MONTREAL, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Premier Health of America Inc. (TSXV: PHA) (the “Corporation”), a leading Canadian Healthtech company, announces it has filed its Audited Consolidated Financial Statements and MD&A for its fiscal year ended September 30, 2021.

Summary

• The Corporation had revenues of $17.6M for the fourth quarter period ($66.6M for the 12-month period compared to $20.7M for the same period in 2020, a material increase attributable to the consolidation of the Code Bleu and Solution Nursing acquisitions as well as organic growth)
• The gross margin for the quarter was 25.1% (24.4% average for the 12-month period), in line with our long-term target of 25%.
• EBITDA⁽¹⁾ for the quarter was $1.7M ($5.9M for the 12-month period compared to $2.1M for the same period in 2020).
• Net income was $0.6M ($1.5M for the 12-month period compared to $27,921 for the same period in 2020).

“Fiscal 2022 will be determinant on many fronts for Premier Health as we expand our activities in other provinces,” said Martin Legault, CEO of Premier Health. “We also anticipate stability in demand for our services in the short term and over what we anticipate to be a fairly long post-pandemic recovery period considering recent developments.”

Fourth Quarter 2021 and FY2021 Results Highlights

⁽¹⁾   Adjusted EBITDA before non-recurring items

Business Highlights

• Many long-term contracts were renewed in the normal course of business during the period.
• The Corporation provided 253,701hours of services during the quarter for a total of 991,076 for the year (307,020 in FY2020).
• The Corporation has completed its technology roadmap exercise and has identified future development axes for its platform.
• The Corporation hired a new Chief Technology Officer.

Independent workforce services

During fiscal 2021 the Corporation acquired Code Bleu Placement en Santé and Solution Nursing L.F.C. The integration of the two entities enabled PHA to reach an estimated 25% market share in the province of Quebec. This was an important short-term objective and a trigger for Premier Health to start its geographical expansion in other Canadian provinces. PHA renewed some of their long-term governmental contracts in the normal course of business, notably for Eastern Quebec. In our opinion this signals a certain level of continuity in the long-term need for services at the provincial level and translates into revenue stability for Premier Health. Premier Soin Nordik, PHA’s business unit focused on Canada's northern regions, has been growing steadily and recently renewed an important contract with the Ungava Tulattavik Health Center for a period of 3 years with 2 renewal options of one year each.

Non-ambulatory transport services

The Corporation started its transport division operations in June following the award in March 2021 of two long-term contracts representing an estimated 28,000 transport segments per year. Although the initial strategy was to maximize the use of its technology while using an off-balance sheet fleet of new leased vehicles backed by the two long-term agreements, the Corporation had to acquire a limited number of used vehicles and perform unplanned maintenance to launch the services as manufacturers are experiencing Covid related industrial computer chips supply chain issues and delivery of new vehicles was postponed to 2022. The ensuing non-recurring expenses put temporary pressure on EBITDA which explains in great part a lower than anticipated EBITDA margin for the Corporation.

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.