Premier Health Reports 2024 First Quarter Results
26 Februar 2024 - 10:59PM
Premier Health of America Inc. (TSXV:
PHA) (the
“
Corporation”), a leading Canadian Healthtech
company, announces it has filed its Unaudited Quarterly
Consolidated Financial Statements and MD&A for its first
quarter ended on December 31st, 2023.
Highlights |
|
|
|
(in thousands of Canadian dollars) |
Dec. 31, 2023(3 months) |
Dec. 31, 2022(3 months) |
Revenues |
36,973 |
|
21,576 |
|
Gross margin |
7,657 |
|
5,064 |
|
Gross margin as a % of revenues |
20.7 |
% |
23.5 |
% |
Adjusted EBITDA (1) |
2,622 |
|
1,504 |
|
Net Loss |
(231 |
) |
(376 |
) |
(1) See the
Corporation’s MD&A for details on this non-GAAP measure.
Summary
- Acquisition of Solutions Staffing
of British Columbia (“SSI”) and $50 million refinancing completed
on November 9th, 2023.
- Gross margin for the quarter at
20.7% in-line with our revised long-term target of 20%.
- Adjusted EBITDA for the quarter was
$2.6M ($1.5M for the same period in 2022), despite acquisition
costs of around $650K in the quarter and only 52 days of
contribution from SSI.
- Net Loss for the quarter was $0.2M
($0.4M for the same period in 2022); resulting from acquisition
costs and higher financing costs.
The first quarter of 2024 was marked by the
largest acquisition and refinancing PHA has completed so far. By
integrating SSI, not only the PHA group will almost double its
revenues and Adjusted EBITDA, but it also significantly improves
its geographical diversification within Canada. This is key to
ensuring organic growth and reducing revenue volatility. Our
existing agencies performed as expected during the quarter,
although CHCA suffered some slowdown while it prepares for the
operationalization of its new contract with Indigenous Service
Canada.
“We are proud of finalizing the acquisition of
SSI and refinancing transactions. As a coast-to-coast agency, we
are now stronger, more attractive for new candidates, and more
resilient to local headwinds. Our business model, digital platform,
and mobile app are perfectly aligned with the gig economy
framework. In that context there is still a lot of consolidation
possible in Canada and we are eager to pursue our growth outside
Quebec,” said Martin Legault, CEO of Premier Health. “The Quebec
market is evolving, and we still believe agencies will play a role
in the future state of its healthcare system. We need to be smart,
adapt, and use our scale to be competitive.”
More information can be found in the Company’s
quarterly financial statements and MD&A as available on
sedarplus.ca.
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 LiPHe 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. More detail
can be found in PHA’s Management Discussion and Analysis.
For Further Information Please
Contact:
Mr. Jean-Robert PronovostVice President Corporate
DevelopmentPremier Health of America
Inc.jrpronovost@premierhealth.ca / 1-800-231-9916 |
Mr. Guy DaoustChief Financial OfficerPremier Health of
America Inc.gdaoust@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 within the meaning of applicable securities legislation
which reflects the current plans and expectations of the
Corporation with respect to future events and financial
performance. All statements other than statements of historical or
current facts may be forward-looking information. Forward-looking
information includes statements that are predictive in nature,
depend upon or refer to future events or conditions, or include
words such as ‘believes’, ‘continues’, ‘expects’, ‘projects’,
‘anticipates’, ‘plans’, ‘estimates’, ‘seeks’, ‘intends’, ‘targets’,
‘forecasts’, or negative or grammatical versions thereof and other
similar expressions, or future or conditional verbs such as ‘may’,
‘will’, ‘should’, ‘would’ and ‘could’. Forward-looking information
in this press release includes, but is not limited to, statements
with respect to the execution of the Corporation’s growth strategy.
Forward-looking information is based on management’s plans,
estimates, projections, beliefs and opinions as at the date of this
release, and the assumptions related to those plans, estimates,
projections, beliefs and opinions may change; therefore, they are
presented for the purpose of assisting the Corporation’s security
holders in understanding management’s views at such time regarding
those future outcomes and may not be appropriate for other
purposes. Although the forward-looking information contained in
this release is based on assumptions which the Corporation believes
are reasonable, there can be no assurance that actual results will
be consistent with such forward-looking information. The
forward-looking information in this release relate only to events
or information as of the date on which the statements are made and,
except as specifically required by applicable securities laws, the
Corporation undertakes no obligation to update or revise publicly
any forward-looking information, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events. There can be no assurance that the
forward-looking information will prove to be accurate. 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.sedarplus.ca
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