Vigil Health Solutions Inc. announced the results for the fiscal year and the fourth quarter, ending March 31, 2020. Vigil Health Solutions is a seniors’ housing solution company engaged in delivering a technology platform that combine software and hardware to offer comprehensive solutions to the seniors’ housing market.
Vigil Health Solutions reported the revenue of $4.61 million, a 25% decline as compared to $6.19 million in fiscal 2019. Its net loss before income taxes was $0.547 million, as compared to earnings before income taxes of $437 thousand in fiscal 2019. The company reported Sales bookings of $5.22 million, a 6.7% decrease as compared to the Sales bookings of $5.60 million in fiscal 2019. The gross margin for financial year 2020 remained 55% as compared to 53% during financial year 2019.
The US-based Seniors’ housing solutions company also reported the financial and operation results for fourth quarter of the FY 2020. It reported the revenue of $1.04 million for the fourth quarter, a 22% decline as compared to $1.34 million of the same quarter in the year ended March 31st, 2019. Company’s Sales bookings for the quarter were $1.22 million as compared to Sales bookings of $1.31 million during the same period of 2019.
The quarterly net loss for the fourth quarter was $89 thousand as compared to $15 thousand earnings before income taxes reported for the fourth quarter of 2019. Gross margin percentage remained 55% as compared to 53% during same quarter of 2019.
Vigil Health Solutions Inc. President and CEO Troy Griffiths said, “We are honored to be servicing an industry that is so critical to the health and safety of seniors especially following the declaration of the COVID-19 global pandemic. I am particularly grateful to our team and the flexibility they have shown during these unprecedented times.”
The company started working with the suppliers in January to overcome the anticipated interruptions in the supply chain and then early in March it moved most of the employees to remote work. While it has a small team on site related to the manufacturing, shipping and IT support who proceeded the delivery of products to customers. Throughout this global crisis our priority has been the health and wellbeing of our staff, customers, and the seniors we all serve.
Mr. Troy Griffiths says that according to the recent industry research, the long term fundamentals of senior housing are strong despite the existence near term challenges because of COVID-19 crisis. He added, “Vigil has a strong balance sheet, solid project backlog, exceptional technology and a world class team which positions us well for the future.”