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Jun 30, 2022
Digital Ally Q2 2022 Earnings Report
Digital Ally's revenue increased significantly due to recent acquisitions and growth in legacy product lines.
Key Takeaways
Digital Ally reported a 275% increase in total revenues for the second quarter of 2022 compared to the same period in 2021. The growth was driven by recent acquisitions, particularly in the revenue cycle management segment, and increased interest in the company's legacy product lines.
Total revenue increased by 275% compared to Q2 2021.
Gross profit increased by 36.3% compared to Q2 2021.
Revenue cycle management segment generated $2,120,738 in service revenues.
Contract liabilities (deferred revenue) increased by 39% from December 31, 2021 to June 30, 2022.
Forward Guidance
The company anticipates further revenue increases in 2022 and beyond, driven by Nobility Healthcare and TicketSmarter, while cautiously pursuing new business opportunities.
Positive Outlook
- Further increases in revenues are expected for 2022 and beyond, attributable to Nobility Healthcare.
- TicketSmarter's acquisition proved to be accretive to revenues in the first six months of 2022.
- TicketSmarter added five very exciting partners to its vast partnership network.
- Enthusiasm around the steady success within our revenue cycle management operating segment.
- Numerous acquisitions of medical billing companies demonstrate that our roll-up strategy is effective and attractive to potential targets.
Challenges Ahead
- The Company is proceeding cautiously given the current environment and future uncertainties.
- The Company reported an operating loss of ($6,661,252) for the three months ended June 30, 2022.
- The overall cost of sales as a percentage of overall revenues to 82% for the three months ended June 30, 2022 from 49% for the three months ended June 30, 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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