Results Driven by a Significant Increase in New Customers and a Rapid Expansion in Product Adoption from Existing Customers and Partners
BOSTON, November 2, 2021 – Censinet, a leading provider of risk management solutions for healthcare, announced a record-setting third quarter and year-to-date results. Driven by continued risks to patient safety, data, and care operations – as well as a dramatic increase in industry reliance on third-party products and services – Censinet experienced a record number of new customers, increased license and module expansion with existing customers, and continued network adoption by healthcare vendors.
“We continue to experience both new healthcare customer growth and deployment expansion with existing customers, all driven by the industry’s increase in overall risks and ongoing pressure to do more with fewer resources,” said Ed Gaudet, CEO and Founder at Censinet. “Our third-quarter performance reflects the growing trend for healthcare CIOs and their teams to manage cybersecurity as enterprise risk, transform operations through automation, and consolidate tools and resources for higher performance, better visibility, and more efficient outcomes.”
Key Censinet Milestones During Q3 2021:
- ARR Growth – For the quarter ending September 30, 2021, annual recurring revenue (ARR) grew 104% and 89% over the previous year’s quarter and year to date, respectively.
- NRR Increase – Net Revenue Retention (NRR) increased to 139% for the quarter ending September 30, 2021, over the previous year resulting from increases in customer adoption of new products and capabilities.
- New Products – During the quarter, Censinet released a significant expansion of its Censinet RiskOps platform with the formalized introduction of intelligence and workflows that address the cybersecurity requirements of healthcare research, including research overseen by an Institutional Review Board (IRB). The IRB review process puts a strong focus on protecting human subjects but often neglects the risks associated with how subject data is managed. Censinet augments the IRB review process, ensuring that patient data is secured appropriately and that each study has appropriate measures in place for data protection.
- Industry Thought-leadership and Recognition – During Q3, the Company released ground-breaking research, The Impact of Ransomware on Healthcare During COVID-19 and Beyond, with the Ponemon Institute, which for the first time quantified the impact of cybersecurity attacks such as ransomware on patient safety and care operations. The study and Company executives were quoted by leading national and healthcare news outlets, including the CBS Nightly News, Becker’s Health, and Healthcare IT News.
- Leadership Updates – Censinet added healthcare industry and cybersecurity veteran Chris Logan as Senior Vice President and Chief Security Officer to the Censinet executive leadership team and renowned healthcare system CIO Eric Yablonka to the Company’s Advisory Board.
For more information, please visit censinet.com.
Censinet, based in Boston, MA, enables healthcare organizations to take the risk out of their business with Censinet RiskOps™, the first and only cloud-based exchange that integrates and consolidates enterprise risk management and operations capabilities across critical clinical and business areas. RiskOps builds upon the Company’s foundational success with third-party risk management (TPRM) for healthcare. Censinet transforms healthcare risk by increasing productivity and operational effectiveness while eliminating risks to care delivery, data privacy, and patient safety. Find out more about Censinet and its RiskOps platform at censinet.com.