Nova Leap Health Corp. Posts Q1 2024 Results

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HALIFAX, Nova Scotia, May 09, 2024 (GLOBE NEWSWIRE) -- NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or “the Company”), a growing home health care organization, is pleased to announce the release of financial results for the quarter ended March 31, 2024. All amounts are in United States dollars unless otherwise specified.

Nova Leap Q1 2024 Financial Results

Financial results for the first quarter ended March 31, 2024 include the following:

• Q1 2024 revenues of $6,429,721 decreased by 1.9% relative to Q4 2023 revenues of $6,551,865 and were higher than Q1 2023 revenues of $6,396,076 by 0.5%.
  

• Q1 2024 Adjusted EBITDA of $361,802 was a decrease of 36.7% over Q4 2023 Adjusted EBITDA of $571,270 and an increase of 321% over Q1 2023 Adjusted EBITDA of $86,025 (see calculation of Adjusted EBITDA below).

• Adjusted EBITDA for the 12-month period from Q2 2023 to Q1 2024 was $1,753,348.
  

• Gross profit margin as a percentage of revenues remained strong at 38.0% in Q1 2024. Gross profit margin percentage was 39.8% in Q4 2023 and 35.2% in Q1 2023.
• The Company generated income from operating activities in Q1 2024 of $186,709, an increase of $369,573 from Q1 2023 and a decrease of $131,165 from Q4 2023.
• The Company recorded net income of $473,073 in Q1 2024 as compared to a net loss of $954,657 in Q4 2023 and a net loss of $296,876 in Q1 2023.
• The Company generated cash flow from operating activities of $374,304 in Q1 2024 compared to $555,093 in Q4 2023 and $294,327 in Q1 2023.
• The Company had no bank debt repayments in Q1 2024 as all bank debt was repaid in Q4 2023.
• The Company had available cash of $1,116,762 as of March 31, 2024 as well as full access to the unutilized revolving credit facility of $1,107,011 (CAD$1,500,000).    The cash balance increased by $221,997 from December 31, 2023.
• On April 25, 2024, the Company executed a definitive agreement to acquire the business assets of a home care services company located in Massachusetts, United States. Under the terms of the agreement, the acquisition is for total consideration of $300,000 of which $250,000 is payable with cash on closing and $50,000 by way of a promissory note repayable over a two-year period. The acquisition was completed on May 3, 2024.