MONTRÉAL, 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

⁽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.

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.