Premier Health Reports 44% Increase in Revenue for First Half of FY2020
20 Mai 2020 - 2:30PM
Premier Health of America Inc. (formerly known as Physinorth
Acquisition Corporation Inc.) (TSXV: PHA) (the
“
Corporation”), a leading Canadian Healthtech
company, announces it has filed its interim consolidated financial
statements and interim MD&A for its fiscal second quarter ended
March 31, 2020.
Summary
- 44% increase in revenue attributed to long-term contract
renewal, recent change in Quebec legislation, and increased number
of hours billed due to COVID-19.
- Increase in average gross margin to 24.7% attributed to more
efficient geographical allocation of resources and the accounting
of the full operational impact of the Excel Santé acquisition.
“The COVID-19 pandemic which has hit Canada hard
had a positive immediate impact on the company’s operations and
results as we worked together with various institutional
stakeholders to maximize the resources provided to the healthcare
system.” Said Martin Legault. “It is natural to feel concerned
about a return to normalcy, but our company is in an exceptional
position to execute its growth objectives.”
Second Quarter Results
Highlights
|
March 31, 2020(3 months) |
March 31, 2019(3 months) |
March 31, 2020(6 months) |
March 31, 2019(6 months) |
Revenues |
$4,929,790 |
$3,170,140 |
$8,293,948 |
$5,771,091 |
From last period |
+55.5% |
|
+43.7% |
|
Gross margin |
$1,285,980 |
$628,781 |
$2,045,585 |
$1,152,886 |
From last period |
+104.5% |
|
+77.4% |
|
EBITDA (1) |
$423,585 |
$153,204 |
$663,031 |
$315,748 |
From last period |
+176.5% |
|
+110.0% |
|
(1) Before non-recurring items |
|
|
|
|
Business Highlights
- In the course of the first two quarters of 2020 the Corporation
renewed the majority of its governmental contracts resulting in a
positive impact on long term revenue stability.
- Second quarter results were positively impacted by a
legislative change in the province of Quebec that had a permanent
impact on healthcare personnel salary levels.
- The increased activity level due to COVID-19 also had a
positive impact on the Corporation's revenues.
- Premier Health’s wholly owned subsidiary Excel Santé Inc. was
selected by the Quebec Côte-Nord CISSS ("CISSS") for the issuance
of a standing offer to provide temporary nursing services on their
territory.
- The Corporation increased the capacity of its 24/7 dispatch
centre to ensure efficient response times.
Financing Highlights
- In February 2020, the Corporation finalized a private placement
with the issuance of 5,834,435 units at $ 0.225 per unit, each
comprised of 1 common share of the Corporation and 1/2 warrant for
gross proceeds of $ 1,312,748.
- The Corporation’s credit facility was increased to $ 2,000,000
during the quarter for future working capital needs.
- The Corporation incurred non-recurring expenses of $1,102,515
comprised of shares exchanged on reverse takeover ($725,490) as
well as legal and broker expenses related to its private
placement.
Qualifying Transaction and Private
Placement
On February 25, 2020 the Corporation closed its
previously announced transaction (the “Transaction”) with 6150977
Canada Inc. and its subsidiary Excel Health Inc., 8961760 Canada
Inc. and 10544485 Canada Inc., a group of privately held Canadian
companies, doing business as Groupe Premier Soin (collectively, the
“GPS Entities”). The Transaction consisted of a reverse take-over
of Physinorth by the shareholders of the GPS Entities by virtue of
the Corporation acquiring 100% of the equity interest of the GPS
Entities in exchange for common shares of the Corporation (the
“Shares”). In connection with the Transaction, an aggregate of
28,000,000 Shares were issued to the shareholders of the GPS
Entities at a price of $0.25 per Share for total deemed value of
$7,000,000. The Transaction constituted the Corporation’s
“Qualifying Transaction”, as such term is defined in policy 2.4 of
the TSX Venture Exchange (the “Exchange”). In the context of the
Transaction, the Corporation changed its name from “Physinorth
Acquisition Corporation Inc.” to “Premier Health of America Inc.”,
ceased to be a Capital Pool Company and recommenced trading on the
Exchange as a Tier 2 industrial issuer under the symbol “PHA”, on
March 3, 2020.
About Premier Health
Premier Health is a leading Canadian Healthtech
company that provides a comprehensive range of staffing and
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 acquisition and transaction costs, non-cash expenses
(including loss from disposal of assets, impairments, amortization
and depreciation and stock-based compensation), interest expense,
net of interest income and income tax expense.
For Further Information Please
Contact:
Mr. Jean-Robert PronovostVice-President,
Corporate DevelopmentPremier Health of America
Inc.(formerly known as Physinorth Acquisition Corporation
Inc.)jrpronovost@premierhealth.ca / 514-581-1473
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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