Premier Health Reports 2025 First Quarter Results
MONTRÉAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — 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, 2024.
| Highlights | ||||
| (in thousands of Canadian dollars) | Dec. 30, 2024 (3 months) | Dec. 30, 2023 (3 months) | ||
| Revenues | 32,132 | 36,973 | ||
| Gross margin (1) | 5,137 | 7,657 | ||
| Gross margin as a % of revenues | 16.0 | % | 20.1 | % |
| Adjusted EBITDA (1) | 705 | 2,622 | ||
| Net Loss | (2,261 | ) | (231 | ) |
| (1) | See the Corporation’s MD&A for details on these non-GAAP measures. |
Summary
- Adjusted EBITDA for the quarter was $0.7M ($2.6M for the same period in 2023), mainly driven by a decline in the Quebec market.
- Net Loss for the quarter was $2.3M (loss of $0.2M for the same period in 2023), the result of lower Adjusted EBITDA and increases in financial expenses and depreciation and amortization.
The effects of the implementation of Quebec’s Bill 10 continued impacting the Per Diem segment during this quarter. As a reminder, Bill 10 imposes capped rates and a series of restrictions for using independent labor in Quebec. The Travel Nurse’s and northern communities’ services are performing to our satisfaction. Although we saw lower volume than expected in BC, we still qualify our markets outside Quebec as stable. The Per Diem business now represents around 5% of revenues and gross margins.
The Company has continued to work on the reorganization of its Quebec operations. During Q1, it continued to reduce the workforce assigned to the Per Diem businesses. The negotiations related to the termination of office leases and the procurement of spaces large enough to combine the Quebec operations also evolved in the right directions. During Q2, the targeted office leases were successfully terminated and financing for the new location was approved, subject to customary conditions. Cost savings are on track with the amounts disclosed in Q4 of 2024 and should accelerate in the coming quarters as the various initiatives are deployed.
“The cost reductions we put forward in the last quarter are gradually improving our operations’ cost structure. I am confident that the situation will further improve as we continue to deploy our plan in the next two quarters. Although there was a slowdown at SSI this quarter, the bookings remain at levels comparable to when we made the acquisition, and we are working on a few operational issues which affected its margins this quarter. In the short term we remain dedicated to cost reduction, debt management, operational efficiency and organic growth opportunities,” said Martin Legault, CEO of Premier Health.
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 digital transformation of the healthcare services sector, providing patients with faster, more affordable, and more accessible care.
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), change in fair values, interest expense, net of interest income and income tax expense(recovery). Adjusted EBITDA excludes Share-based compensation and unusual items, as determined from time to time. Gross margin is either used as a number or a percentage. As a number, it means Revenues minus Direct Costs. When used as a percentage, it means the ratio of Revenues minus Direct Costs to Revenues. 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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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release contains forward-looking information within the meaning of applicable securities legislation which reflects the current plans and expectations of the Corporation with respect to future events and financial performance. All statements other than statements of historical or current facts may be forward-looking information. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘believes’, ‘continues’, ‘expects’, ‘projects’, ‘anticipates’, ‘plans’, ‘estimates’, ‘seeks’, ‘intends’, ‘targets’, ‘forecasts’, or negative or grammatical versions thereof and other similar expressions, or future or conditional verbs such as ‘may’, ‘will’, ‘should’, ‘would’ and ‘could’. Forward-looking information in this press release includes, but is not limited to, statements with respect to the execution of the Corporation’s growth strategy. Forward-looking information is based on management’s plans, estimates, projections, beliefs and opinions as at the date of this release, and the assumptions related to those plans, estimates, projections, beliefs and opinions may change; therefore, they are presented for the purpose of assisting the Corporation’s security holders in understanding management’s views at such time regarding those future outcomes and may not be appropriate for other purposes. Although the forward-looking information contained in this release is based on assumptions which the Corporation believes are reasonable, there can be no assurance that actual results will be consistent with such forward-looking information. The forward-looking information in this release relate only to events or information as of the date on which the statements are made and, except as specifically required by applicable securities laws, the Corporation undertakes no obligation to update or revise publicly any forward-looking information, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. There can be no assurance that the forward-looking information will prove to be accurate. 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.sedarplus.ca
