VitalHub Corp.

The thesis

Metrics profile

This profile describes the company's characteristics. It contains no assessment of whether the share is over- or undervalued.

Fundamentals

Business model

Software for patient flow, waiting lists, scheduling and case management across health and social care. The company reports over 1,300 clients and over 700 employees; it publishes no more precise figures.

The revenue model is predominantly recurring: term licences, maintenance and support came to **CAD 24,542,042 in the second quarter of 2026, or 77% of revenue** — against 83% in the prior-year quarter. The balance splits across virtual care (CAD 2,282,218), perpetual licences (CAD 808,087), services (CAD 3,829,895) and hardware (CAD 226,869).

⚠️ **What the company does NOT publish matters as much to a software valuation as what it does.** There is no net revenue retention, no gross retention, no churn percentage, no customer acquisition cost, no cohorts and no disclosure of customer concentration. We searched the interim report to 30 June 2026 expressly: the terms do not appear. What exists instead is the *"Organic net of churn"* line in the ARR bridge — the closest thing to a retention measure, but not the same thing.

Acquisition is the engine: most recently **Buddy Healthcare** of Finland, closed on 10 July 2026 for around CAD 13.4 million in cash plus 75,000 shares, with earnouts of up to EUR 4.5 million over two years. Pro forma ARR after that acquisition is given as around CAD 106.0 million.

Balance sheet

As at 30 June 2026: cash of CAD 70,518,120 plus short-term investments of CAD 65,990,454, **CAD 136,508,574** in total. **No borrowings** — the interim report states that the company is in compliance with all covenants and has no debt outstanding. Undrawn are a CAD 5,000,000 operating line and a CAD 60,000,000 revolving facility.

Lease liabilities of CAD 2,864,349; contingent consideration from acquisitions of CAD 4,332,220.

⚠️ **The composition of equity deserves a second look.** Goodwill of CAD 110,789,356 plus intangibles of CAD 87,148,025 gives CAD 197,937,381 against equity of CAD 274,216,208 — **72%**. That is the balance-sheet counterpart of growth by acquisition. Amortisation of those intangibles was CAD 6.5 million for the half, up 94%, and is precisely the item that separates net income from adjusted EBITDA.

On operating cash flow for the half — CAD 18,278,260 against CAD 5,260,514 a year earlier — the composition repays attention: it includes **+CAD 15.6 million from the increase in deferred revenue** and −CAD 15.1 million from the increase in receivables. Without those working-capital movements, conversion would be materially lower.

Dilution

⚠️ **First, an identifier trap that comes before any analysis.** Two ISINs circulate for VitalHub. The valid one is **CA92847V5018 / WKN A2PXTX**. The equally findable CA92847V1058 / WKN A2H9MS is the identifier **before the 10:1 consolidation** effective 6 January 2020, and it still appears on several German portals today. Anyone searching the wrong one is comparing prices from two different arithmetics.

The share count rose from 52,619,817 at 31 December 2024 to 63,339,153 at 30 June 2026 — **up 20.4% over eighteen months**, through equity raises funding the acquisitions. At 28 July 2026 it was 63,414,163.

Outstanding are 3,602,241 options at an average of CAD 5.80, of which 2,383,269 are vested. Fully diluted that gives around 66.9 million shares; the company publishes no single figure for it, and deferred share units exist in addition whose number is not broken out.

As a counterweight, a buyback of up to 3,170,708 shares, or 4.99%, was announced on 6 August 2026, running from 11 August 2026 to 10 August 2027 at a maximum of 89,910 shares a day.

Valuation

We currently publish no fair value and no recommendation. The framework that applies to this sector is set out here: Methodology.

Key metrics

Peer group

SWOT

Chart

Catalysts

• Q1 2027 Break clause in a UK contract

  On the second-quarter 2026 analyst call, management referred to customers who had suspended use during the quarter and to a break clause in the first quarter of 2027. ⚠️ These remarks come from a third-party transcript, not from a company document.

• end of March Attend Anywhere renewal

  According to management, 85 to 90% of those renewals fall at the end of March — a single product with renewal concentrated in one month. ⚠️ Likewise from a third-party transcript.

• ongoing Buyback programme

  Up to 3,170,708 shares from 11 August 2026 to 10 August 2027, at most 89,910 a day. A counterweight to the dilution of the last eighteen months.

• open Further acquisitions

  The increase in recurring revenue comes predominantly from acquisitions. Without new ones, reported growth falls back to the organic rate.

Risks

• Reported growth and organic growth differ by a factor of three. The ARR bridge has reported the "Organic net of churn" line between 2% and 5% per quarter for eight quarters, around 10% year on year, while reported revenue rose 33% in the quarter and 59% across 2025. The difference is acquisitions. For the Rule of 40 that means 59 or 36 depending on which growth figure you use — and that choice falls to the reader, not the company, because it does not publish the metric itself.
• The company publishes no retention metrics. Neither net revenue retention nor gross retention, neither churn as a percentage nor customer acquisition cost nor cohorts. We searched the interim report to 30 June 2026 expressly. For a software business those are the measures from which the quality of growth could be read.
• Goodwill and intangibles, at CAD 197,937,381, make up around 72% of equity of CAD 274,216,208. Amortisation of them rose 94% to CAD 6.5 million for the half and is precisely the item separating net income from adjusted EBITDA. An impairment of those balances would be non-cash but would hit equity directly.
• The share count rose from 52,619,817 at 31 December 2024 to 63,339,153 at 30 June 2026, up 20.4% over eighteen months. The acquisitions have been funded in part through equity raises. The buyback running since 11 August 2026 works against that but covers at most 4.99%.
• Operating cash flow is less robust than the figure suggests. Of the CAD 18,278,260 for the half, +CAD 15.6 million comes from the increase in deferred revenue, offset by −CAD 15.1 million from the increase in receivables. Without those working-capital movements, conversion would be materially lower.
• There is a risk in the UK health service that management itself has raised: customers who had suspended use during the quarter, a break clause in the first quarter of 2027, and a reduction in recurring revenue on one product. ⚠️ These remarks come from third-party transcripts of analyst calls, not from any document published by the company. We reproduce them as such.
• There is scope for confusion over the identifier. The valid one is ISIN CA92847V5018 / WKN A2PXTX; the equally findable CA92847V1058 / WKN A2H9MS is the identifier before the 10:1 consolidation of 6 January 2020 and still appears on several German portals. Price series drawn from the two are not comparable.
• The recurring share of revenue has fallen from 83% to 77%. The company itself calls that revenue a strategically important source because of its predictability; a six-point fall year on year is therefore worth noting, even if it may stem from the acquisition mix.

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