Record preliminary fourth quarter results Ebitda Margin Acceleration Continues
Business Remains Robust Into Fiscal Q1 2021
CINCINNATI, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Protech Home Medical Corp. (the “Company” or “Protech”) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce record preliminary financial results for the fourth quarter of 2020, ending September 30, 2020.
Preliminary Financial Results - Quarter Ended September 30, 2020
- Revenue in the range of $26.1 million to $26.5 million. The Company experienced robust organic growth in the fourth quarter, however the reported CAD revenue amount was offset by a weakening of the US dollar relative the Canadian dollar by approximately 4%.
- Adjusted EBITDA in the range of $5.6 million to $6.1 million.
“We are extremely satisfied with the record preliminary financial performance in the fourth quarter and the foundation that has been built for continued aggressive growth in 2021 and beyond. It is the resilience of the entire team, whilst dealing with the impact of a global pandemic that allowed us to surpass our financial objectives in the fourth quarter and for the full year of 2020,” commented Greg Crawford, CEO and Chairman of Protech. “We have seen our sleep business pick up in the back half of the year, approaching levels seen early in 2020, and are optimistic the sleep business will return to and surpass pre-pandemic levels in 2021. As a whole, our business remains robust into our fiscal first quarter of 2021, our M&A pipeline is full, and we are well capitalized with our pristine balance sheet to capture the significant opportunities at our front door.
We are building a world class clinical respiratory organization focused on superior patient care, and I am extremely proud of the work by our team as evidenced in our strong results. Furthermore, we are proud to report there has been a surge in the usage of our tele-health platform, and we are proud to offer both remote and in-person options to our patients as it comes to the education of utilizing our equipment. We believe the need for in-home healthcare will only continue to accelerate across the country, and hospitals will continue to provide Protech with continued opportunity, and we are ready to capitalize. We felt it extremely important to continue to keep our shareholders apprised with our financial performance in real time. We look forward to sharing our full financial results and commentary in January.”
Chief Financial Officer, Hardik Mehta added, “Our record preliminary results speak to the continued operational execution across the organization. We have a strong interconnected platform that allows us to build our business organically and continue to lather on acquired businesses to the platform in a seamless fashion. Furthermore, the recent decision by CMS to not award competitive bidding contracts for any of the 13 product categories for Round 2021 is extremely bullish for our current business as it provides us with a significantly clearer outlook on the margin for our overall product mix. Our Adjusted EBITDA margins continue to exceed our expectations and we are extremely confident in our ability to continue with this trajectory.”
Protech provides home delivery and efficient online set-up of equipment for, primarily, chronic conditions. The Company operates out of 48 locations in 10 states with over 17,000 referring physicians and approximately 110,000 current active patients.