Nova Leap Health Corp. Posts Financial Results for Third Quarter 2020 - Seite 2

https://www.globenewswire.com/NewsRoom/AttachmentNg/731b8230-794b-4b84 ...

Q3 2020 EBITDA of $119,771 was lower than Q3 2019 EBITDA of $324,676 and Q2 2020 EBITDA of $158,701.

https://www.globenewswire.com/NewsRoom/AttachmentNg/dd855cc7-bffc-4621 ...

The Canadian operating segment reported the best quarter in its history with record revenues, record EBITDA and record EBITDA percentage (13.9%).

The Company’s record of accounts receivables collection is excellent. During the nine months ended September 30, 2020, $20,830 of accounts receivable were written off on revenues of $12.826 million. This represents an anticipated collection rate of 99.8%. The Company’s accounts receivable collection rate for 2019 was also 99.8%.

During the first nine months of 2020, the Company retired 25.2% of its combined Schedule 1 bank debt and promissory notes relating to prior acquisitions.

The full amount of the Company’s $696,000 revolving credit facility was available at the end of Q3 2020.

The Company reported an adjusted net loss of ($82,913) for Q3 2020 as compared to an adjusted net income of $2,985 for Q3 2019 and an adjusted net loss ($159,337) for Q2 2020 (see reconciliation of adjusted net (loss) income to net (loss) income in “Summary of Quarterly Results” section in the MD&A).

On September 21, 2020, the Company announced that it had expanded its South Central, U.S. operations to Arkansas by way of an acquisition.

On September 3, 2020, the Company announced that it had signed a Definitive Agreement to acquire a home care business in New England.

On November 2, 2020, the Company announced that it had completed the acquisition of a home care business located in Massachusetts.

President & CEO’s Comments

“We closed out the third quarter in a solid financial position,” said Chris Dobbin, President & CEO of Nova Leap. “While we saw marked improvement during Q3 in a number of our U.S. agencies, including one that produced its best ever quarter under our ownership, we still have one pocket in particular that has yet to rebound from the impact of COVID. Obviously, we were very pleased with the performance of our Canadian operating segment, which produced record results.