Premier Health Reports a 78% Increase In Revenue for FY2020
18 Dezember 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 consolidated financial
statements and MD&A for its fiscal year ended September 30,
2020.
Summary
- The Corporation achieved a 78.5%
increase in revenue attributable to long-term contract renewals,
changes in Quebec legislation, and an increased number of hours
billed following the optimization of resources allocation.
- The increase in the average gross
margin to 27.5% from 22% resulted from a more efficient
geographical distribution of services rendered.
- The EBITDA(1) increased by 144% to
$2,1M.
- The Corporation completed a major
acquisition subsequently to the September 30, 2020 results.
“2020 was a period of many important milestones
that we achieved while navigating through unprecedented times and I
say with confidence that we surpassed our initial objectives.” Said
Martin Legault, CEO of Premier Health. “These strong results and
our recent major acquisition put us on an exceptional growth
trajectory for 2021.”
FYE2020 Results Highlights
|
September 30, 2020(12
months) |
September 30, 2019(12
months) |
Revenues |
$ |
20,739,973 |
|
$ |
11,617,783 |
From last period |
|
+78.5 |
% |
|
Gross
margin |
$ |
5,712,190 |
|
$ |
2,554,955 |
From last period |
|
+123.6 |
% |
|
EBITDA
(1) |
$ |
2,120,630 |
|
$ |
868,408 |
From last period |
|
+144.2 |
% |
|
|
(1) Adjusted EBITDA before
non-recurring items
Business Highlights
- During the year ended September 30,
2020, the Corporation provided 328,670 hours of services compared
to 193,140 for the same period in 2019.
- Limitation of healthcare personnel
movement between facilities to minimize cross contamination risks
resulted in a stabilization of demand for personnel and a decrease
in the weekly volatility of personnel placement.
- The impact of earlier renewal of
governmental contracts and legislative changes in the province of
Quebec continued to influence the results positively.
- The increase in activity level due
to COVID-19 is expected to continue beyond 2021.
Financing Highlights
- Subsequent to September 30, the
Corporation’s financed the acquisition of Code Bleu with a $10M
term loan and increased its credit facility to $4M for general
corporate purposes.
Completion of Acquisition of Code
Bleu
Premier Health completed the previously
announced Code Bleu acquisition on November 6 for a total
consideration of C$17 million. The acquisition was financed by a
$10M five year term loan bearing interest at prime rate plus 1.55%,
the issuance of 6,521,740 common shares of the Corporation at $0.69
per share and a $2.5M balance of sale subject to performance
objectives. Code Bleu is a prominent Quebec agency employing
nurses, caregivers, dental staff and other health-related
personnel. Code Bleu’s mission is to offer its various public and
private partners with quality, efficient and safe services provided
by its highly qualified staff. For the year ending December
31, 2019, Code Bleu generated revenues of approximately C$29.3M, an
EBITDA of C$3.9M and a net income of C$2.8M.
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 non-recurring items such as 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 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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