Carebook Reports Strong Revenue for Q1 2024 with Positive Adjusted EBITDA(1)

  • Strong revenue for the quarter up 43% to $3.6M for Q1 2024 compared to $2.5M for Q1 2023.
  • Loss from operations for Q1 2024 was $(0.1)M, an improvement of $0.3M, when compared to Q1 2023.
  • Net Loss for Q1 2024 was $(0.3)M compared to Net Loss of $(0.5)M for Q1 2023.
  • Adjusted EBITDA(1) of $0.1M for Q1 2024, compared to Adjusted EBITDA(1) loss of $(0.5)M for Q1 2023, an improvement of $0.6M.
  • Adjusted EBITDA Margin(1) of 3% in Q1 2024 compared to (19)% in Q1 2023.
  • ARR([2]) of $11.8M as of March 31, 2024, an increase of 10% over the same date in 2023.

MONTREAL, May 15, 2024 /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 quarter ended March 31, 2024.

“The first quarter of 2024 continues to show strong revenue growth when compared to the first quarter of 2023 as we completed several large implementations and helped our clients onboard a significant amount of users during the last twelve months” commented Michael Peters, Carebook CEO. “We were successful delivering 43% year-over-year revenue growth, which was all organic, while we continued to improve our margins and operating cash flows. We expect the organic revenue growth trend to continue into the remainder of 2024 but at a slower pace, in the next quarters of 2024. We will continue managing cost with an objective of minimizing cash burn and increasing our profit margins.”


1 EBITDA and Adjusted EBITDA are non-IFRS financial measures, and Adjusted EBITDA Margin is a non-IFRS financial ratio, in each case without a standardized meaning under IFRS and which may not be comparable to similar measures or ratios used by other issuers. Please refer to the sections “Cautionary Note Regarding Non-IFRS Measures, non-IFRS Ratios and Key Performance Indicators”, “Non-IFRS Measures and Non-IFRS Ratios” and “Non-IFRS Measures and Reconciliation of Non-IFRS Measures EBITDA and Adjusted EBITDA” for the definitions of such non-IFRS financial measures and ratio, an explanation of the usefulness of such non-IFRS financial measures and ratio, and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measure.
2 Annual Recurring Revenue or ARR is a key performance indicator. Please refer to the sections “Cautionary Note Regarding Non-IFRS Measures, non-IFRS Ratios and Key Performance Indicators” and “Key Performance Indicators” below for the definition of ARR, as well as an explanation of the usefulness of such key performance indicator to the Company.

Q1 2024 Highlights


Revenue for the quarter ended March 31, 2024 was $3.6M compared to $2.5M for the quarter ended March 31, 2023, an increase of 43% driven by strong organic growth in the pharmacy vertical and a significant increase in license revenue from CoreHealth offset by a decrease in license revenue at Infotech. Revenue in the quarter ended March 31, 2024, was contributed 64% from the employer vertical and 36% from our key customer in the pharmacy vertical.

Loss from Operations and Total Comprehensive Loss

Loss from operations for the quarter ended March 31, 2024, was $(0.1)M compared to $(0.4)M incurred in the same period of 2023, an improvement of $0.3M. The decrease in loss from operations was due to significantly higher revenue offset by higher research and development costs and slightly higher sales and marketing costs.

Total comprehensive loss was $(0.3)M for quarter ended March 31, 2024, compared to a loss of $(0.5)M for the quarter ended March 31, 2023. The decrease in comprehensive loss was also due to significantly higher revenue offset by higher research and development costs and slightly higher sales and marketing costs.

Adjusted EBITDA(1)

Adjusted EBITDA(1) for the quarter ended March 31, 2024 was $0.1M compared to an Adjusted EBITDA(1) loss of $(0.5)M for the quarter ended March 31, 2023, an improvement of $0.6M over the same period in 2023. The corresponding Adjusted EBITDA Margin(1) for the quarter ended March 31, 2024 was 3% compared to (19)% in the quarter ended March 31, 2023, and represented a meaningful improvement, demonstrating management’s fortitude and discipline to continue to generate increasing revenue while managing costs to reach profitability.

Annual Recurring Revenue

ARR(2) was $11.8M as at March 31, 2024, an increase of $1.1M, or 10%, compared to an ARR(2) of $10.7M as at March 31, 2023. This increase was primarily driven by new enterprise customers and organic growth with existing customers. Of the $11.8M of ARR(2) reported, 62% originated from clients outside of Canada.

Financial Outlook

Carebook’s financial outlook continues to be positive for 2024. The Company is poised to achieve significant revenue growth while effectively managing its costs and delivering sustained growth in cashflows. Carebook’s strong organic growth and efficient cost management initiatives will allow the Company to continue to successfully execute on its strategy. Carebook is expecting to maintain strong performance in 2024 for the entire Company as a whole and although actual results may differ, we believe Carebook is on a course to deliver Adjusted EBITDA(1) break even or better in fiscal 2024. To complement its organic growth strategy, Carebook will continue to seek out accretive acquisitions and partnerships that improve the accessibility, quality, and functionality of its comprehensive solutions, surrounding ecosystem, and supporting services. Carebook has adopted a disciplined approach towards exploring strategic M&A opportunities in order to grow its reach in other markets and offer new services to its customer base, while maintaining a focus on its organic growth. This financial outlook is fully qualified and based on a number of assumptions and subject to a number of risks described under the headings “Financial Outlook Assumptions” and “Notice Regarding Forward-Looking Statements” of this press release.

