Plus: Peloton’s earnings are even worse than expected.
The Healthtech Times is a weekly newsletter covering healthtech news from Canada and around the globe. Subscribe to H|T using the form at the bottom of this page to ensure you don’t miss out on the most important healthtech news every week!
Dialogue, LifeSpeak struggle to please shareholders with first quarter 2022 results (BETAKIT)
Like other tech stocks, healthtech stocks are currently circling the toilet, despite Canadian firms posting slightly robust first quarterly earnings. Dialogue Health Technologies and LifeSpeak Inc. both posted earnings reports for the first quarter of 2022.
Peloton’s earnings are even worse than expected (TECHCRUNCH)
All eyes are on new CEO Barry McCarthy, who took over for embattled co-founder John Foley back in February. “Turnarounds are hard work,” McCarthy wrote, opening the company’s shareholder letter on a suitably somber note. “It’s intellectually challenging, emotionally draining, physically exhausting, and all consuming. It’s a full contact sport.”
Think Research posts record 438 percent revenue increase in Q4 2021 following acquisitions (BETAKIT)
The Toronto-based healthtech firm disclosed its Q4 and full-year 2021 earnings, sharing that it pulled in $19.1 million in revenue in the fourth quarter—a 438 percent rise compared to the same period in 2020. The company’s net loss in Q4 was $7.6 million, an improvement relative to the $13.1 million it lost during the fourth quarter of 2020.
AbCellera stock sells off despite posting record revenue on brisk sales of COVID-19 antibodies (THE GLOBE AND MAIL)
AbCellera said after the close of market Tuesday that it generated US$316.6-million of revenue in the first quarter, compared with US$375.2-million in all of 2021. All but 3 per cent of revenue was derived from royalties on sales by Eli Lilly & Co., its partner in taking their jointly developed COVID-19 antibodies bamlanivimab and bebtelovimab to market.
POWERED BY INVENTURES CANADA:Gamechanging Health
Learn, share and be inspired by the startups, entrepreneurs, policy makers and thought leaders who are transforming the global healthcare space as they explore the latest breakthroughs at Inventures, June 1-3 in Calgary.
Health innovation is occurring at an increasingly rapid pace in Canada and around the world, with technology leading the way. Faced with the rising cost of acute healthcare, an aging population and changing citizen expectations, policymakers, healthcare providers and taxpayers alike are seeking new ways to deliver services and achieve better outcomes.
Reserve your pass now!
Nicoya acquires University of Toronto spinout LSK Technologies to bolster testing capabilities, expedite product roadmap (THE GLOBE AND MAIL)
The deal represents Nicoya’s first acquisition to date. LSK, which was spun out of the University of Toronto (U of T), claims to offer “lab-quality testing without the lab.” The financial terms of the transaction, which will see Nicoya acquire LSK’s team, tech, and customers, were not disclosed.
Nowhere to grow: Canada’s biotech sector is booming, but a lack of lab space has some companies looking south (THE LOGIC)
Artisan Bio wasn’t meant to be a Canadian company. When CEO Ryan Gill launched the cell-engineering firm in 2019, he imagined his chief development officer, Nick Timmins, would soon relocate from his Toronto home base to the firm’s headquarters in Louisville, colo. Instead, Timmins convinced Gill to establish a permanent office in Canada, where they could hire from the deep local pool of health and engineering talent.
Consumer telehealth and wellness brand Hims & Hers ups 2022 revenue outlook driven by strong Q1 growth (FIERCE)
Hims & Hers is a telehealth company that sells prescription and over-the-counter drugs online as well as personal care products. The company started with four products and has since added a women’s health business, called Hers, that focuses on birth control, sexual health and skin and hair care products.
Cyno secures $2.3 million seed round to bolster virtual care for employees (BETAKIT)
The financing also saw participation from existing strategic angels and experienced tech-sector entrepreneurs and executives, though Cyno declined to disclose the investors’ identities.
Osmind scores $40M investment to aid in mental health research and treatment (MEDCITY NEWS)
Meeting the growing mental health need has meant not only offering new treatments but putting more resources into studying the effectiveness of existing medications and therapies. That requires collecting lots of data to fill in gaps in research, which is a primary focus of Osmind—a San Francisco-based startup led by scientists, technologists and psychiatrists.
You shouldn’t feel you have to delete your period-tracking app if Roe v. Wade is overturned — but you should know the risks, expert says (INSIDER)
The round was led by London-based venture capital firm Novator Ventures, with additional participation from Wellington Partners, Asabys Partners, and Frumtak Ventures, and a US-based strategic investor that will be revealed at a later stage.
Subscribe to The Healthtech Times
Don’t forget to subscribe to The Healthtech Times using the form below to make sure it hits your email inbox every week!