Premier Health Provides a Corporate Update for Fiscal 2021
MONTRÉAL, Oct. 28, 2021 (GLOBE NEWSWIRE) — Premier Health of America Inc. (TSXV: PHA) (the “Corporation”), a leading Canadian Healthtech company, is providing a corporate update for its fiscal year ended September 30, 2021.
“This update is a way for us to accelerate the disclosure of certain key metrics before our full financial results are released after the completion of our annual audit.” noted Sylvain Charbonneau, Premier Health’s Chief Financial Officer.
Fiscal Year 2021 Guidance
Revenue is expected to be in the range of $65 million to $66 million while gross margin is expected to be in the range of 24.0% to 24.2%. Adjusted EBITDA is expected to be in the range of $5.6 million to $5.7 million. Weighted-average basic and diluted shares outstanding are expected to be approximately 50 million and 53 million, respectively. Please see the Corporation’s MD&A and Condensed Interim Consolidated Financial Statements for the nine-month period ended June 30, 2021, available on www.sedar.com, for definitions of and additional information on the Corporation’s use of non-IFRS measures and other key metrics.
Covid-19 Update
Canada has one of the highest vaccination rates globally (73.7%) and the situation is generally improving in most regions across the country. Accordingly, there is a gradual shift toward what is anticipated to be a post Covid recovering and planning period where regional healthcare systems will start adjusting to a new post pandemic reality. In Quebec, the Ministry of Health and Social Services issued directives related to the use of independent workforce, including a refocussing on agencies selected through a tender process conducted by a centralized government agency. We believe these directives will have a positive impact on the quality and cost of healthcare services delivery in the province in the context a well-structured environment. These directives also provide Premier Health with an enviable status since all its current contracts were awarded following similar tender processes.
“I am pleased that Premier Health has delivered excellent results for its first full year as a public company, especially given the challenges of integrating two important acquisitions in the context of the global Covid pandemic,” said Martin Legault, President and CEO of Premier Health. “Our fiscal year results are expected to exceed our 2021 budget and we are gaining momentum in the development of additional geographical markets in Canada through a number of acquisition targets we are currently in conversation with. I look forward to sharing our full financial results once the audit is complete in December.”
Non-IFRS Financial Measures
Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is calculated as the net income (loss), before non-cash expenses (including depreciation, amortization, and impairment of assets), interest expense, income tax expense and non-recurring expenses relating to the reverse acquisition of Premier Health of America Inc. and the related professional and listing fees.
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.
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.
