WALL STREET KID
7 days ago
$HCTI Healthcare Triangle Revises Past Financial Statements
https://www.investing.com/news/sec-filings/healthcare-triangle-revises-past-financial-statements-93CH-3873964
Healthcare Triangle , Inc. (NASDAQ:$HCTI), a computer systems design services company, announced on Monday that its financial statements for the year ended December 31, 2023, should not be relied upon and will be restated. The decision, recommended by the Audit Committee and approved by the Board of Directors on February 12, 2025, follows the identification of several errors during a re-audit by the company's independent accounting firm, M&K CPAS, PLLC.
The restatement includes a write-down of intangible assets by up to $2,185,000, revisions to goodwill and intangible assets write-offs from the acquisition of Devcool Inc., and adjustments to warrant liability and debt discount due to the non-application of ASU 2020-06.
Additionally, errors in reported collections by a third-party and accrued costs have led to changes in accounts receivable, short-term borrowings, current liabilities, and additional paid-in capital.
The company also recognized revaluation gains on contingent consideration and deferred tax expenses related to the prior year. The company's current ratio stands at 0.29, reflecting significant liquidity challenges, while its stock has declined 51.45% year-to-date.
These amendments will be reflected in an amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, which the company plans to file later today. M&K CPAS, PLLC has been requested to provide a letter to the SEC regarding their agreement with the statements made in this restatement.
The restatement highlights the importance of accurate financial reporting and the ongoing efforts to maintain compliance with applicable accounting standards. Investors are advised to consider the revised information for a more accurate representation of the company's financial position. The information for this article is based on a press release statement.
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In other recent news, Healthcare Triangle, Inc. has been navigating compliance issues with Nasdaq's listing requirements. The company was notified of non-compliance due to the absence of an annual shareholder meeting within the twelve-month period after the fiscal year-end.
This development follows the dismissal of Healthcare Triangle's previous auditor, BF Borgers CPA PC, which led to delays in filing the Annual Report on Form 10-K. Despite these challenges, the company has announced plans to conduct its 2024 Annual Meeting of Stockholders by March 31, 2025.
In addition, Healthcare Triangle has regained compliance with Nasdaq's minimum bid price requirement. The company had previously been warned about its stock price falling below the $1.00 threshold, violating Nasdaq Listing Rule 5550(a)(2). However, the firm confirmed that its common stock maintained a closing bid price of $1.00 or higher for at least 20 consecutive business days, thus addressing the concerns raised by Nasdaq.
These are the recent developments for Healthcare Triangle, Inc. The company believes it has regained compliance with the stockholders’ equity requirement, but there is no guarantee that the Nasdaq Hearings Panel will grant continued listing. While the company's common stock continues to trade on the Nasdaq Capital Market, investors are reminded that statements regarding compliance timelines are subject to various risks and
Trooperstocks
12 months ago
$HCTI NEWS: Healthcare Triangle Empowers Healthcare Providers to Harness AI and LLMs for Groundbreaking Outcomes
Healthcare Triangle, Inc
Mon, Feb 26, 2024, 9:00 AM EST
In This Article: HCTI
Healthcare Triangle, Inc
Company’s latest initiative addresses growing demand for AI analytics to revolutionize patient care
PLEASANTON, Calif., Feb. 26, 2024 (GLOBE NEWSWIRE) -- Healthcare Triangle Inc. (Nasdaq: HCTI) (“Healthcare Triangle,” HCTI” or the “Company”), a leader in transforming healthcare through technology, today unveiled an initiative aimed at enabling healthcare organizations to harness the full potential of their organic data through Artificial Intelligence (AI) and Large Language Models (LLMs).
This initiative is set against the backdrop of a rapidly expanding AI market, with Grand View Research estimating the AI in healthcare market size was $22.45 billion in 2020, and is expected to expand at a compounded annual growth rate (CAGR) of 36.4% from 2024 to 2030. Healthcare Triangle's latest offering is poised to empower healthcare providers with the tools to develop and deploy sophisticated machine learning (ML) models and LLMs, significantly enhancing patient outcomes through personalized and predictive healthcare solutions.
A Strategic Response to a Growing Demand:
The surge in the AI and analytics market highlights an escalating need for sophisticated data-driven solutions in healthcare. Healthcare Triangle's initiative strategically addresses this demand by providing a secure, scalable, and compliant digital platform. This platform facilitates the creation of AI and LLMs customized to meet the specific requirements of the healthcare industry. Through the utilization of organic data, healthcare providers gain access to valuable insights and patterns. These insights enable more precise diagnoses, efficient treatments, and ultimately, elevate the standard of patient care.
Key Features of the Initiative:
Secure and Compliant Data Utilization: Prioritizing data security and privacy, Healthcare Triangle ensures all AI and LLM development is in strict compliance with healthcare regulations, including HITRUST certification and HIPAA compliance. This commitment extends to a secure environment for data transfer, storage, and processing, alongside a comprehensive disaster recovery strategy.
Scalable Infrastructure Ready for the Future: Designed to meet the growing demands of healthcare organizations, the initiative's infrastructure is built for scalability, accommodating increasing data volumes and computational needs without compromising performance. A secure, cloud-hosted lab for LLM development highlights the initiative's readiness for the future, ensuring safety and efficiency in AI and analytics deployment.
