Premier Health Reports 2024 Third Quarter Results
21 August 2024 - 11:00PM
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 third
quarter ended on June 30th, 2024.
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|
Highlights |
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
(in thousands of Canadian dollars) |
(3 months |
) |
(3 months |
) |
(9 months |
) |
(9 months |
) |
Revenues |
41,482 |
|
23,614 |
|
124,732 |
|
66,985 |
|
Gross margin (1) |
6,380 |
|
6,464 |
|
22,569 |
|
17,309 |
|
Gross margin as a % of revenues |
15.3 |
% |
27,3 |
% |
18.0 |
% |
25.8 |
% |
Adjusted EBITDA (1) |
367 |
|
2,715 |
|
5,565 |
|
6,154 |
|
Impairment of Goodwill |
5,500 |
|
- |
|
5,500 |
|
- |
|
Net Income (Loss) |
(8,452 |
) |
544 |
|
(10,214 |
) |
228 |
|
(1) |
See the Corporation’s MD&A for details on these non-Gaap
measures. |
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Summary
- Adjusted EBITDA for the quarter was
$0.4M ($2.7M for the same period in 2023), despite one-time costs
of $0.8M, as described below.
- Net Loss for the quarter was $8.5M
(income of $0.5M for the same period in 2023); resulting from the
same one-time costs, an impairment of goodwill and higher financing
costs.
The Per Diem segment was strongly impacted by
the implementation of Quebec’s Bill 10 during this quarter. As a
reminder, Bill 10 imposes capped tariffs and a series of
restrictions for using independent labor in Quebec. Main drivers
for the decrease were the government’s directives imposed onto
healthcare institutions to stop using independent labor, and the
lack of interest from professionals following a series of measures
affecting their compensation. Such measures included pay cuts,
elimination of overtime premiums and limited compensation for
travel and accommodations, all of which are direct consequences of
the new rules. As a result of lowered anticipations for that
segment, the Corporation recorded an impairment loss of goodwill in
an amount of $5.5M during this quarter.
The results were also affected by several
one-time costs. First, the Corporation recorded an additional
amount of $0.2M in connection with the Solutions Staffing
transaction and transition. Second, another $0.3M was incurred for
various legal fees. Finally, Code Bleu recorded an amount of $0.3M
owed under various Quebec administrative rules.
Solutions Staffing had a great quarter with a
total booking of 263,000 hours. CHCA’s new contract with Indigenous
Services Canada was activated at the end of April, so its gross
margin is recovering to historical levels. Over the next year we
will aim to accelerate organic growth in Ontario.
“Our acquisition of Solutions Staffing last
November will compensate for the lower volumes delivered by the Per
Diem segment. As we move through the current turbulences, we will
focus our efforts on the travel nurse segment and deploy cost
reduction initiatives. The largest Quebec nurses’ union collective
agreement has now been expired for more than 500 days. The main
roadblock remains the topic of flexibility; our business model is
exactly designed to address this. In time, the public system will
recognize 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 digital transformation of the
healthcare services sector, providing patients with faster, more
affordable, and more accessible care.
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 Pronovost Vice President Corporate Development
Premier Health of America Inc.
jrpronovost@premierhealth.ca / 1 800 231 9916 |
Mr. Guy Daoust Chief Financial Officer Premier Health of
America Inc. gdaoust@premierhealth.ca / 1 800 231
9916 |
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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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