Carebook Technologies Reports Q3 2020 Results

  • Successfully closed RTO and private placement financing, raising $21 million on October 1, 2020
  • Started trading on the TSX Venture Exchange on October 6, 2020 under the symbol “CRBK”
  • Announced intention to pursue a disciplined M&A strategy in parallel with organic growth
  • Signed LOI for the acquisition of a leading B2B Enterprise SaaS Software Company – expands global footprint and marks entry into $37 billion Employer vertical
  • Announced acquisition of Novus Health, a leading Canadian provider of global health technology products to the insurance industry accelerating Carebook’s entry into the $8 billion insurance technology market
  • Expanded leadership team with key hires for the US and International markets

MONTREAL, Nov. 20, 2020 /CNW Telbec/ – Carebook Technologies Inc. (“Carebook” or the “Company“) (TSXV: CRBK) (XETR: PMM1), a leading Canadian digital health company offering innovative digital health and virtual care solutions for pharmacies, insurers, employers and governments,  today announced results for its third quarter ended September 30, 2020.

“These are our first results reported as a public company and as such, they represent a very important milestone in our young company’s history,” commented Pascale Audette, CEO of Carebook, “We are committed to creating value for our shareholders and to that end, in the few short weeks since listing, we’ve already announced some very exciting developments that will position our company as a leader in the industry. One of our key strategies for growth is to build out our platform with leading technology and accretive acquisitions.  We believe that the two highly accretive and strategic acquisitions that we recently announced, along with organic growth across our existing verticals, will drive significant growth and value creation over the coming years. Carebook is leading the transformation of digital health with industries focussed on providing accessible, connected health for their customers around the world. We are extremely pleased to begin this journey as a public company, and we welcome our new shareholders.”

Recent Highlights:

Significant M&A Activity

  • On November 11, 2020, Carebook announced that it had entered into a letter of intent (“LOI”) for the acquisition of a North American based, industry-leading B2B enterprise Software-as-a-Service (SaaS) company. The target company’s proprietary software platform, IP and metrics are supported by advanced analytics and focus on corporate health, mental health & well-being. The target company has annual sales of approximately $4 million and their product is currently licensed for use by close to one million employees globally, including several Fortune 500 companies.
    • The purchase price is expected to be approximately $14 million, consisting of $9 million in cash, and $5 million in stock.
    • This transaction will mark Carebook’s initial entry into the $37 billion employer market.
    • Carebook expects to close the transaction in the first quarter, 2021.
  • On November 19, 2020, Carebook announced that it had entered into an LOI for the acquisition of Novus Health (“Novus“), Canada’s leading provider of customized health navigation programs and integrated health and wellness management solutions for insurance companies and other financial institutions. Novus has sales of $4.5 million.
    • The purchase price is expected to be up to $15 million, consisting of $5 million in cash, $6 million in stock, as well as a 2021 revenue-based performance earn-out of up to a maximum of $4 million payable in Carebook shares.
    • Novus’ main product is a customizable, white-labelled, cloud-based health and wellness portal that its customers provide to their clients or employees. Novus currently has more than 2 million platform users. This transaction accelerates Carebook’s entry into the $8 billion insurance technology market.
    • Carebook expects to close the transaction in the first quarter, 2021.

Expanded Leadership Team

  • Carebook is extremely pleased to welcome two very experienced and strategic additions to its leadership team. These new additions signal the company’s commitment to establishing a significant global footprint. These seasoned leaders, with extensive backgrounds in the healthcare industry, will be responsible for accelerating revenue through growing Carebook’s international sales, business development efforts and M&A pipeline.
    • Limor Elbaz started on Monday, November 16, 2020 and has taken on the newly created role of General Manager, USA. Limor will be a key member of Carebook’s leadership team with responsibilities for growing US & International sales, strategic partnerships and M&A. Limor has over 20 years of experience and demonstrated success in healthcare and technology. Limor has specialized in taking concepts from prototype to commercial scale up and growth. She was most recently General Manager of a healthtech company where her role involved successfully creating and bringing to market innovative, contact-free solutions for telemedicine, remote patient monitoring, senior care, and digital transformation of healthcare.
    • Starting December 1, 2020, Howard Fried will take on the newly created role of Vice President of Sales. Howard will have responsibilities for Sales and Business Development activity, with a primary focus on international opportunities. Howard has over 15 years of experience and demonstrated success in the areas of developing strong global partnerships and strategic relationships with leading medical device and pharmaceutical companies as well as some of the most prestigious professional societies. He was most recently Global Director, Strategic Partnerships at an innovative UK-based healthtech company acquired by Medtronic. Prior to that role, he spent 7 years at CAE Healthcare, where he was the Director of Strategic Partnerships.

