Premier Health Reports a 245% Revenue Increase For Its 2nd Quarter of 2021
Solutions Nursing generated revenues of approximately C$4.5M (EBITDA of C$0.6M) in 2020.\nPremier Health is a leading Canadian Healthtech company that provides a comprehensive range of outsourced services solutions for healthcare needs to governments, corporations, and individuals.
MONTRÉAL, May 21, 2021 (GLOBE NEWSWIRE) -- 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 MD&A for its second quarter ended March 31, 2021.
Summary
- The Corporation had revenues of $17.0M for the 3-month period ($30.4M for the 6-month period compared to $8.2M for the same period in 2020) attributable to the full consolidation of the Code Bleu acquisition and organic growth.
- The decrease in the average gross margin to 25.3% (26.1% for Q1-2020) resulted from a higher geographical concentration of the services rendered in urban centers.
- EBITDA(1) increased to $1.8M ($3.1M for the 6-month period compared to $0.9M for the same period in 2020).
- Net income was $0.8M ($1.5M for the 6-month period compared to ($0.6M) for the same period in 2020).
- The Corporation completed a $7,486,500 bought deal offering on February 22, 2021.
- The Corporation acquired Solutions Nursing on March 17, 2021.
“The March offering and the latest technology roll out puts us in a very enviable position to act as an aggregator in our market.” Said Martin Legault, CEO of Premier Health.
Second Quarter 2021 Results Highlights
| March 31, 2021 (3 months) |
March 31, 2020 (3 months) |
March 31, 2021 (6 months) |
March 31, 2020 (6 months) |
|||||||||
| Revenues | $17,003,358 | $4,929,790 | $30,363,667 | $8,293,948 | ||||||||
| From last period | +245% | +266% | ||||||||||
| Gross margin | $4,302,834 | $1,285,980 | $8,106,301 | $2,045,585 | ||||||||
| From last period | +235% | +296% | ||||||||||
| EBITDA (1) | $1,782,723 | $676,029 | $3,101,442 | $891,574 | ||||||||
| From last period | +165% | +249% | ||||||||||
| Net Income | $825,189 | ($783,815) | $1,540,833 | ($647,322) | ||||||||
(1) Adjusted EBITDA before non-recurring items
Business Highlights
- The integration of the Code Bleu acquisition is proceeding as planned.
- The Corporation provided 269,500 hours of services during the quarter.
- The Corporation technology roll out included an upgraded timesheet calculator module to track work shifts by minute increments in order to allow by-the-minute billing, AI functions in its calendar module for a better predictability of complex multiple work shifts allocation, as well as regional mobile applications exceptions automation features.
Financing Highlights
- The Corporation issued an aggregate of 7,130,000 common shares at a price of $1.05 per share for aggregate gross proceeds of $7,486,500 on a bought deal basis on February 22, 2021.
Acquisition of Solutions Nursing
Premier Health completed the acquisition of Solutions Nursing on March 17 for a total consideration of C$2.7M comprised of a $1.9M cash payment at the closing of the transaction and a $0.8M a deferred cash consideration payable over 2 years and subject to the achievement of EBITDA objectives. Solutions Nursing generated revenues of approximately C$4.5M (EBITDA of C$0.6M) in 2020.
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-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 Pronovost
Vice-President, Corporate Development
Premier Health of America Inc.
[email protected] / 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.
