MONTRAL, Feb. 23, 2022 (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 first quarter ended December 31, 2021.
Summary
- The Corporation had revenues of $18.4M for the 3-month period compared to $13.4M for the same period in FY2021, representing a 37.8% increase attributable to the consolidation of the Code Bleu and Solution Nursing acquisitions as well as organic growth.
- The 24.0% gross margin for the quarter was close to the Corporation’s 25% target.
- EBITDA(1) for the quarter was $1.5M compared to $1.3M for the same period in FY2021.
- Net income was $0.3M compared to $0.4M for the same period in FY2021.
“Our first quarter results and the indications we see in the sector enable us to expect a good level of revenue stability for the rest of year while we are investing in our capacity to manage a wider geographical footprint” Said Martin Legault, CEO of Premier Health.
First Quarter 2022 Results Highlights
| | December 31, 2021
(3 months) | December 31, 2020
(3 months) |
| Revenues | $18,415,719 | | $13,360,309 |
| From last period | +37.8% | | |
| Gross margin | $4,420,549 | | $3,237,493 |
| From last period | +36.5% | | |
| EBITDA (1) | $1,485,650 | | $1,310,344 |
| From last period | +13.4% | | |
| Net Income | $299,234 | | $433,946 |
| | -31.0% | | |
(1) Adjusted EBITDA before non-recurring items
Business Highlights
- The Corporation provided 239,772 hours of services during the quarter.
- Revenues were slightly below budget due to Omicron variant related absenteeism.
- EBITDA margin for the period was 8.1%, below our 9% to 10% normal range, due to increased management and technology expenses linked to a planned geographical expansion.
Healthcare workforce solutions
During the first quarter, the temporary increase in absenteeism related to the Omicron variant impacted mildly the Corporation’s overall revenues for the quarter that were nevertheless close to the management’s expectations. The Nordik business unit continued its organic growth steadily during the quarter with an increased deployment of resources in Northern Ontario, Northern Quebec, and James Bay. During the quarter, Premier Soin Nordik also signed contractual arrangements with 5 additional hospitals in Northern Ontario.
Non-ambulatory transport services
The Corporation is still experimenting Covid related supply chain issues resulting in new vehicles deliveries being postponed. However, services ramp up is in line with expectations in terms of number of transport segments and each transport performed represents a series of data points that helps the Corporation fine tune the transport business protocols to optimize its platform.
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 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.