First Quarter 2023 Highlights | ||||
(in Canadian dollars) | 2023 (3 months) | 2022 (3 months) | 2023 (6 months) | 2022 (6 months) |
Revenues | 21,795,296 | 17,583,869 | 43,370,345 | 35,999,588 |
Gross margin | 5,781,011 | 4,335,299 | 10,844,459 | 8,755,848 |
Gross margin as a % of revenues | 26.5% | 24.7% | 25.0% | 24.3% |
Adjusted EBITDA (1) | 1,935,548 | 466,798 | 3,439,215 | 1,952,448 |
Net Income (Loss) | 60,363 | (770,594) | (315,593) | (459,305) |
(1) See the Corporation’s MD&A for details on this non-Gaap measure.
Summary
- The Corporation had revenues of
$21.8M for the second quarter ($17.6M for the same period in 2022). - Gross margin for the quarter was 26.5%, slightly above our long-term target of 25%.
- Adjusted EBITDA for the quarter was
$1.9M ($0.5M for the same period in 2022). - Increases in revenue and Adjusted EBITDA are mainly attributable to the consolidation of
Canadian Health Care Agency (“CHCA”) acquired in April of 2022, which more than offset for lower activity inQuebec . - Net Income for the quarter was
$0.1M (Net Loss of$0.3M for the same period in 2022).
“We are happy to report improved results for this quarter. Our gross margins remain within our target range while CHCA continues to deliver results in-line with the expectations we had when we purchased it last year. We are thrilled about the diversification it brings to our portfolio and eager to add more assets in
Business Highlights
- The Corporation provided 212,600 hours of service during the quarter.
- The special measures imposed by the Ministry of Health last year were lifted as of
January 1 st,2023, for all regions outside ofMontreal ,Laval ,Quebec City andSherbrooke . As a reminder, these measures were adopted in response to the pandemic. They imposed pricing below existing contracts awarded through a competitive public procurement process. - Acquisition of
Ontario based CHCA in the third quarter of FY2022 continues to contribute positively to earnings. - Successful launch of new mobile application with additional timesheet management features.
- Continued development of our LiPHe platform to further improve automation of our business processes. Deployment is in process at some of our subsidiaries.
Province of
We expected a gradual return to normality in 2023. However, the
The
About
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. More detail can be found in PHA’s Management Discussion and Analysis.
For Further Information Please Contact:
Mr.
Chief Financial Officer
gdaoust@premierhealth.ca / 1 800 231 9916
Neither
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.
Source:
2023 GlobeNewswire, Inc., source