Premier Health Reports 2024 Fourth Quarter Results

MONTRÉAL, Dec. 10, 2024 (GLOBE NEWSWIRE) — Premier Health of America Inc. (TSXV: PHA) (the “Corporation”), a leading Canadian Healthtech company, announces it has filed its Audited Annual Consolidated Financial Statements and MD&A for its financial year ended on September 30^th, 2024.

⁽¹⁾ See the Corporation’s MD&A for details on these non-GAAP measures.

Summary

• Adjusted EBITDA for the quarter was $1.0M ($2.1M for the same period in 2023), mainly driven by a decline in the Quebec per diem business.
• Net Loss for the quarter was $2.3M (loss of $1.9M for the same period in 2023)

The effects of the implementation of Quebec’s Bill 10 continued impacting the Per Diem segment during this quarter. Hours billed remained low, but somewhat stabilized. 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. Markets outside Quebec are stable.

As a result of the downtrend of its Per Diem business, the Company will reorganize its operating model in Quebec to increase efficiency and reduce costs to adapt to the new regulations in that province. The plan includes strategies aimed at lowering the operational overhead, capturing synergies within the group, as well as reducing corporate spending. Overall, these measures are expected to improve EBITDA by around $4.7M as compared to FY2024. In addition, FY2024 acquisition costs and non-recurring items totaling $2.7M are not expected to be incurred again in 2025, further improving next year’s expected EBITDA. While some of these changes have already been deployed, the bulk of the plan will take effect in early 2025.

“Our acquisition of Solutions Staffing last November was a key strategic decision in light of the situation in the province of Quebec. We are adapting and rolling out a plan to remain competitive and profitable in that province. As we move through the current turbulences, we will concentrate our efforts on the travel nurse segment across Canada. In 2025 our focus will be on cost reduction, debt reduction and organic growth,” 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.

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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