Toronto, Ontario–(Newsfile Corp. – April 16, 2021) – LevelJump Healthcare Corp. (TSXV: JUMP) (“LevelJump” or the “Company”), a Canadian leader in B2B telehealth solutions, is pleased to announce today its reported financial results for the year ended December 31, 2020. All amounts are expressed in Canadian dollars.
Financial and Operational Highlights
2020 Financial Results
Subsequent to the Year End
After the year end the Company onboarded a new client which is expected to increase revenues by up to 10% on an annualized basis.
The Company issued 169,444 shares for proceeds of $30,500 for options and warrants that were exercised. The Company as well issued 125,000 shares and warrants to its attorney in exchange for $37,500 in legal fees.
The Company incorporated Leveljump Technologies Inc. in order to progress on its business plan for identifying and acquiring new medical technologies.
Leveljump listed its warrants from the concurrent financing with the QT on the TSXV under the symbol JUMP.WT
One-time Outlook for 2021
The Company has set several goals for 2021, including but not limited to; increasing the Company client base to increase trailing twelve-month revenues by the end of 2021 to $10 million annually, completing the Company’s changeover in new software systems, which began in 2020, to reduce operating costs and improve gross margins, and to continue working on the Company’s changeover in radiologist billing margins to 25% from 20%. The above goals would have a net estimated result of trailing twelve-month financial numbers of a total $10 million in Company revenue, $2.2 million in gross margin and approximately $1.1 million in EBITDA. Additionally, the Company has added an Advisory board in 2020 with the goal of finding suitable acquisitions for the Company.
Management Comments
“In the midst of the pandemic, we had a very exciting year in terms of growth, increased revenue and going public onto the TSXV”, said Mitch Geisler CEO. “We were able to navigate through a tough second quarter due to COVID-19 and still have increased revenue and profitability for 2020. This represents the fifth consecutive year over year revenue growth for our operations. The Company went public and retired its royalty obligations which will enhance our net cash flow in the coming years. Operations continue to thrive as more hospitals are looking to utilize services like CTS that emphasize remote healthcare for optimum patient care without delay. With a strong balance sheet and nearly no debt, the Company is well positioned for further growth. We have selected a new PACS supplier that will ultimately lead to decreased expenses and we have begun a new arrangement with radiologists joining the company that will increase gross margins.”
Non-IFRS Financial Measures
This news release contains financial terms (such as adjusted EBITDA) that are not considered in IFRS. Such financial measures, together with measures prepared in accordance with IFRS, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company’s determination of these non-IFRS measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-IFRS measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS. These financial measures are included because management uses this information to analyze operating performance and liquidity.
Adjusted EBITDA & Annual Revenue Run Rate
Management believes adjusted EBITDA is a useful supplemental measure to determine the Company’s ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes.
EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA as EBITDA, plus stock-based compensation expense, restructuring, fair value adjustments, listing expense and transaction costs, impairment and finance income.
A reconciliation of adjusted EBITDA to net income (loss) is as follows:
Three Months ended December 31 |
Year ended, December 31 |
|||||
($ in thousands) | 2020 | 2019 | 2020 | 2019 | ||
Net income (loss) and comprehensive income (loss) | (11,668) | (50) | (11,563) | 106 | ||
Add back: | ||||||
Depreciation and amortization | 8 | 12 | 33 | 60 | ||
Net interest expense | 153 | 12 | 202 | 180 | ||
Stock-based compensation | 68 | – | 68 | – | ||
Misc and foreign exchange | 36 | – | 36 | – | ||
Bad debt | – | 32 | – | 32 | ||
EBITDA | (11,404) | 6 | (11,224) | 378 | ||
Add back: | ||||||
One time transaction costs | 546 | – | 546 | – | ||
Listing Expense | 8,750 | – | 8,750 | – | ||
Professional Fees related to Listing | 191 | – | 211 | – | ||
Royalty Buyout | 2,000 | – | 2,000 | – | ||
Adjusted EBITDA | 83 | 6 | 283 | 378 |
For further details on the results, please refer to Leveljump’s Management, Discussion and Analysis and Consolidated Financial Statements for the year ended December 31, 2020, which are available on the Company’s website (www.leveljumphealthcare.com) and under the Company’s profile on SEDAR (www.sedar.com).
About LevelJump Healthcare
Leveljump Healthcare Corp., (TSXV: JUMP) is building a national medical diagnostic imaging company and brand, primarily by providing teleradiology (remote radiology) services to its client hospitals and imaging centers. Additionally, JUMP plans to expand through the acquisition of independent healthcare facilities focused on diagnostic imaging as well as acquiring new disruptive imaging technologies.
ON BEHALF OF THE BOARD OF DIRECTORS OF
LEVELJUMP HEALTHCARE CORP.
Mitchell Geisler, Chief Executive Officer
info@leveljumphealthcare.com
(833) 840-2020
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80698
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