VHI.TO Q4 2024 & Business Review Update

Mar 28, 2025

∙ Paid

Overall

Vitalhub continues its “up and to the right” operating performance all at low levels of business risk

Leading the pack amongst all Canadian listed software consolidators with organic growth on recurring revenue of 15% over the TTM period
Management remains bullish on 2025 outlook both in terms of organic free cash flow growth through further organic revenue growth and cost optimization on new acquisition plus a growing M&A pipeline which their balance sheet allows them to take advantage of
Can play offence to buy up weaker players that don't have their balance sheet or operating playbook to drive profitability
High predictability and profitability (recurring revenue model, sticky solution via high switching costs resulting in low customer churn) - As "recession proof" of a product as it gets (health tech to public health agencies)
Rock solid balance sheet with no debt and a war chest of Cash ($90M in Cash with $155M in total liquidity)
Positive demographic trends (i.e. aging population driving healthcare demand, public health agencies need tech to meet demand)
Founders and Board with skin in the game

Below I provide my thoughts on:

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