Premier Health Reports 2024 First Quarter Results
Press Release
MONTRÉAL, Feb. 26, 2024 – Premier Health of America Inc. (TSXV: PHA) (the “Corporation”), a leading Canadian Healthtech company, announces it has filed its Unaudited Quarterly Consolidated Financial Statements and MD&A for its first quarter ended on December 31st, 2023.
Highlights
| (in thousands of Canadian dollars) | Dec. 31, 2023 (3 months) |
Dec. 31, 2022 (3 months) |
||
| Revenues | 36,973 | 21,576 | ||
| Gross margin | 7,657 | 5,064 | ||
| Gross margin as a % of revenues | 20.7% | 23.5% | ||
| Adjusted EBITDA (1) | 2,622 | 1,504 | ||
| Net Loss | (231) | (376) | ||
(1) See the Corporation’s MD&A for details on this non-GAAP measure.
Summary
- Acquisition of Solutions Staffing of British Columbia (“SSI”) and $50 million refinancing completed on November 9th, 2023.
- Gross margin for the quarter at 20.7% in-line with our revised long-term target of 20%.
- Adjusted EBITDA for the quarter was $2.6M ($1.5M for the same period in 2022), despite acquisition costs of around $650K in the quarter and only 52 days of contribution from SSI.
- Net Loss for the quarter was $0.2M ($0.4M for the same period in 2022); resulting from acquisition costs and higher financing costs.
The first quarter of 2024 was marked by the largest acquisition and refinancing PHA has completed so far. By integrating SSI, not only the PHA group will almost double its revenues and Adjusted EBITDA, but it also significantly improves its geographical diversification within Canada. This is key to ensuring organic growth and reducing revenue volatility. Our existing agencies performed as expected during the quarter, although CHCA suffered some slowdown while it prepares for the operationalization of its new contract with Indigenous Service Canada.
“We are proud of finalizing the acquisition of SSI and refinancing transactions. As a coast-to-coast agency, we are now stronger, more attractive for new candidates, and more resilient to local headwinds. Our business model, digital platform, and mobile app are perfectly aligned with the gig economy framework. In that context there is still a lot of consolidation possible in Canada and we are eager to pursue our growth outside Quebec,” said Martin Legault, CEO of Premier Health. “The Quebec market is evolving, and we still believe agencies will play a role in the future state of its healthcare system. We need to be smart, adapt, and use our scale to be competitive.”
More information can be found in the Company’s quarterly financial statements and MD&A as available on sedarplus.ca.
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 LiPHe 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. More detail can be found in PHA’s Management Discussion and Analysis.
For Further Information Please Contact:
Mr. Jean-Robert Pronovost
Vice President Corporate Development
Premier Health of America Inc.
jrpronovost@premierhealth.ca / 1-800-231-9916
Mr. Guy Daoust
Chief Financial Officer
Premier Health of America Inc.
gdaoust@premierhealth.ca / 1-800-231-9916
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