Symbility Solutions Reports Record Revenue for the Second Quarter of 2017

TORONTO, Aug. 29, 2017 /PRNewswire/ - Symbility Solutions Inc. ("Symbility" or the "Company") (TSX.V: SY), a global software company focused on modernizing the insurance industry, today announced financial results for the second quarter ending June 30, 2017.

"We are pleased to report yet another quarter of record-breaking revenue, making this the fifth consecutive quarter of growth and our strongest quarter of revenue to date," said James Swayze, CEO of Symbility Solutions. "All three of our operating segments have realized solid organic growth within existing accounts, and new contracts globally. The resources added to our Artificial Intelligence initiative, plus the launch of our consumer-facing products in Canada and the UK market will lead to accelerated adoption of our complete suite of solutions in the coming quarters."

SECOND QUARTER FINANCIAL RESULTS

• Consolidated revenue for the second quarter of 2017 ended June 30, 2017 was $9.8 million compared to $8.7 million in the same period in 2016, an increase of 13%. Consolidated revenue for the six months ended June 30, 2017 was $19.1 million compared to $16.6 million in the same period in 2016, an increase of 15%.
  
  
• The Company reported an Adjusted EBITDA of $0.39 million in Q2 2017 compared to an Adjusted EBITDA of $0.29 million in Q2 2016, an increase of 36%. Adjusted EBITDA for the six months ended June 30, 2017 was $0.03 million compared to Adjusted EBITDA of ($0.27) million in the same period in 2016, a decrease in loss of 110%.
  
  
• The Company had a loss per share² of ($0.00) in the second quarter of 2017 compared to a loss per share of ($0.00) in the second quarter of 2016. The Company had a loss per share of ($0.01) for the six months ended June 30, 2017 compared to a loss per share of ($0.01) in the same period in 2016.
  
  
• The Company had a cash balance of $6.8 million as at June 30, 2017 compared to a cash balance of $8.0 million as at December 31, 2016.
  
  
• Net loss for the second quarter of 2017 was ($0.90) million compared to net loss of ($0.72) million in the same period in 2016. Net loss for the six months ended June 30, 2017 was ($2.03) million compared to net loss of ($2.24) million in the same period in 2016, a decrease in loss of 9%.

SELECTED FINANCIAL INFORMATION

INVESTOR CONFERENCE CALL 

Symbility will host a live webcast and conference call Tuesday, August 29, 2017, at 4 p.m. Eastern time to discuss these results. All interested parties are welcome to join the live webcast, which can be accessed at  https://event.on24.com/wcc/r/1491521/55E0B6D86B5C99A4DF483C7B5E5E5E45. Participants may also join the conference call by dialing toll free (888) 231-8191 or (647) 427-7450 for international participants. A replay of the webcast will be available on Symbility's website. 

ABOUT SYMBILITY

Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property and health industries, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY™ brings smarter thinking to property insurance. Symbility HEALTH™ helps benefits professionals build their brands and businesses. Our strategic services team, Symbility INTERSECT™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. With our three segments pushing industries forward, Symbility proves that change for the better is entirely possible.  symbilitysolutions.com

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This press release may contain forward-looking statements with respect to the Company, its products and operations and the contemplated financing.  These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations, and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Annual Information Form of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.

This press release should be read in conjunction with Company's consolidated financial statements and related notes, and management's discussion and analysis for the quarter ending June 30, 2017, copies of which can be found at www.sedar.com.

Neither 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.

All trade names are the property of their respective owners.

SOURCE Symbility Solutions Inc.

Related Links

www.symbilitysolutions.com