Business Highlights

  • Carebook’s pharmacy vertical offers digital solutions for customer engagement and loyalty, medication management and a communication platform for healthcare professionals and consumers. On May 1, 2020, Carebook launched the Rexall Be Well Pharmacy app in Canada on iOS, Android and web. The launch has been a resounding success with Rexall publicly applauding our delivery as well as the gains they are realizing in the marketplace. Carebook is actively looking at building on this success through sales of the app in international markets.
  • In response to the evolving COVID-19 pandemic, Carebook developed an easy-to-use, accessible smartphone app known as “Carebook myVitals” that uses cutting-edge technology (remote photoplethysmography) to provide a powerful vital signs scan that measures heart rate and oxygen saturation. With the integration of third-party technology, the app uses the reflection of light from a person’s cheeks to detect vital signs with no external devices except a smartphone. The app will empower businesses in their back to work strategy as the global COVID-19 pandemic continues to evolve as well as with their ongoing management of their workforces’ health and wellness; additionally, it will assist governments in addressing the same late-pandemic and ongoing needs for their workforces as well as their citizens. Carebook has submitted an application for accreditation as a Class II medical device in Canada and is preparing applications for the US and other markets. A study of the “Carebook myVitals” vital scan technology, being conducted in collaboration with a major teaching hospital and the National Research Council of Canada, is expected to commence in the last quarter of 2020.
  • On October 1, 2020, the Company completed its reverse takeover transaction (“RTO“), raising a total of $21 million, including $1 million from certain members of the board and senior management, which resulted in the listing of Carebook’s common shares on the TSX Venture Exchange. The common shares began trading at the opening of the market on October 6, 2020 under the symbol “CRBK”.

Selected Unaudited Interim Financial Highlights:

Please see SEDAR ( for complete copies of Carebook’s condensed interim consolidated financial statements and MD&A for the three and nine months ended September 30, 2020.  Investors should note that the figures below are for the periods prior to the closing of the RTO and the completion of the related $21 million private placement.  All figures are in C$000’s, other than share/per share figures.

Selected Unaudited Interim Financial Highlights (CNW Group/Carebook Technologies Inc.)

Revenue in the third quarter of 2020 decreased relative to the corresponding quarter of 2019 due to the impact of non-recurring development activity in 2019 related to the pharmacy application for its primary customer.

Total comprehensive loss for the three months ended September 30, 2020, increased relative to the corresponding period in 2019 primarily due to costs incurred in relation to the RTO, stock-based compensation expense, and an increase in labour and employee benefits as the Company positions itself for future growth.

Fiscal 2020 Third Quarter Results Conference Call:

Dial-in information will be provided to participants following pre-registration.

Please note that upon registering, each participant will be provided with call details and a registrant ID (Reminders will also be sent to registered participants via email.)


Friday, November 20, 2020


8:30 a.m. Eastern Time




(416) 849-0833 or (855) 859-2056

Available until 11:59 p.m. ET, Friday, November 27, 2020


Available for 90 days following the conference call



About Carebook Technologies

Our core is science. Our solutions are accessible. Our mission is to empower people.
Built on a powerful health platform, Carebook creates highly engaging, customer-centric digital solutions for pharmacies, insurance providers, individuals, governments, and employers. Based in Montreal and led by a world-class team and Board with extensive global business and healthcare industry experience, Carebook’s core is science and technology, its philosophy is people-first, and its goal is accessible, connected health for everyone. Carebook recently listed on the TSX Venture exchange under the symbol “CRBK” and trades on the Frankfurt Stock Exchange under the symbol PMM1.  

Notice regarding forward-looking statements:

This release includes forward-looking information within the meaning of Canadian securities laws regarding Carebook and its 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. 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. 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 risks regarding the threat detection technology industry, failure to obtain regulatory approvals, economic factors, management’s ability to manage and to operate the business of Carebook, the equity markets generally and risks associated with growth and competition. 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, supply chain and availability of materials, mobility and shipping of materials and or products, access to debt and equity capital and other factors.

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.

SOURCE Carebook Technologies Inc.