2020 Total Revenues of $7.42 million, up 88% Year-over-year
Q4 Revenues of $2.96 million, up
112% Year-over-year
2020 SaaS Revenues of $2.88 million, up 243%
Year-over-year
Q4 SaaS Revenues of $1.14 million, up 234% Year-over-year
Annualized Recurring Revenue was $4.76 million at Year End, up 149%
Year-over-year
LIMERICK, Ireland, Feb. 23, 2021 /CNW/ - kneat.com, inc.
(TSXV: KSI) ("Kneat") a company focused on digitizing
and automating Validation processes for Life Sciences today
announced results for its fiscal fourth quarter and year ended
December 31, 2020. All dollar
amounts are presented in Canadian dollars unless otherwise
stated.
"We are proud of our team as they executed very well
through 2020. During the year, we were successful in signing
additional top tier Biopharma companies while increasing
utilization metrics within our existing customer base.
Our senior management team was expanded, and we strengthened our
corporate structure as we continued to build out the Kneat SaaS
platform." said CEO Eddie
Ryan. "Business momentum is building and we are
strongly positioned for continued execution in 2021 and
beyond."
Fiscal 2020 Fourth Quarter Results:
- Revenues: Total revenues for the fourth quarter
were $2.96 million, up from
$1.40 million one year ago, an
increase of 112% year-over-year. SaaS revenues for the fourth
quarter were $1.14 million, up from
$0.34 million one year ago, an
increase of 234% year-over-year.
- Gross Margin: Fourth quarter gross margin was
$1.60 million, compared to
$0.65 million one year ago, an
increase of 147% year-over-year.
- Net Loss: Net loss for the fourth quarter of 2020
was $1.59 million, up from
$1.12 million for the same period in
2019, an increase of 42% year-over-year.
Fiscal Year 2020 Results:
- Revenues: Total revenues for the fiscal year ended
December 31, 2020 were $7.42 million, up from $3.95 million one year ago, an increase of 88%
year-over-year. SaaS revenues were $2.88 million, up from $0.84 million one year ago, an increase of 243%
year-over-year.
- Gross Margin: Fiscal year 2020 gross margin was
$2.88 million, up from $1.76 million one year ago, an increase of 63%
year-over-year.
- Net Loss: Net loss for 2020 was $5.69 million, down from $6.20 million one year ago, a decrease of 8%
year-over-year.
Annualized recurring revenue ("ARR")
- Total ARR: Total ARR, a Key Performance Indicator,
which includes SaaS license fees and maintenance fees was
$4.76 million on December 31, 2020, up from $1.91 million one year ago, an increase of 149%
year-over-year.
- SaaS ARR: ARR from SaaS license fees was $3.90 million on December
31, 2020, up from $1.29
million one year ago, an increase of 203%
year-over-year.
"Quarter 4, 2020 revenues of $2.96
million were 51% higher than revenue of $1.96 million during Quarter 3, 2020, in large
part due to expansions within our existing base," said
CFO Hugh Kavanagh. "Our goal
for 2021 is to continue this expansion as we onboard new customers
onto our SaaS platform."
Recent Highlights:
- Kneat signed five top tier companies during 2020, including
three of the top ten largest companies globally. Today, our
customer base includes seven of the top ten biopharma
companies.
- In November, Kneat announced the appointment of Mr.
Keith Holmes as Chief Technology
Officer. Kneat will benefit from Keith's broad technology
expertise and his considerable experience in product strategy and
technical leadership as we continue to grow our operations
globally.
- Our customers are in the process of scaling the Kneat Gx
platform across their global networks for Computer System
Validation, Equipment Qualification, Cleaning Validation and
Cleaning, Equipment changeover, Sterilization, Process Validation,
Validation Master Planning, Lab Instrument Qualification, Supplier
Qualification process, Analytical Methods Transfer, Capital Project
Delivery and Electronic Logbook.
- Kneat continues to operate remotely and effectively during the
pandemic. We are optimistic about the future and proud of our
team as they continue to fulfil our mission to help life sciences
deliver therapies to the highest standards of quality and
safety.
Conference Call
Mr. Eddie Ryan, Chief Executive
Officer of Kneat, and Mr. Hugh
Kavanagh, Chief Financial Officer of Kneat, will host a
conference call and Q&A for analysts via webcast on
Wednesday, February 24, 2020 at
09:00 EDT (14:00 GMT).
Interested parties can register for the live webcast via the
following link:
https://bit.ly/3jH5HkI
Or, attend via teleconference
Ireland +353 15 360 755
Canada +1 (647) 497-9389
United States +1 (951)
384-3421
United Kingdom +44 20 3713
5012
The 2020 Annual Financial Statements will be available from the
Financial Information section of the Investors page on the Kneat
Solutions website at: https://kneat.com/investors/
About Kneat
Kneat, a Canadian company with operational headquarters in
Limerick, Ireland, develops and
markets the next generation Kneat Gx software platform. Multiple
business work processes can be configured on the platform from
equipment to computer system validation, through to quality
document management. Kneat's software allows users to author,
review, approve, execute testing online, manage any exceptions and
post approve final deliverables in a controlled FDA 21 CFR Part 11/
Eudralex Annex 11 compliant platform. Macro and micro report
dashboards enable powerful oversight into all systems, projects and
processes globally. Customer case studies are reporting
productivity improvements in excess of 100% and a higher data
integrity and compliance standard. For more information visit
www.kneat.com.
Key Performance Indicator
Annualized recurring revenue is used by Kneat to assess the
expected annual recurring revenue from the customers that are live
on Kneat Gx at the end of the period. Annualized recurring
revenue is calculated as the licenses delivered to customers at the
period end, multiplied by the expected customer retention rate of
100% and multiplied by the annual SaaS license fee or maintenance
fee at the related quarter end. Since many of the customer
contracts are in currencies other than the Canadian dollar, the
Canadian dollar equivalent is calculated using the related period
end exchange rate multiplied by the currency amount.
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
information" within the meaning of applicable Canadian securities
laws. Such forward-looking information includes, but is not limited
to, the relationship between Kneat and the customer, Kneat's
business development activities, the use and implementation
timelines of Kneat's software within the customer's validation
processes, the ability and intent of the customer to scale the use
of Kneat's software within the customer's organization and the
compliance of Kneat's platform under regulatory audit and
inspection. While such forward-looking statements are expressed by
Kneat, as stated in this release, in good faith and believed by
Kneat to have a reasonable basis, they are subject to important
risks and uncertainties. As a result of these risks and
uncertainties, the events predicted in these forward-looking
statements may differ materially from actual results or events.
These forward-looking statements are not guarantees of future
performance, given that they involve risks and uncertainties. The
forward-looking information in this press release does not include
a full assessment or reflection of the unprecedented impacts of the
COVID-19 pandemic occurring since the first quarter of 2020 and the
ongoing and developing resulting indirect global and regional
economic impacts. This has resulted in significant economic
uncertainty and even though the company has to date experienced no
significant impact to its operations, any potential impact on our
future is difficult to understand or measure at this time. Kneat
does not undertake any obligation to release publicly revisions to
any forward-looking statement, except as may be required under
applicable securities laws. Investors should not assume that any
lack of update to a previously issued forward-looking statement
constitutes a reaffirmation of that statement. Continued reliance
on forward-looking statements is at an investors' own risk.
Neither the 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 kneat.com, inc.