Source: Benzinga

Zoomd: Zoomd Announces Preliminary Financial Estimates for Q4 2019 and Engages Corporate Communications Consultants

VANCOUVER, British Columbia, Feb. 14, 2020 /PRNewswire/ -- Zoomd Technologies Ltd. (TSXV:ZOMD) (https://www.zoomd.com/) and its wholly-owned subsidiary Zoomd Ltd. (collectively, "Zoomd" or the "Company"), announced today preliminary unaudited financial estimates for the fourth quarter ended December 31, 2019:Total revenue of US$7.5 million, in line with Q4 of last year and an increase of approximately 27.3% compared to Q3 of 2019Cost of sales and services of US$5.3 million, representing an increase of approximately 8.4% compared to the same period last year and 33.1% compared to Q3 of 2019Gross profit of US$2.2 million, representing a decline of approximately 16.7% compared to the same period last year and growth of approximately 15.3% compared to Q3 of 2019Adjusted EBITDA of US$(0.5) million, representing a decline of approximately 26.4% compared to the same period last year and 33.7% compared to Q3 of 2019Zoomd's total revenue improved in Q4 19' relative to Q3 19' as a result of Zoomd's efforts during the period to acquire new clients and generate more revenue from existing clients. Total revenue remained in line with Q4 18' primarily due to the fact that revenue from one of Zoomd's top 10 clients decreased relative to Q4 19' which offset some of the new revenue generated from the newly acquired clients in Q4 19'.Gross profit margins were consistent in Q4 19' with the first nine months of 2019 and lower than Q4 18'. The decrease in gross profit margins in Q4 19', as compared with Q4 18', was primarily due to lower profitability associated with the new clients acquired in 2019.During 2019, Zoomd continued its plans of global expansion that resulted in increases in its workforce, marketing and public relations related expenses. Compared with Q3 19', Zoomd's expenses increased in line with the noted expansion. Compared with Q4 18', expenses were flat, but when excluding the one-time bonuses that were paid in Q4 18', expenses increased, in line with the expansion plan."We are pleased to see that we were able to implement our strategy over the last quarter," says Zoomd CEO and co-founder Ofer Eitan. "We continued our plans of global growth, increases in HR and marketing expenses. Looking forward to increase market share through next year, we are building our AI proprietary technology to the level of creating absolute optimal, automated, media buying funnel from all digital media channels, targeting user acquisition first."Investor Relations AgreementsZoomd is also pleased to announce that it has entered into corporate communications / investor relations / online marketing agreements with each of Oak Hill Financial Inc. ("Oak Hill"), bull markets media GmbH ("Bull Markets") and Maximus Strategic Consulting Inc. ("Maximus") (each, an "Agreement", and each entity an "IR Firm").Under the terms of each Agreement, each IR Firm will assist Zoomd in working and communicating efficiently with the business community, including potential investors, journalists and newsletter writers as well as current shareholders to keep them informed and up-to-date on Zoomd's activities.The length of the Agreement with Oak Hill is three months (ending April 10, 2020, subject to an automatic renewal ...Full story available on Benzinga.com

Read full article »

Top Competitors or Alternatives

Missing a competitor? Contribute!

Annual Revenue
Employees
Amit Bohensky's photo - Founder & CEO of Zoomd

Founder & CEO

Amit Bohensky

CEO Approval Rating

81/100

Zoomd is a web based application that provides site search service. Read more