VIQ Reports Second Quarter Revenue Growth and Provides Operational Update
VIQ Solutions Inc.
Aug. 28, 2018
TORONTO, Aug. 28, 2018 (GLOBE NEWSWIRE) -- VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture: VQS), a global expert providing a highly secured and protected technology for digital evidence capture, content management, and artificial intelligence, today reported financial results for the three and six months ended June 30, 2018. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (“IFRS”).
“We are pleased to report continued revenue growth for the quarter,” said Sebastien Paré, President and CEO of VIQ. "We experienced new customer wins, but also, importantly, we are excited to see existing customers transitioning from conventional license and support models to our new SaaS platform. Customers are truly gaining understanding of the benefits and are moving to take advantage of NetScribe and aiAssist’sTM enhanced functionality.”
aiAssistTM and NetScribe – our new transformative products – are progressing to commercial development on plan. Our cognitive artificial intelligence allows customers to unlock the value of all the content captured and stored by our core products. We successfully contracted two international customers to deploy NetScribe as their end to end platform. Full implementation is expected before year end.
“These advancements are critical for VIQ as our newly expanded artificial intelligence fulfills new and existing customer needs. VIQ now positions as an end to end solution provider differentiating us materially from competitors. Customer acceptance of our transformative products combined with our ongoing SaaS transition continues to strengthen VIQ’s recurring revenues and market presence,” Mr Paré added.
Q2 2018 Highlights
-- Revenues increased 2.6% to $3.3 million from $3.2 million in Q2 2017. -- Significant development efforts continued on our new artificial intelligence product aiAssistTM, ensuring on track development and accelerated new revenue generation from this transformative initiative in the second half of 2018. -- Formed new implementation team strictly focused on NetScribe and aiAssistTM. The team consists of documentation/transcription experts with extensive industry experience. -- Phase 2 of The United Kingdom’s Ministry of Justice upgrade has started with the initial pilot site demonstrating the latest features and advanced security added to the VIQ platform. -- Several large existing clients have signed multi-year agreements transforming from standard licensing to our new SaaS offering and expanded services. -- Spark & Cannon, VIQ’s Australian based reporting and transcription services division, was awarded a major new contract with the Victoria Police for secure police recordings transcription. -- Launch of MobileMic, our first ai Smartphone app available on the Google Play and Apple App Stores, providing studio-quality recording functionality, with the power of artificial intelligence to generate professional grade automated transcriptions and document creation for professionals who require an end to end mobile solution. -- Further expansion of Bosnia and Herzegovina Courts recording and transcription services. -- Botswana National Assembly and Seychelles Supreme Court recording and transcription installations. -- New installation at another Canadian medical institute further enhancing training capability, quality assurance and process improvement teams.
Conference call to Discuss Second Quarter 2018 Results
The Company will hold a conference call to discuss Q2 2018 results. The call will consist of a brief update by VIQ President and CEO Sebastien Paré, followed by a question period. Interested parties can participate in the conference call.
The call will be held on Thursday, August 30th at 16:00 ET. Participants are welcome to join the conference call by dialing 1-855-223-2840 within North America or 1-647-788-4945 outside of North America five to ten minutes prior to the scheduled start time. The conference ID is 1899625 “VIQ Solutions Second Quarter Earnings Call.”
A telephone replay will be available beginning on August 30th at 18:45 ET. To access the replay, please dial in 1-855-859-2056 and follow the prompt with the passcode number 1899625.
The unaudited second quarter 2018 condensed interim consolidated financial statements and results of operations and Management’s Discussion and Analysis of Results and Financial Condition for the three and six months ended June 30th, 2018 will be posted on SEDAR’s website at www.sedar.com. The financial information included in this release is qualified in its entirety and should be read together with the unaudited second quarter 2018 condensed interim consolidated financial statements and the audited consolidated financial statements for the year ended December 31, 2017, including the notes thereto.
Certain statements included in this news release constitute forward looking statements or forward looking information under applicable securities legislation. Such forward looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this news release include, but are not limited to, management’s targets for the Company’s growth in 2018, as well as the size, scope, and timing of the implementation of projects currently in the pilot phase.
Forward looking statements or information is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the Company’s recent initiatives, and that sales and prospects may provide incremental value for shareholders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ and described in the forward looking statements or information. These risks and uncertainties may cause actual results to differ materially from the forward looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.
About VIQ Solutions Inc.
VIQ is the leading technology and service platform provider for digital evidence capture and content management. Our secure modular software allows customers to onboard the VIQ platform at any stage of their organization's digitization, from the digital capture of video and audio to online collaboration, mobility, data analytics and integration with sensors, facial recognition, speech recognition and case management or patient record systems. VIQ's technology leads the industry in security, meeting the highest international standards for digital/cyber security and privacy, including military and medical regulations.
Our solutions are used in over 20 countries with tens of thousands of users in more than 200 government and private agencies including law enforcement, immigration, medical, legal, insurance, courts, transportation and transcription service providers. VIQ also provides end-to-end transcription services to several large government agencies through our Australia-based reporting and transcription partners. VIQ operates worldwide with partners like security integrators, audio-video specialists, and hardware and data storage suppliers. For more information about VIQ, please visit www.viqsolutions.com.
For further information: Peter Kostandenou, Chief Marketing Officer, VIQ Solutions, (905) 948-8266 ext. 213, email: email@example.com.
For more information about VIQ, please visit www.viqsolutions.com.
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