<div>
  <ul>
    <li>
      <p>
        MindBeacon, a Canadian digital mental health platform, reported a net loss per share of CAD 0.18 (USD 0.14) in Q3 2021, missing analyst estimates by CAD 0.03 (USD 0.02). Despite widening net losses, it reported revenue growth of 66% YoY to CAD 5.2 million (USD 4.1 million) for the quarter, mainly attributable to the significant increase in revenue from asynchronous therapist-assisted internet-based cognitive behavioral therapy (iCBT) (up 92% YoY).
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        Increased market penetration and uptake in asynchronous services by per-case and subscription-based customers supported the revenue growth for the quarter. MindBeacon delivered 9,281 asynchronous cases (up 131% YoY) and 10,078 synchronous sessions (up 20% YoY) in Q3 2021.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        MindBeacon&rsquo;s adjusted gross margin for Q3 2021 deteriorated by 500 bps to 44% due to nearly doubled client care costs amid higher asynchronous therapist-assisted iCBT volumes and expansion of its clinical capacity. Adjusted EBITDA losses widened further to CAD 3.1 million (USD 2.5 million) as a result of increased administrative, sales and marketing, and recruitment costs related to scaling up its operations.&nbsp;
      </p>
    </li>
  </ul>
  <p>
    &lt;ul&gt;&lt;li&gt;Following the acquisition of 
    <a href="https://sp-edge.com/sectors/health-and-wellness/updates/6409">
      Harmony Healthcare
    </a>
     and the deployment of a US-based sales force in Q4 2021, MindBeacon expects US-based revenue to account for a significant portion of its total revenue in 2022. The company also reported that CloudMD plans to acquire MindBeacon for a purchase price of CAD 116 million (USD 93 million).&lt;/ul&gt;
  </p>
</div>


<div>
  <p>
    <a href="https://www.newswire.ca/news-releases/mindbeacon-announces-third-quarter-2021-financial-results-826754383.html">
      Canada Newswire
    </a>
  </p>
  <p>
    <a href="https://betakit.com/cloudmd-to-acquire-mindbeacon-in-a-116-million-deal/">
      BetaKit
    </a>
  </p>
</div>


Mental Health Tech

MindBeacon records strong revenue growth in Q3 2021

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

All Updates

MindBeacon records strong revenue growth in Q3 2021

CloudMD to acquire MindBeacon for CAD 116 million

CloudMD to acquire MindBeacon for CAD 116 million

MindBeacon completes Harmony Healthcare acquisition