MONTRÉAL, May 21, 2025 (GLOBE NEWSWIRE) — Premier Health of America Inc. (TSXV: PHA) (the “Company”), a leading Canadian Healthtech company, announces it has filed its unaudited Quarterly Consolidated Financial Statements and MD&A for its second quarter ended on March 31st, 2025.
| Highlights | ||||||||
| Mar. 31, 2025 | Mar. 31, 2024 | Mar. 31, 2025 | Mar. 31, 2024 | |||||
| (in thousands of Canadian dollars) | (3 months | ) | (3 months | ) | (6 months | ) | (6 months | ) |
| Revenues | 27,137 | 46,277 | 59,269 | 83,250 | ||||
| Gross margin (1) | 4,529 | 8,532 | 9,666 | 16,189 | ||||
| Gross margin as a % of revenues | 16.7 | % | 18.4 | % | 16.3 | % | 19.4 | % |
| Adjusted EBITDA (1) | 505 | 2,576 | 1,209 | 5,198 | ||||
| Net Loss | (3,151 | ) | (1,531 | ) | (5,412 | ) | (1,762 | ) |
| (1) See the Company’s MD&A for details on these non-GAAP measures. | ||||||||
Summary
- Adjusted EBITDA for the quarter was $0.5M ($2.6M for the same period in 2024), mainly driven by a decline in volume in Quebec and British Columbia.
- Net Loss for the quarter was $3.1M (loss of $1.5M for the same period in 2024), the result of lower Adjusted EBITDA, partly offset by favorable fair value adjustments and lower income tax.
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 Per Diem business now represents around 4% of revenues and 5% of gross margins.
The travel nurse and northern communities’ services are generally performing well except in BC where we are experiencing a volume reduction. This can be attributed to a service acquisition centralization effort by the health authorities, that we expect will eventually favour the best service providers. As previously announced, the Company’s CFO, Guy Daoust, assumed the role of interim Chief Executive Officer on March 27th, 2025.
The Company has continued to work on the reorganization of its Quebec operations. During Q2, it continued to reduce the workforce in that province as well as in the corporate structure. The targeted office leases were also successfully terminated during the quarter. Cost savings are on track with the amounts disclosed in Q4 of 2024 and should carry on in the coming quarters as the various initiatives are fully deployed. Cost structure at our BC subsidiary is being reviewed to address to the market conditions in that province.
“Our cost reduction plan is progressing well, but we need to take further steps to adapt to the ongoing challenges in our operations. Despite a slowdown at SSI in the last two quarters, bookings remain at levels comparable to when we acquired the company in 2023. We are rebalancing overhead costs to better align with our operations. The Per Diem segment is now mostly nonexistent, and our focus will shift to Travel Nurses. The Home Care sector presents interesting opportunities, and we are evaluating our capacity to gradually enter this market. In the short term, we remain committed to cost reduction, debt management, operational efficiency, and organic growth opportunities,” said Guy Daoust, CFO and interim 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, companies, 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. | Mr. Guy Daoust Chief Financial Officer and interim Chief Executive Officer Premier Health of America Inc. gdaoust@premierhealth.ca / 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 within the meaning of applicable securities legislation which reflects the current plans and expectations of the Company 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 Company’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 Company’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 Company 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 Company 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 Company 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 Company with Canadian securities regulatory authorities available at www.sedarplus.ca
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