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CYNERGISTEK, INC

cynergistek.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 15, 2022. Its latest SEC filing is a EFFECT from Sep 19, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Provides cybersecurity, privacy, and compliance services to healthcare organizations, regulated businesses, and companies serving healthcare.

How Did They Make Money?

Customers pay fixed fees for managed services as the work is provided under typically three-year contracts. Shorter consulting and professional-services projects bring in fixed fees over the project or charges for time and materials as the work is done.

FY2021 revenue

Who Were Their Customers?

Most customers are healthcare organizations and businesses serving healthcare. The company also serves customers in education, financial services, government, internet and media, and manufacturing.

Customers above 10% of revenue, FY2021
of revenue from one customer

Did Revenues Turn Into Profits?

No. It lost $2.2M in FY2021.

Operating income, FY2021
−38% of revenue
▼ −74% (Loss) vs FY2020 (−$23.4M, −124%)
Net income, FY2021
−14% of revenue
▼ −88% (Loss) vs FY2020 (−$18.5M, −98%)
Free cash flow, FY2021
−17% of revenue
▼ −26% (Loss) vs FY2020 (−$3.8M, −20%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q2 FY2022, the three months to Jun 30, 2022
Revenue
▲ +2%
vs $3.9M in Q2 FY2021
Net income
▲ +17551% (Loss)
vs −$46.9K in Q2 FY2021
  • Sep 1, 2022 Clearwater completed its acquisition of CynergisTek CynergisTek became a wholly owned subsidiary, and its shares were withdrawn from NYSE American.

Broader customer industries The older report described the business as focused primarily on healthcare and companies supporting it. The latest report says it also serves regulated fields including education, financial services, government, internet and media, and manufacturing.

Who Did They Compete With?

Competes with Deloitte, Dell Secureworks, Coalfire, Fortified Health Security, Meditology, Impact Advisors, First Health Advisory, and Clearwater Consulting

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