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MediaValet Reports 2016 Third Quarter Net Loss of $1.4 Million
Wednesday, December 7, 2016Company Profile | Follow Company
Vancouver, BC, December 7, 2016--(T-Net)--MediaValet, Inc. (TSX VENTURE: MVP), a provider of cloud-based digital asset management software, reported its third quarter results for 2016.
Summary of Quarterly Results (Unaudited) | |||||||||
3 months ended Sept 30'16 |
3 months ended Sept 30'15 |
9 months ended Sept 30'16 |
9 months ended Sept 30'15 |
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Annual Recurring Revenue | $ 1,481,764 | $ 908,299 | |||||||
% Increase | 63% | ||||||||
Revenue | $ 364,244 | $ 304,913 | $ 957,261 | $ 705,325 | |||||
% Increase | 19% | 36% | |||||||
Gross Margin | $ 292,805 | $ 221,294 | $ 731,020 | $ 467,076 | |||||
Gross Margin % | 80% | 73% | 76% | 66% | |||||
Operating Expenses | $ 1,494,992 | $ 972,593 | $ 4,399,766 | $ 2,537,234 | |||||
% Increase | 54% | 73% | |||||||
EBITDA | $ (1,202,187) | $ (751,299) | $ (3,668,746) | $ (2,070,158) | |||||
Net loss | $ (1,393,091) | $ (851,295) | $ (4,182,421) | $ (2,348,558) | |||||
Loss per share | $ (0.02) | $ (0.01) | $ (0.05) | $ (0.04) | |||||
Total assets | $ 858,415 | $ 1,983,878 | |||||||
Deferred Revenue | $ 942,072 | $ 410,171 | |||||||
Long-term Debt | $ 1,250,000 | Nil | |||||||
Commentary from MediaValet CEO
"Q3'16 marked another record quarter for MediaValet as our sales, marketing and product development teams continued to deliver on our go-to-market strategy," commented David MacLaren, founder & CEO of MediaValet. "Throughout the quarter we deepened our reach into specific geographic markets, we expanded our industry direct campaigns, and we continued to invest in product development, innovation and third party integrations."
"Over the last 4 quarters, since adding sales and marketing and launching our 'best-of-breed' product integration strategy, we've seen an average of 62% growth, quarter-over-quarter, in the net new adds to our annual recurring revenue," added Mr. MacLaren. "Our sales and marketing teams are doing an exceptional job of identifying and closing opportunities, while our product development team is consistently increasing our win rate with each new product innovation and third party integration."
Continued Mr. MacLaren, "We have a tremendous amount of momentum today and it keeps building month-over-month. Before year end we'll launch several new product innovations that we feel will further set us apart from existing DAM systems and bring us closer to the expectations of tomorrow's DAM users."
Third Quarter Fiscal 2016 Highlights:
Highlights subsequent to quarter-end:
Outlook
With the increasing productivity of the sales and marketing team, the impactful milestones being achieved by the product development team, and the Company's strong customer retention rate, management intends to maintain its current level of investment and continue implementing its growth strategy with a focus on optimizing excess capacity in the Company's current operating structure. While some variable costs such as cost of revenue and sales commissions will increase with revenue, management believes it has sufficient infrastructure and staff to continue growing revenues throughout 2017 without materially increasing operating costs.
MediaValet's full financial statements and related MD&A are now available on SEDAR.
About MediaValet, Inc.
MediaValet stands at the forefront of the cloud-based digital asset management industry. Built exclusively on Microsoft Azure and available on 34 highly secure and hyper scalable data centers around the world, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting-edge technology, exceptional product design, and unlimited friendly customer service are at the core of MediaValet's DNA -- ensuring exceptional customer and user experiences are delivered at all times.
"Neither the TSX Venture Exchange nor its 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."
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