Conference Call Details

A conference call will be held at 8:30 AM Eastern on May 15, 2024 to discuss Carebook’s financial results for the quarter. Participants may join the Company’s conference call by using the following information

Conference Call Details


Wednesday, May 15, 2024


8:30 a.m. Eastern Time



North American Toll Free:


RapidConnect URL:

Click here

Webcast URL:

Click here

Conference Replay



North American Toll Free:


Entry Code:


Expiration Date:


Carebook’s interim condensed consolidated financial statements and accompanying notes, and Management’s Discussion and Analysis for the quarter ended March 31, 2024 are available on the Company’s website at and on SEDAR+ at

Cautionary Note Regarding Non-IFRS Measures, non-IFRS Ratios and Key Performance Indicators

This press release makes reference to certain non-IFRS measures and key performance indicators. These measures are not standardized financial measures under IFRS as issued by the IASB and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including “EBITDA” and “Adjusted EBITDA” and non-IFRS ratios including “Adjusted EBITDA Margin”. This press release also makes reference to “Annual Recurring Revenue” or “ARR”, which is a key performance indicator used in our industry. These non-IFRS measures, non-IFRS ratios and key performance indicators are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors, and other interested parties frequently use non-IFRS measures, non-IFRS ratios and key performance indicators in the evaluation of issuers. The Company’s management also uses non-IFRS measures, non-IFRS ratios and key performance indicators in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management and executive compensation. The key performance indicators used by the Company may be calculated in a manner different than similar key performance indicators used by other companies.

Non-IFRS Measures and Non-IFRS Ratios

“Adjusted EBITDA” is defined as EBITDA adjusted for non-recurring M&A and other transaction costs, certain non-recurring costs (or savings), share-based compensation, foreign exchange loss (gain), intangible asset and goodwill impairment, changes in fair value of warrants or changes in fair value of contingent consideration. Adjusted EBITDA provides management with a useful supplemental measure in evaluating the performance of our operations and provides better transparency into our results of operations. Adjusted EBITDA indicates our ability to generate profit from our operations prior to considering our financing decisions and costs of consuming intangible and capital assets.

“EBITDA” is defined as net income or loss before income tax expenses, finance costs and depreciation and amortization.

“Adjusted EBITDA Margin” is calculated as Adjusted EBITDA divided by revenue for the relevant period.

Key Performance Indicators

“Annual Recurring Revenue” or “ARR” represents contracted software and services revenues that are expected to have a duration of more than one year, and is equal to the annualized value of contracted recurring revenue from all clients on our platforms at the date being measured. Contracted recurring revenue is revenue generated from clients who are, as of the date being measured, party to contracts with Carebook that are contributing to revenue in the calendar month of the date being measured, and also include revenue from clients who are, as of the date being measured, party to contracts with Carebook that are to contribute to revenue within a year of the date being measured. ARR provides a consolidated measure by which we can monitor the longer-term trends in our business.

Non-IFRS Measures and Reconciliation of Non-IFRS Measures EBITDA and Adjusted EBITDA

In $000s

March 31, 2024

March 31, 2023

Net loss






Amortization and depreciation expense





Finance costs





Other income (1)





Income Tax expense (recovery)










Share-Based compensation





Additional One-Time Costs (Savings) (3)





Adjusted EBITDA (3)






Other income includes interest income, finance income, and gain on the disposal of capital assets.


Non-IFRS financial measures without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. Refer to the Section “Non-IFRS Measures and Non-IFRS Ratios” of this press release for an explanation of the composition and usefulness of these non-IFRS financial measures.


Additional One-Time Costs (Savings) relate to grants received from the Quebec government and Prompt, a trust agency of the Ministry of Economy, Innovation and Energy research group in Québec.

About Carebook Technologies

Carebook’s digital health platform empowers its clients and more than 4.6 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.

Financial Outlook Assumptions

Our financial outlook is based on a number of assumptions, including assumptions related to inflation, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; our major revenue streams remaining in line with our expectations; customers adopting our solutions at an average contract value at or above that of our planned levels; our ability to price our products in line with our expectations and to achieve suitable margins; our ability to achieve success in the continued expansion of our product lines and solutions; continued success in additional product adoption and user base expansion throughout our customer base; our ability to derive the benefits we expect from the acquisitions we have completed; our ability to attract and retain key personnel required to achieve our plans; our expectations regarding the costs, timing and impact of our cost reduction initiatives; our ability to manage customer churn and churn rates remaining at planned levels. Our financial outlook does not give effect to the potential impact of acquisitions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary notice on forward-looking statements below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information.

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, our 2024 full year outlook, the Company’s growth strategy, management’s expectations regarding revenue growth and cost management, contract generation and the overall value of recently signed contracts and the Company’s path to profitability. 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 identify attractive M&A opportunities, 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, 2023, 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.