The digital mental health-care company reported $10.45 million in revenue for 2020, up from $4.75 million the year before. Net losses also increased, from $6.41 million to $10.17 million. (The Logic)
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The digital mental health-care company reported $10.45 million in revenue for 2020, up from $4.75 million the year before. Net losses also increased, from $6.41 million to $10.17 million. (The Logic)
Talking point: The earnings report is the first insight into the Toronto-based company’s financials since it went public on the TSX in December 2020. It raised $65 million in its IPO, debuting at $15 a share. The pandemic has spurred investor interest in virtual health-care providers. Montreal-based telemedicine firm Dialogue Health filed to go public last week, and medical-consultation platform Maple is also speculated to be planning an IPO after raising $75 million from Loblaw in the fall. MindBeacon’s surge in revenue and spending comes amid a sharp rise in demand for online mental health services in particular. Earlier this month, health-benefits provider Green Shield bought Inkblot, another startup in the space, in a deal that will give Inkblot the resources it needs to meet growing demand.
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