Akilithe company behind a video game-style prescription digital therapy for children with ADHD, reported an increase in third-quarter revenue to $702,000, up from $114,000 in the second quarter of this year, which the company attributes to its continued growth in adult ADHD. offering EndeavourOTC.
The company reported total operating expenses of $18.8 million for the third quarter, compared to $15.3 million in the second quarter of this year, and a net loss of $15.9 million in the third quarter , compared to $11.8 million in the second quarter.
Cash, short-term investments and cash equivalents were $86.3 million at the end of the third quarter.
“We are pleased with the early results of our previously announced strategic shift from a prescription to a non-prescription business model focused on EndeavourOTC,” Akili CEO Matt Franklin said in a statement. “We have submitted EndeavorOTC for FDA review and clearance as an over-the-counter medical product in the adult ADHD market and anticipate that these business model changes, combined with our new marketing efforts direct to consumers, will accelerate the path to profitability. “
Based in Canada Care booka SaaS provider of integrated digital health and wellness solutions for employers, providers, pharmacies and others, reported a 69% increase in revenue to $3.5 million in the third quarter, compared to $2.1 million in the second quarter of this year.
The company completed its first quarter with positive adjusted EBITDA of $0.1 million, compared to an adjusted EBITDA loss of $1.1 million in the second quarter of this year.
Carebook reported a net loss of $0.4 million, a 77% improvement over the loss of $1.7 million during the same period last year.
“We continue to execute on our business plan, completed several significant implementations so far during the year, and helped our customers onboard a significant number of users in the nine months ended September 30 2023, indicating that strong demand for health and wellness services continues to exist. ” said Michael Peters, CEO of Carebook, in a statement.
“We reached a new peak this quarter in terms of revenue and achieved positive adjusted EBITDA for the first time. We expect the trend of organic revenue growth to continue through the end of the year and we will continue to manage costs with the aim of minimizing cash burn. and increasing our profit margins in the months to come. We are on track to achieve adjusted break-even or better in fiscal 2024, establishing a solid foundation for long-term sustainable growth.
Home diagnostics business Health Index reported third-quarter total revenue of $17.5 million, but a net loss of $47 million and an adjusted EBITDA loss of $36.6 million.
The company reported a loss of $7.4 million in gross product profit and operating expenses of $60 million in the third quarter.
Nonetheless, the company said it ended the third quarter with $111.5 million in cash and cash equivalents and continues to operate debt-free.