Premier Health Reports 2024 Second Quarter Results
23 Mai 2024 - 11:30PM
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 second
quarter ended on March 31st, 2024.
Highlights |
(in thousands of Canadian dollars) |
Mar. 31, 2024(3 months) |
Mar. 31, 2023(3 months) |
Mar. 31, 2024(6 months) |
Mar. 31, 2023(6 months) |
Revenues |
46,277 |
|
21,795 |
|
83,250 |
|
43,371 |
|
Gross margin (1) |
8,532 |
|
5,781 |
|
16,189 |
|
10,845 |
|
Gross margin as a % of revenues |
18.4 |
% |
26.5 |
% |
19.4 |
% |
25.0 |
% |
Adjusted EBITDA (1) |
2,576 |
|
1,936 |
|
5,198 |
|
3,439 |
|
Net Income (Loss) |
(1,531 |
) |
60 |
|
(1,762 |
) |
(316 |
) |
(1) See the
Corporation’s MD&A for details on these non-Gaap measures.
Summary
- First full quarter of contribution
from Solutions Staffing (“SSI”).
- Adjusted EBITDA for the quarter was
$2.6M ($1.9M for the same period in 2023), despite non-recurring
costs of $1.4M, as described below.
- Net Loss for the quarter was $1.5M
(income of $0.1M for the same period in 2023); resulting from the
same non-recurring costs and higher financing costs.
Although the second quarter of 2024 benefitted
from the first full quarter of contribution of SSI, it was also
affected by several one-time costs. First, the Corporation recorded
an additional amount of close to $0.5M in connection to the SSI
transaction and transition, and another $0.5M was incurred for
various legal fees. In addition, CHCA’s gross margin was adversely
affected by a delay in activating its new contract with Indigenous
Services Canada. Otherwise, the gross margins were in-line with
expectations for the other agencies for the quarter.
The government of Quebec is moving forward with
operationalizing Bill 10 and the new pricing is effective in April
of 2024. To compensate the expected lower margins, PHA will be
looking to increase its market share through more aggressive
marketing campaigns, capturing staff from failed low-tech
competitors, and capitalizing on its strong base and reputation. By
leveraging technology, we also aim to reduce operating costs and
streamline.
“Negotiations with the largest Quebec nurses’
union are still ongoing. The main roadblock remains the topic of
flexibility requested by the government. The good news is that
nurses who choose to work for staffing agencies like ours are
mostly looking for such flexibility. It is only a question of time
before the public system recognizes we are complementary.
Meanwhile, we will continue our expansion program outside of
Quebec,” said Martin Legault, CEO of Premier Health.
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. Gross
margin is either used as a number or a percentage. As a number, it
means Revenues minus direct costs. When used as a percentage, it
means the ratio of Revenues minus direct costs to Revenues. 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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