Premier Health Reports Strong 3ʳᵈ Quarter Results
MONTRÉAL, Aug. 26, 2021 (GLOBE NEWSWIRE) — Premier Health of America Inc. (TSXV: PHA) (the “Corporation”), a leading Canadian Healthtech company, announces it has filed its Condensed Interim Consolidated Financial Statements and MD&A for its third quarter ended June 30, 2021.
Summary
- The Corporation had revenues of $18.6M for the 3-month period ($49.0M for the 9-month period compared to $13.8M for the same period in 2020) attributable to the consolidation of the Code Bleu and Solution Nursing acquisitions as well as organic growth.
- The decrease in the average gross margin for the quarter to 24.0% resulted from a reclassification of travel expenses in the Nordik division.
- EBITDA(1) for the quarter was $1.3M ($4.2M for the 9-month period compared to $1.5M for the same period in 2020).
- Net income was $0.6M ($2.2M for the 9-month period compared to ($0.2M) for the same period in 2020).
- The Corporation started its non-ambulatory transport services in June.
“We expect a good level of stability in demand for our services over what is anticipated to be a 12 to 24 months post-COVID recovery period.” Said Martin Legault, CEO of Premier Health.
Third Quarter 2021 Results Highlights
| June 30, 2021 (3 months) |
June 30, 2020 (3 months) |
June 30, 2021 (6 months) |
June 30, 2020 (6 months) |
||||||||
| Revenues | $18,636,277 | $5,509,006 | $48,999,944 | $13,802,954 | |||||||
| From last period | +238 | % | +255 | % | |||||||
| Gross margin | $4,474,060 | $1,503,024 | $11,822,534 | $3,548,609 | |||||||
| From last period | +198 | % | +233 | % | |||||||
| EBITDA (1) | $1,309,833 | $544,995 | $4,210,809 | $1,513,669 | |||||||
| From last period | +140 | % | +178 | % | |||||||
| Net Income | $636,841 | $398,252 | $2,177,675 | ($171,970 | ) | ||||||
(1) Adjusted EBITDA before non-recurring items
Business Highlights
- The integration of the Solution Nursing acquisition is proceeding as planned.
- The Corporation provided 277,800 hours of services during the quarter.
- The Corporation is completing a long-term technology roadmap exercise with the objective to perform a thorough analysis of its current platform’s performance and existing features to identify future development axes.
Consolidation of Solutions Nursing
Premier Health completed the acquisition of Solutions Nursing at the end of the last quarter on March 17 for a total consideration of C$2.7M. The Corporation is completing its 100-day integration cycle and have been able to align Solution Nursing’s operations with Nordik’s general strategic direction providing for a wider spectrum of available personnel.
Launch of non-ambulatory transport services
The Corporation started its transport division operations in June following the award in March 2021 of two long-term contracts representing an estimated 28,000 transport segments per year. Expenses related to the launch of the service put temporary pressure on the Corporation’s consolidated EBITDA but revenues for the division will be consolidated for a full quarter in the 4th quarter of the current fiscal year.
About Premier Health
Premier Health is a leading Canadian Healthtech company that provides a comprehensive range of outsourced services solutions for healthcare needs to governments, corporations, and individuals. Premier Health uses its proprietary PSweb platform to lead the healthcare services sector digital transformation to provide patients with faster, cheaper and more accessible care services.
Non-GAAP Measures
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), is calculated as the net profit (loss), before non-recurring items excluding acquisition and transaction costs, non-cash expenses (including loss from disposal of assets, impairments, amortization and depreciation), interest expense, net of interest income and income tax expense.
For Further Information Please Contact:
Mr. Jean-Robert Pronovost
Vice-President, Corporate Development
Premier Health of America Inc.
jrpronovost@premierhealth.ca / 1 800 231 9916
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Corporation’s common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Corporation assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. These factors and others are more fully discussed in the filings of the Corporation with Canadian securities regulatory authorities available at www.sedar.com.
