MONTRÉAL, Dec. 22, 2022 (GLOBE NEWSWIRE) — Premier Health of America Inc. (TSXV: PHA) (the “Corporation”), a leading Canadian Healthtech company, announces it has filed its Audited Consolidated Financial Statements and MD&A for its fiscal year ended September 30, 2022.
Summary
“Fiscal 2022 was a challenging year in our primary market where we experienced revenue and margin volatility,” Said Martin Legault, CEO of Premier Health. “However, our acquisition in Ontario had an important diversifying impact and we expect to continue our geographical expansion.”
Fourth Quarter 2022 and FY2022 Results Highlights
September 30, 2022 (3 months) |
September 30, 2021 (3 months) |
September 30, 2022 (12 months) |
September 30, 2021 (12 months) |
|||||||
Revenues | $22,087,408 | $17,628,914 | $80,507,145 | $66,628,858 | ||||||
From last period | +25% | +21% | ||||||||
Gross margin | $5,851,053 | $4,431,674 | $20,083,583 | $16,254,208 | ||||||
From last period | +32% | +24% | ||||||||
EBITDA (1) | $2,221,965 | $1,734,773 | $5,760,059 | $5,902,079 | ||||||
From last period | +28% | -2.4% | ||||||||
Net Income | -$37,313 | $644,925 | -$111,507 | $1,496,788 | ||||||
(1) Adjusted EBITDA before non-recurring items
Business Highlights
Province of Quebec
2022 was a challenging year for our activities in Quebec. Over the period the Ministry of Health imposed a series of temporary directives and chronic changes in motus operandi for the use of independent work force that had a destabilizing effect on our industry in general. This translated into available nurses that could not be placed in a healthcare system that desperately needed them and a decrease in billable hours for nurse agencies active in the province. We expect a gradual return to normality in 2023, the most important aspect of it being a return to tender processes and long-term contractual relationships instead of OTC contracts with minimal intermediation and regulations in the province. We believe this will favour better organized agencies that offer a much lower risk profile and should also decrease the average cost paid by the Ministry of Health for this type of services.
Northern Regions
Our northern regions business units performed in line with our expectations. Contractual agreements in northern regions are gradually resuming as we move toward a return to normality. In the course the fiscal year Premier Health Nordik signed new contractual arrangements with eleven hospitals, mainly in Northern Ontario and was recently awarded a 2-year contract for an approximative value of $500,000. In parallel, Solutions Nursing has experienced a record level of registration for its extended role training program over the last quarters and this trend is not showing any signs of slowing down. We anticipate this growth in registrations and the increase in existing and potential contractual relationships to have a positive impact on future organic growth for our two specialized business units.
Canadian Health Care Agency
The Ontario agency was acquired in April and contributed to the company’s results for the last 5 months of the fiscal year. We now anticipate over 25% of our revenues to be generated outside of Quebec going forward. The integration of CHCA is going as planned with a solid and well-established management team. CHCA is an important service provider to the Federal Government and is also providing services to provincial entities namely in Manitoba and British Columbia.
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.
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