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Kovo HealthTech forecasts 30% year-over-year organic growth in 2022

Published: 09:53 24 Jan 2022 EST

Kovo HealthTech Corporation - Kovo HealthTech Corporation forecasting 30% year-over-year organic growth in 2022
Kovo's focus in 2022 is to create synergies from previous acquisitions while leveraging its technology platform to add top and bottom-line efficiencies

Kovo HealthTech Corporation (TSX-V:KOVO) has said it is forecasting 30% year-over-year organic growth for its initial 2022 guidance.

The company said it anticipates pro forma revenues of C$15 million (US$12 million) with adjusted EBITDA expected to be in the range of 10%. 

Kovo added that its focus in 2022 is to create synergies from previous acquisitions while leveraging its technology platform to add top-line and bottom-line efficiencies.

"In 2021, Kovo accomplished our public listing in June and quickly completed two, immediately accretive acquisitions,” said CEO Greg Noble in a statement. “Because Kovo executed well on our acquisitional and financial strategy, we've met our 2021 guidance goals and have now hit a milestone where the company is generating consistent, ongoing revenues.”

He added: “In 2022, Kovo is focused on accelerating our momentum through organic growth and accretive acquisitions.”

Kovo specializes in Billing-as-a-Service offering SaaS-style recurring revenue contracts and software for more than 1,700 US healthcare providers. The company helps healthcare providers digitally track and manage complex patient care registration, services, billing, and payments in a seamless way, using its proprietary OneRev technology platform. 

Currently, through its clients, Kovo processes billing transactions for more than 3.5 million patients. By offering effective billing practices and technology through long-term SaaS-style contracts, Kovo helps healthcare practitioners get paid so they can focus on offering quality care.

The company posted 94% year-over-year revenue growth in the quarter ending September 30, 2021.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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