New BioPharma Contracts Signed During Q3 2022 Valued at $12.8 Million
- Revenue recognition commencing in September to October timeframe.
- Average length of each program is approximately 12 months.
TORONTO, ON, March 29, 2022 – Think Research Corporation (TSXV:THNK) (“Think” or the “Company”), a healthcare technology company focused on transforming healthcare through knowledge-based digital health software solutions, is pleased to announce that BioPharma Services, Inc. (“Biopharma”) a Think subsidiary, has signed multiple new contracts in the third quarter worth approximately $12.8 million. The contracts span several health disciplines from neurology to oncology to gastrointestinal treatments. These project-based study contracts average approximately 12 months in duration. Revenue recognition from these deals has already commenced or is commencing imminently during the first month of Q4. Think’s Clinical Research solutions offered by Biopharma represent a significant component of Think’s broad offering of content, essential data services and software to clinicians everywhere across eight countries.
Sachin Aggarwal, CEO, Think Research said, “We are very pleased by the ongoing success that Biopharma is experiencing in the clinical research market. Although there were a few program delays experienced earlier this year in the segment, we are excited with the volume of wins during the quarter and with the certainty of project commencements. As a result, we have solid visibility on revenue recognition entering the fourth quarter. These contracts increase our confidence that we will attain our previously announced estimated revenue run-rate of between $84 million and $90 million annualized, and pro forma adjusted EBITDA annualized range of between $6 million and $9 million in the fourth quarter, which should come in at somewhere between $21 million and $22.5 million in total revenue.“
About BioPharma Services Inc.
BioPharma Services Inc. is a full-service Contract Research Organization (CRO) specializing in the conduct of Phase 1/2a and Bioequivalence clinical trials for international pharmaceutical companies worldwide. BioPharma Services has clinical research facilities both in the USA and Canada with a total capacity of 300 beds with access to healthy volunteers and special populations. Headquartered in Toronto, Canada, BioPharma’s comprehensive services also include Bioanalysis at our GLP Certified Laboratory, Scientific and Regulatory Affairs, Biostatistics and Safety Data Analysis (CDISC), Data Management and Medical Writing. For more information about BioPharma Services, please contact Ms. Anna Taylor, EVP of Commercial Operations at firstname.lastname@example.org
About Think Research Corporation
Think Research is an industry leader in delivering knowledge-based digital healthcare software solutions. The Company’s focused mission is to organize the world’s health knowledge, so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, and improve patient outcomes. For over a decade, Think’s cloud-based, EMR-agnostic digital tools have empowered clinicians around the world and positively impacted millions of patients across the continuum of care – including primary physician care, acute care hospitals and surgical suites as well as community and seniors’ care. Think is proud to serve as a trusted health system partner to a rapidly growing, global client base that spans five continents across more than 13,000 healthcare facilities, with a clinical audience of over 300,000 doctors, nurses and pharmacists. Visit: www.thinkresearch.com