Intouch Insight Announces Record Revenue Growth For 2022
By: Sarah Beckett April 6, 2023
OTTAWA – Intouch Insight Ltd, (“Intouch” or “the Company”) (TSXV: INX) (OTCQX: INXSF) a leader in customer experience measurement solutions, today announced record financial results for the year ended December 31, 2022.
Key highlights for 2022
- Revenue increased 47% to $23,486,835 compared to $16,016,564 in 2021.
- Recurring revenue increased by 35% to $21,560,385 from $15,999,554 in 2021.
- Net Income increased to $609,864 compared to a loss of $315,413 in 2021.
- Adjusted EBITDA increased 33% to $2,227,275 compared to $1,668,401 in 2021.
- Gross margin decreased to 50.7% from 53.9% in 2021 due to the shift in product mix.
- SaaS revenues grew 21% organically, the seventh consecutive year of double-digit growth.
“We are proud to announce our best year ever of revenues. The Company’s strategy of product innovation and opportunistic acquisition was critical to our success in 2022. We also expect our SaaS business to continue its growth in line with our ongoing investment,” said Cameron Watt, President & Chief Executive Officer of the Company.
“Given the broader economic marketplace 2023 is going to present challenges and we are ready to tackle them head on. The Company is pleased with its sales pipeline and is confident in its ability to continue to secure new clients. Investments will continue and we expect to remain EBITDA positive in 2023 allowing us to continue to self-finance the development of our SaaS based software business from within the company,” said Watt.
Consolidated Statements of Operations
|Revenue||$ 23,486,835||$ 16,016,564|
|Cost of services||11,578,570||7,376,133|
|Total operating expenses||10,987,733||8,614,141|
|Earning (loss) from operating activities||920,532||26,290|
|Other earnings (expense)||(388,984)||(302,834)|
|Income tax recovery (expense)||78,316||(38,869)|
|Net income (loss)||$ 609,864||$ (315,413)|
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 continuously improve customer experience. 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 with respect to 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 set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. 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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Chief Financial Officer