Healthcare Triangle, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Healthcare Triangle, Inc. has filed its 2023 10-K report, confirming compliance with SEC filing requirements.</b>

AI Summary

Healthcare Triangle, Inc. (HCTI) filed a Annual Report (10-K) with the SEC on March 18, 2024. Healthcare Triangle, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its principal executive offices are located in Pleasanton, CA. Healthcare Triangle, Inc. is registered under the ticker symbol HCTI on The Nasdaq Stock Market LLC. The company has confirmed it has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days. Healthcare Triangle, Inc. has submitted all Interactive Data Files required by Rule 405 of Regulation S-T electronically for the preceding 12 months.

Why It Matters

For investors and stakeholders tracking Healthcare Triangle, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Healthcare Triangle, Inc.'s financial performance and operational status for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's compliance, financial health, and strategic direction.

Risk Assessment

Risk Level: low — Healthcare Triangle, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure process.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Healthcare Triangle, Inc.'s performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240318 — Filing Date (Date the 10-K was filed)
• 001-40903 — SEC File Number (Commission file number for Healthcare Triangle, Inc.)
• 84-3559776 — IRS Number (IRS Employer Identification No.)

Key Players & Entities

• Healthcare Triangle, Inc. (company) — Filer of the 10-K report
• HCTI (company) — Ticker symbol for Healthcare Triangle, Inc.
• The Nasdaq Stock Market LLC (company) — Exchange where HCTI is registered
• Delaware (company) — State of incorporation
• Pleasanton, CA (company) — Location of principal executive offices
• December 31, 2023 (date) — Fiscal year end
• 2024-03-18 (date) — Filing date

FAQ

Industry Context

Healthcare Triangle, Inc. operates within the computer integrated systems design industry, providing services related to technology solutions.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into business strategy and future outlook.

Year-Over-Year Comparison

This is the initial 10-K filing analyzed for the fiscal year 2023, providing a baseline for future comparisons.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value HCTI The Nasdaq Stock Market
• $2.33 — 30, 2023, based on the closing price of $2.33 for shares of the registrant's common s
• $30B — sformation services market will grow to $30B by 2027 with 17.4% CAGR as per Absoluti
• $40B — care data science and analytics will be $40B by 2025 with a CAGR of 23.5% (3) . The
• $149B — e IT services market is estimated to be $149B by 2025 with a CAGR 11.7% as per Allied
• $555M — nt management market is estimated to be $555M by 2025 as per Market Data Forecast (5)

Filing Documents

• f10k2023_healthcare.htm (10-K) — 1175KB
• f10k2023ex4-4_healthcare.htm (EX-4.4) — 39KB
• f10k2023ex31-1_healthcare.htm (EX-31.1) — 9KB
• f10k2023ex31-2_healthcare.htm (EX-31.2) — 9KB
• f10k2023ex32-1_healthcare.htm (EX-32.1) — 4KB
• f10k2023ex32-2_healthcare.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 179KB
• image_002.jpg (GRAPHIC) — 138KB
• image_003.jpg (GRAPHIC) — 110KB
• image_004.jpg (GRAPHIC) — 77KB
• 0001213900-24-023562.txt (&nbsp;) — 8008KB
• hcti-20231231.xsd (EX-101.SCH) — 70KB
• hcti-20231231_cal.xml (EX-101.CAL) — 45KB
• hcti-20231231_def.xml (EX-101.DEF) — 333KB
• hcti-20231231_lab.xml (EX-101.LAB) — 593KB
• hcti-20231231_pre.xml (EX-101.PRE) — 334KB
• f10k2023_healthcare_htm.xml (XML) — 704KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Risk Factors

Item 1A Risk Factors 11

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 32

-C Cybersecurity

Item 1-C Cybersecurity 32

Properties

Item 2 Properties 33

Legal Proceedings

Item 3 Legal Proceedings 33

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 33 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 34

[Reserved]

Item 6 [Reserved] 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data F-1

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 47

Controls and Procedures

Item 9A Controls and Procedures 47

Other Information

Item 9B Other Information 47

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 47 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 48

Executive Compensation

Item 11 Executive Compensation 54

Security ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55

Certain Relationships and Related party Transactions, and Director Independence

Item 13 Certain Relationships and Related party Transactions, and Director Independence 57

Principal Accounting Fees and Services

Item 14 Principal Accounting Fees and Services 57 PART IV

Exhibit and Financial Statement Schedules

Item 15 Exhibit and Financial Statement Schedules 58 i NOTE ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors," contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involving substantial risks and uncertainties. The words "believe," "may," "will," "potentially," "plan," "could," "should," "predict," "ongoing," "estimate," "continue," "anticipate," "intend," "project," "expect," "seek," or the negative of these words, or terms or similar expressions conveying uncertainty of future events or outcomes, or that concern our expectations, strategy, plans or intentions, are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or expected. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements discussed under the heading "Risk Factors" and in our publicly available filings and press releases. These statements include, among other things, those regarding: our ability to continue to add new customers and increase sales to our existing customers; our ability to develop new solutions and bring them to market in a timely manner; our ability to timely and effectively scale and adapt our existing solutions; our dependence on establishing and maintaining a strong brand; the occurrence of service interruptions and security or privacy breaches and related remediation efforts and fines; system failures or capacity constraints the rate of growth of, and anticipated trends and challenges in, our business and in the market for our products; our future financial performance, includin

Business

Item 1. Business We are a Healthcare information technology company focused on advancing innovative industry-transforming solutions in the sectors of cloud services, data science, and professional and managed services for the Electronic Health Record (EHR), Healthcare and Life Sciences industry. Our approach leverages our proprietary technology platforms, extensive industry knowledge, and healthcare domain expertise to provide solutions and services that reinforce healthcare progress. Through our platform, solutions, and services, we support healthcare delivery organizations, healthcare insurance companies, pharmaceutical and Life Sciences, biotech companies, and medical device manufacturers in their efforts to improve data management, develop analytical insights into their operations, and deliver measurable clinical, financial, and operational improvements. We offer a comprehensive suite of software, solutions, platforms and services that enables some of the world's leading healthcare and pharma organizations to deliver personalized healthcare, precision medicine, advances in drug discovery, development and efficacy, collaborative research and development, respond to real world evidence, and accelerate their digital transformation. We combine our expertise in the healthcare technology domain, cloud technologies, DevOps and automation, data engineering, advanced analytics, AI/ML, Internet of things ("IoT"), security, compliance, and governance to deliver platforms and solutions that drive improved results in the complex workflows of Life Sciences, biotech, healthcare providers, and payers. Our differentiated solutions, enabled by intellectual property platforms provide advanced analytics, data science applications, and data aggregation in a secure, compliant and cost-effective manner to our customers. Our approach reinforces healthcare progress through advanced technology, extensive industry knowledge, and domain expertise. Our deep expertise in healthcare allo

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