Collaborative Ecosystem for Shared Innovation: Facilitating a culture of collaboration, the platform encourages the sharing of insights and methodologies within and between organizations, fostering a community focused on improving patient care and aligning with industry standards.
Customizable AI and LLM Development: Recognizing the diverse needs within healthcare, Healthcare Triangle offers customizable tools and solutions for developing AI and LLM models directly aligned with healthcare outcomes and objectives, ensuring flexibility and cost-effectiveness in platform service management.
A Vision for the Future of Healthcare:
"With the AI and analytics market projected to quadruple by 2024, our initiative represents a timely and necessary leap forward in empowering healthcare providers," stated Anand Kumar, Chief Revenue Officer of Healthcare Triangle. "We are not just advancing technology; we are setting a new standard for patient care, leveraging AI and LLMs to deliver personalized, predictive, and effective healthcare solutions."
As the AI and analytics market continues to grow, Healthcare Triangle's initiative marks a critical step towards realizing a future where healthcare is more personalized, outcomes are improved, and patients receive the care they need, when they need it, setting a new benchmark in healthcare innovation.
About Healthcare Triangle:
Healthcare Triangle, Inc., headquartered in Pleasanton, California, stands at the forefront of healthcare technology, specializing in AI and digital transformation. With a commitment to innovation, collaboration, and excellence, Healthcare Triangle is dedicated to reshaping healthcare delivery for the better. We collaborate with healthcare entities, including hospitals, health systems, payers, and pharma/life sciences organizations, leveraging breakthrough technology and extensive industry expertise to enhance health outcomes through optimized data utilization and cutting-edge information technologies. Holding HITRUST Certification for Cloud and Data Platform (CaDP) – featuring CloudEz™, DataEz™, and readabl.AI – our commitment to the highest standards in data protection and information security is unwavering. Healthcare Triangle serves as a beacon for the adoption of new technologies, data enlightenment, business agility, and swift response to evolving business needs and competitive challenges. Thriving in the highly regulated healthcare and life sciences sectors, we excel in digital transformation encompassing the cloud, security and compliance, identity management, data lifecycle management, healthcare interoperability, and clinical and business performance optimization. For more information, visit www.healthcaretriangle.com
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as “projected,” “expect,” “possibility” and “anticipate.” The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Annual Report on Form 10-K filed with the SEC on March 28, 2023, subsequent filings and future reports filed with the SEC. All the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
Contacts
Investors:
1-800-617-9550
ir@healthcaretriangle.com
Trooperstocks
1 year ago
News: Healthcare Triangle Announces Cost Reduction Initiatives to Achieve Profitability
Healthcare Triangle, Inc
Thu, Feb 15, 2024, 9:00 AM EST
In This Article: Healthcare Triangle, Inc
HCTI +12.57%
Strategic initiatives are expected to generate an estimated annualized savings of $3 million – $4 million in FY2024
PLEASANTON, Calif., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (Nasdaq: HCTI) (“HCTI” or the "Company"), a leader in digital transformation solutions including managed services, cloud enablement, cybersecurity, data analytics, and AI data processing for the healthcare and life sciences industries, today announced that the Company is undertaking a series of strategic initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability.
Thyagarajan Ramachandran, CFO of Healthcare Triangle, said, “We are announcing a comprehensive set of initiatives that are both necessary and decisive. This program will aim to right-size the Company’s cost structure, invest in high-potential growth opportunities, realign leadership, and position the business for long-term growth. Implementing these strategic initiatives will allow us to establish a clear path to consistent profitability and sustainable free cash flows.”
Company initiatives include:
Implementation of planned enhancements to the platform portfolio;
Aligning selling, general and administrative costs ("SG&A") by reducing third-party professional fees and infrastructure costs;
Streamline the leadership structure to create clearer lines of accountability;
Adjust go-to-market focus based on current market realities and how our customers want to leverage our platforms;
Further streamlining the organization to drive process-related efficiencies.
As a result of the initiatives announced today, the Company expects to:
Enhance gross margins by blending platform and managed services offerings
Cost optimization across business operations
About Healthcare Triangle
Healthcare Triangle, Inc. based in Pleasanton, California, reinforces healthcare progress through breakthrough technology and extensive industry knowledge and expertise. We support healthcare including hospitals and health systems, payers, and pharma/life sciences organizations in their effort to improve health outcomes through better utilization of the data and information technologies that they rely on. Healthcare Triangle achieves HITRUST Certification for Cloud and Data Platform (CaDP), marketed as CloudEz™, DataEz™ and readabl.AI. HITRUST Risk-based, 2-year (r2) Certified status demonstrates to our clients the highest standards for data protection and information security. Healthcare Triangle enables the adoption of new technologies, data enlightenment, business agility, and response to immediate business needs and competitive threats. The highly regulated healthcare and life sciences industries rely on Healthcare Triangle for expertise in digital transformation encompassing the cloud, security and compliance, identity management, data lifecycle management, healthcare interoperability, and clinical and business performance optimization. For more information, visit www.healthcaretriangle.com.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as “projected,” “expect,” “possibility” and “anticipate.” The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Annual Report on Form 10-K filed with the SEC on March 28, 2023, subsequent filings and future reports filed with the SEC. All the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
Contacts
Investors:
1-800-617-9550
ir@healthcaretriangle.com
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