HAMILTON, Ontario, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Agility Health, Inc. (TSXV: AHI) (“Agility Health” or the “Corporation”), a leading provider of orthotics, prosthetics and foot care services in Canada, today reported its financial results for the second quarter ended June 30, 2018. All amounts are expressed in U.S. dollars unless indicated otherwise.

The complete financial results for Agility Health are available at www.sedar.com. Highlights include:

Financial and Operating Highlights for Second Quarter 2018

• On April 11, 2018, Wayne D. Cockburn was appointed acting Interim Chief Executive Officer and Robert Herr, a board member since 2013, was appointed Chairman of the Board of Directors.
   
• For the three months ended June 30, 2018, the Corporation had a loss from continuing operations of $900,533 compared to a loss of $1,431,452 for the same period in 2017.
   
• Cash was $549,762 (including restricted escrow cash) at June 30, 2018, a decrease of $271,941 since December 31, 2017.
   
• Accounts receivable were $692,151 at June 30, 2018, a decrease of $6,893,489 since December 31, 2017. The decrease is mainly due to the disposition of the Corporation’s US assets in February 2018.
   
• Total assets were $7,793,041 at June 30, 2018, a decrease of $21,354,539 since December 31, 2017. The decrease is mainly due to the disposition of the Corporation’s US assets in February 2018.
   
• The lines of credit were $1,518,800 at June 30, 2018, a decrease of $3,892,606 since December 31, 2017. The decrease is a result of the repayment of the Gemino line of credit with proceeds from the sale of the Corporation’s US assets in February 2018. 
   
• Long-term liabilities were $21,674 at June 30, 2018 and were $27,243 at December 31, 2017. The decrease is a result of normal monthly payments on the Corporation’s leases.
   
• Manufacturing and distribution is a new business segment which was added on March 2, 2017 with the acquisition of Medic Holdings Corp. Revenues for the three month period ended June 30, 2018 dropped $374,402 over 2017 as the Corporation has encountered reduced sales to several of its larger orthotic customers.
   
• For the six months ended June 30, 2018, the results are substantially different due to the sale of the Corporation’s U.S. assets on February 28, 2018 that resulted in a gain on sale of $28,623,599. The loss without the gain for 2018 is $1,836,155 vs. a loss of $2,014,377 for 2017. Again noting that the 2018 results have six full months of results whereas 2017 only contains four months.

“The initiatives that began in the first quarter to lower our manufacturing and administrative costs have resulted in a modest increase in gross margins and we expect the trend will continue,” said Wayne Cockburn, Interim CEO of Agility. “The evaluation of strategic opportunities that would allow us to gain critical mass in our business, including optimizing our clinic footprint in Ontario and Quebec, is expected to continue during the third quarter.”

About Agility Health

Through its Canadian subsidiary and principal operating entity, Medic Holdings Corp., Agility Health operates eleven (11) foot care clinics in Ontario and Quebec and manufactures orthotics and prosthetics.

Non-IFRS Financial Measures

Agility Health’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Corporation also uses certain non-IFRS measures, such as EBITDA, to measure its financial performance. EBITDA is defined by the Corporation as the addition of net loss, depreciation and amortization, financial expenses and income taxes. The Corporation uses EBITDA for the purpose of evaluating its historical and prospective financial and operational performance. Management believes that EBITDA is a useful measure for evaluating the performance of the Company. EBITDA is not a performance measure recognized under IFRS, therefore it does not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled financial metrics reported by other companies.

Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health’s management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information please contact:

Wayne Cockburn
Interim Chief Executive Officer
(905) 505-0770
[email protected]

Agility Heath, Inc.
Interim Condensed Consolidated Statements of Financial Position

Six months ended June 30, 2018 and December 31, 2017
(Expressed in US Dollars)
(Unaudited – Prepared by Management)

Agility Heath, Inc.
Interim Condensed Consolidated Statements of Financial Position

Six months ended June 30, 2018 and December 31, 2017
(Expressed in US Dollars)
(Unaudited – Prepared by Management)