Fintech
Datametrex Reports a Record over $12.3 Million in Revenue in 2020 up 264% from 2019
Toronto, Ontario–(Newsfile Corp. – April 30, 2021) – Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the “Company” or “Datametrex”) is pleased to report that it has filed on SEDAR its consolidated financial statements and related management discussion and analysis for its year-end financial results for the year 2020.
In 2020, the Company recorded record revenue of $12,378,02, a 264% increase from 2019, and significantly improved its cash balance, up 1,648% from 2019. Adjusted EBITDA also improved significantly ($862,494) in 2020 compared to ($2,126,155) in 2019. This Adjusted EBITDA reflects the Company’s operations, not including non-cash items. The Company’s AI and Tech revenue also increased to $4,101,967 from $3,369,069 despite the pandemic situation.
The following is selected financial information for the twelve months ending December 31, 2020, along with comparative results. Please refer to the 2020 Filing in its entirety, which is available under Datametrex’s profile at www.sedar.com.
“The Company has made significant progress in strengthening its balance sheet and positioning Datametrex for incredible market growth anticipated by shifting health policy and regulation,” says Marshall Gunter, CEO of Datametrex. “We have entered 2021 coming off a record year in revenue of $12,378,024 with most of the revenue in Q3 and Q4 related to new COVID business, providing the Company enough capital to invest and focus on increasing its revenue pipeline while continuing to promote the opportunities in both AI and the healthcare sector and leveraging the fantastic businesses that have been added to Datametrex over the last two quarters.”
Financial Highlights for the Fiscal Year ending December 31, 2020:
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Revenue of $12,378,024 compared to revenue of $3,400,835 for FY 2019;
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Cash balance of $1,971,987 compared to a cash balance of $119,675 for FY 2019;
All figures are in Canadian dollars unless otherwise noted:
| FY 2020 | FY 2019 | % Change | |
| Total revenues | $12,378,024 | $3,400,835 | 264% |
| COVID-19 Test kits revenue | $8,276,057 | $0 | 100% |
| AI and Technology revenue | $4,101,967 | $3,369,069 | 22% |
| Income/Loss before income taxes | ($4,403,976) | ($3,191,710) | 238% |
| Net Income/Loss | ($5,006,276) | ($2,783,063) | 80% |
| Income per share – basic | (0.020) | (0.012) | 66% |
| EBITDA | ($3,605,388) | ($2,144,229) | 68% |
The following reconciles the net income EBITA and Adjusted EBITA (non IFRS):
| FY 2020 | FY 2019 | |
| December 31, 2020 | December 31, 2019 | |
| Net loss | ($5,006,276) | ($2,783,063) |
| Add: interest and accretion | $47,489 | $94,837 |
| Add: income tax provisions (recovery) | $602,300 | ($277,750) |
| Add: depreciation & amortization | $751,099 | $821,747 |
| EDITDA (non IFRS) | ($3,605,388) | ($2,144,229) |
| Add: share based compensation | $2,742,894 | $18,074 |
| Adjusted EDITDA (non IFRS) | ($862,494) | ($2,126,155) |
| FY 2020 | FY 2019 | Dollar Change | Percent Change | |
| Total Assets | $9,998,329 | $7,908,436 | $2,089,893 | 26% |
| Total Liabilities | $6,751,972 | $5,002,316 | $1,749,656 | 35% |
Fiscal 2020 Highlights and Subsequent Events
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The Company’s revenue increased by 264% in 2020 compared to 2019 bringing in over $12M in revenue.
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The Company sold over 23,700 onsite tests for the film industry at locations in Montreal, Toronto and Vancouver for the months of October through December 2020.
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The Company started testing services in Q4 to 6 production companies in Toronto and 11 production companies in Vancouver, administering approximately 6,000 tests per week.
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The Company has received $1.8 million from the exercise of share purchase warrants and options.
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The Company completed the second phase of a multi-phase R&D program through the Department of National Defence’s Innovation for Defence Excellence and Security IDEaS program.
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The Company renewed and expanded its current sales agreements on January 15, 2021, with LOTTE Global Logistics, LOTTE Duty-Free Shops, and LOTTE Home Shopping, LOTTE Super, collectively LOTTE, for technology services and maintenance.
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The Company remains a significant shareholder of Graph Blockchain (GBLC: CSE) owning approximately 25% of Graph, which has a market cap of over $46 M and $10 M in cash.
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The Company closed its acquisition of 100% of Concierge Medical Consultants Inc. in Q1, 2021.
Outlook
Despite a significant market slowdown due to the pandemic, the Company continued to improve its core business revenue in 2020. With the Company focusing its resources on expanding and improving its AI business in 2021, the Company expects to see significant growth in both its existing AI verticals and new verticals that the Company is exploring.
As the Company further integrates the medical concierge business, the Company sees a significant upside as the COVID-19 pandemic shows signs that point to more healthcare being administered at home.
Given the significant surge in the need for additional healthcare resources, establishing alternative healthcare options becomes critical. Datametrex understands that non-acute healthcare can mitigate exposing patients and their families to COVID-19. The Company is exploring deploying a variety of audio and video technology powered by its battle-tested AI technology to expand telemedicine services.
About Datametrex
Datametrex AI Limited is a technology-focused company with exposure to Artificial Intelligence and Machine Learning through its wholly-owned subsidiary, Nexalogy (www.nexalogy.com). Datametrex’s mission is to provide tools that support companies in fulfilling their operational goals, including Health and Safety, with predictive and preventive technologies. By working with companies to set a new standard of protocols through Artificial Intelligence and health diagnostics, Company provides progressive solutions to support the supply chain.
For additional information on Datametrex and other corporate information, please visit the Company’s website at www.datametrex.com.
For further information, please contact:
Marshall Gunter – CEO
Phone: (514) 295-2300
Email: mgunter@datametrex.com
Neither the TSX Venture Exchange nor it’s 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.
Forward Looking Statements:
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. In particular, there is no guarantee that the parties will successfully negotiate and enter into a definitive agreement on mutually acceptable terms or complete the Transaction in the manner contemplated herein, if at all, that the due diligence of any of the parties will be satisfactory, or that the parties will obtain any required board, shareholder, third-party and/or regulatory or other governmental approvals, if any. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
NON-IFRS FINANCIAL MEASUREMENTS
The Company has included non-IFRS performance measures throughout this press release, including (a) Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on change in fair value of the Company’s investment properties and the gain (loss) on change in fair value of derivative instruments; and (c) Book Value per Share which is calculated as equity attributable to Datametrex AI Limited shareholders divided by total common shares outstanding at the end of the reporting period. These non-IFRS financial measurements do not have any standardized meaning as prescribed by International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company’s financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income or any other financial measure of performance prescribed by IFRS. Reconciliation of non-IFRS measures has been provided throughout the Company’s MD&A, as applicable, filed under the Company’s profile on www.SEDAR.COM.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82576