million.

In accordance with the terms of the stand-by commitment agreement dated April 11, 2022 between the Company and UIL Limited, the Company also issued 12,892,251 additional common shares to UIL Limited, at a price of $0.15 per share, for additional gross proceeds to the Company of approximately $1.93 million, resulting in the Company receiving aggregate gross proceeds of $4.5 million under the Rights Offering.

Following closing of the Rights Offering and including the common shares issued to UIL Limited pursuant to the Stand-by Commitment Agreement, Carebook now has 77,752,356 common shares issued and outstanding.

Olivier Giner Appointed as New CFO

Mr. Olivier Giner joined as the Company’s new Chief Financial Officer effective as of June 1, 2022. Olivier, a lawyer by training, was most recently the Chief Executive Officer of Adracare, a virtual care software company based in Toronto which was sold to Well Health Technologies in 2021. Prior to Adracare, Olivier was Vice President and Chief Operating Officer of iGan Partners, a healthcare venture capital fund. Olivier also spent 5 years at CIBC World Markets as a technology, media and telecom investment banker. Olivier took over from Carebook’s Interim CFO, Jeffrey Kadanoff.

Conference Call Details

A conference call will be held at 8:30 AM Eastern on August 30, 2022 to discuss Carebook’s financial results for the second quarter. Participants may join the Company’s conference call by using an appropriate dial-in number or via webcast (ID: 2312807). For those unable to participate, playback will be made available an hour after the event at 647-436-0148, or 1-888-203-1112, utilizing passcode 2312807.

Carebook’s unaudited consolidated financial statements and accompanying notes, and related Management’s Discussion and Analysis for the three-month and six-month periods ended June 30, 2022 and 2021 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 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, 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, as well as the risk factors identified in the Company’s management’s discussion and analysis for the year ended December 31, 2021 and described under the heading “Item 21 – Risk Factors” in the Listing Application of the Company dated September 28, 2020, each 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. In addition, the current situation and future developments with respect to the COVID-19 pandemic could cause certain of the assumptions and information set forth herein or the fact that on which such assumptions are based to differ materially from previous expectations including in respect of demand for our products, access to debt and equity capital and other factors.

SOURCE Carebook Technologies Inc.