Intouch Insight Announces 38% Revenue Growth And 115% EBITDA Growth For Q3
By: Sarah Beckett November 21, 2022
OTTAWA, November 21, 2022 – Intouch Insight Ltd (“Intouch” or “the Company”) (TSXV: INX) (OTCQX: INXSF), a leader in customer experience measurement solutions, today announced its operating and financial results for the quarter ended September 30, 2022.
Revenue from Q3 2022 was $5,414,630, which was 38% higher than revenue of $3,927,301 in Q3 2021. Net income was $366,713 compared to a loss of $56,721 in Q3 2021. Operating income was $403,076 in Q3 2022 compared to a loss of $17,909 in Q3 2021. Company-defined adjusted EBITDA was $831,774 for Q3 2022, compared to $386,273 in Q3 2021. Gross Margin decreased to 53.1% in Q3 2022 from 53.9% in Q3 2021 due to the shift in sales mix.
“Our strong third-quarter results reflect ongoing stable execution by our dedicated teams to win new business and restart recovering customers while delivering the high-quality service we pride ourselves on. As previously forecasted, we expect to deliver full-year revenue growth between 40 and 50% and are excited to have this momentum as we head into 2023 with expectations for additional growth,” said Cameron Watt, President & Chief Executive Officer of the Company.
“Throughout the last two and a half years of pandemic and recovery, Intouch has proven its value proposition and financial stability. Despite economic shut-down, inflation, and a difficult labor market, Intouch has persevered and advanced its capabilities and market position. Looking forward, we have a strong pipeline of services opportunities and a repositioned and improved SaaS suite, which promises to make 2023 another successful chapter for Intouch,” said Watt.
Consolidated Statements of Operations
| Q3 2022 | Q3 2021 | |
| Revenue | $ 5,414,630 | $ 3,927,301 |
| Cost of services | 2,540,108 | 1,811,343 |
| Gross margin | 2,874,522 | 2,115,959 |
| Total operating expenses | 2,471,446 | 2,133,868 |
| Earnings (loss) from operating activities | 403,076 | (17,910) |
| Other earnings (expense) | (36,363) | (38,811) |
| Income tax recovery (expense) | - | - |
| Net income (loss) | $ 366,713 | $ (56,721) |
About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to improve customer experience continuously. Founded in 1992, Intouch is trusted by over 300 of North America’s most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward-looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views concerning future events, including the acquisition, future revenues and references to the Company’s expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks outlined in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR. The Company does not intend and disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Cathy Smith
Chief Financial Officer
csmith@intouchinsight.com
613-270-7916