Premier Health Reports FY2022 Third Quarter Results
25 August 2022 - 12:37AM
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 Management Discussion and Analysis for its
third quarter ended June 30, 2022.
Summary
- The Corporation had revenues of
$22.4M for the 3-month period compared to $18.6M for the same
period in FY2021, an increase mainly attributable to the
consolidation of recently acquired Canadian Health Care Agency
(“CHCA”) over part of the period.
- The 24.4% gross margin for the
quarter was close to the Corporation’s 25% target.
- EBITDA(1) for the quarter was $1.6M
compared to $1.3M for the same period in FY2021.
- Net income was $0.4M compared to
$0.1M for the same period in FY2021.
“We perceive divergences in provincial
healthcare policies and management strategies and see geographical
diversification as an important element of stability and organic
growth,” said Martin Legault, CEO of Premier Health. “We believe
our recent investments in management and technology infrastructures
will facilitate integration and leverage operations in other
provinces.”
Third Quarter 2022 Results
Highlights
|
June 30,2022(3 months) |
June 30,2021(3 months) |
June 30,2022(9 months) |
June 30,2021(9 months) |
Revenues |
$22,420,149 |
$18,636,277 |
$58,419,737 |
$48,999,944 |
From last period |
+20.3% |
|
+19.2% |
|
Gross margin |
$5,476,682 |
$4,474,060 |
$14,232,530 |
$11,822,534 |
From last period |
+22.4% |
|
+20.4% |
|
EBITDA (1) |
$1,585,647 |
$1,298,634 |
$3,538,095 |
$4,167,307 |
From last period |
+22.1% |
|
-15.1% |
|
Net Income |
$397,167 |
$79,410 |
($74,193) |
$851,863 |
|
+400.1% |
|
-108.7% |
|
(1) Adjusted EBITDA is defined below in non-IFRS
financial measures. |
Business Highlights
- The Corporation provided 254,377
hours of services during the quarter.
- The Corporation had revenues of
$22.4M representing an increase of $4.8M from the last quarter,
linked to the consolidation of the CHCA acquisition completed over
the period.
- Compared to the last quarter,
administrative expenses were stable over the period with an
increase in salaries and rent related to the consolidation of CHCA
that was counterbalanced by lower non-recurring expenses. This
translated in an adjusted EBITDA of $1.6M ($1.3M for the same
period in FY2021) and a net income of $0.4M ($0.1M for the same
period in FY2021).
Healthcare workforce
solutions
During the third quarter our Premier Soin
business unit’s revenue remained stable while Code Bleu’s business
unit revenues decreased by 5.7%. The decrease in revenue at Code
Bleu was mainly due to a temporary shift in the business mix during
the quarter as well as absenteeism, a situation previously
experienced by Premier Soin in the second quarter. Medical
personnel are in recuperation mode and we expect a soft summer in
terms of hours billed. This exodus of burnt-out health care workers
has led to a surge in temporary closure of emergency rooms in
Quebec and Ontario. Realisation of this situation by health care
authorities and decision makers in Quebec has led to the government
dropping some of the restrictions imposed by the ministerial orders
in 7 regions of Quebec, and special measures in Ontario as well.
Mandatory overtime is also targeted by nurse associations and
unions as a major cause of frustration for the healthcare
personnel. Taking all this into consideration, we expect an
eventual stabilization in hours billed in urban centers, but little
headway will be achieved before the fall provincial elections. Our
northern regions business units performed in line with our
expectations. Since the start of the fiscal year Premier Health
Nordik signed contractual arrangements with eleven hospitals,
mainly in Northern Ontario and we anticipate a positive impact of
these contracts on the revenues before year-end.
Acquisition of Canadian Health Care
Agency
We completed our first important acquisition
outside of the province of Quebec on April 19. Canadian Health Care
Agency is based in Cambridge, Ontario, and provides services in
Northern Ontario, Nunavut and Northern Manitoba. The acquisition of
CHCA starts our expansion outside of the province of Quebec and
consolidates our market position in Canada’s northern regions. CHCA
currently has over 200 active and specially trained Registered
Nurses and Nurse Practitioners in its organization. The Cambridge
based agency provides us with a good management infrastructure in
Ontario that will serve as a base to continue our expansion in this
province. This is a strategy we are expecting to follow in other
provinces as well. We anticipate over 25% of our revenues to be
generated outside of Quebec going forward.
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-IFRS Financial Measures
Adjusted EBITDA is a non-IFRS financial
measure and is defined as net earnings (loss) before finance costs,
income tax expense or benefit, and depreciation and amortization,
adjusted for share-based compensation, changes in fair value of
share warrant obligations, foreign exchange (gain) loss and other
non-recurring expenses.
For Further Information Please
Contact:
Mr. Jean-Robert PronovostVice-President,
Corporate DevelopmentPremier 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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