TORONTO, Feb. 22, 2017 /CNW/ - Symbility Solutions Inc. ("Symbility" or the "Corporation") (TSX.V: SY), a global software company focused on modernizing the insurance industry, is pleased to announce fiscal 2017 Guidance. In 2017, the Corporation estimates that it will generate revenue in the range of $40 million to $42 million. This revenue growth is expected to generate Adjusted EBITDA1 in the range of $2 million to $3 million. The Corporation also expects to have positive cash flow.
"The momentum we created in 2016 saw Symbility sign some significant new contracts in North America and Europe; plus, entry into Australia, which lead to revenue growth beyond our original expectations," commented James Swayze, CEO of Symbility Solutions. "Considering our continued expansion in pipeline opportunities and the ongoing momentum in our sales cycles, we are confident that we can maintain our revenue growth rate in this range while generating sufficient operational leverage to achieve a positive Adjusted EBITDA margin."
1 Adjusted EBITDA is a non-IFRS measure and is calculated as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock-based compensation, and other non-recurring gains or losses including transaction costs related to acquisition and restructuring cost. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons. Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation or as a substitute for net earnings (loss) prepared in accordance with IFRS as issued by IASB. All other financial measures referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated otherwise.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release may contain forward-looking statements with respect to the Corporation, its products and operations and the contemplated financing. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Corporation discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations, and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Annual Information Form of the Corporation which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Corporation and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Corporation has no obligation to update such statements.
Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property and health industries, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY™ brings smarter thinking to property insurance. Symbility HEALTH™ helps benefits professionals build their brands and businesses. Our strategic services team, Symbility INTERSECT™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. With our three segments pushing industries forward, Symbility proves that change for the better is entirely possible. symbilitysolutions.com
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SOURCE Symbility Solutions Inc.
For further information: James R. Swayze, Chief Executive Officer, (647) 775-8603, [email protected]; Blair R. Baxter, Chief Financial Officer, (647) 775-8608, [email protected]; Lucy De Oliveira, Global Marketing Director, (647) 775-8607, [email protected]; Babak Pedram, Investor Relations, (416) 644-5081, [email protected]