Skylight Health Announces Closing of Florida Clinic with 2020 Performance of $6MM in Revenue and $1.35MM in EBITDA
TORONTO, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), is pleased to announce the closing of Florida-based clinic –
River City Medical Associates (“RCMA”), previously announced December 10, 2020. This acquisition expands the Company’s bricks and mortar and telemedicine services to 16 US states and its 2020
financial performance was $6 million in revenue and $1.35 million in EBITDA which is an improvement since the initial acquisition announcement.
- RCMA is an established medical practice with 6 locations throughout Florida.
- In 2020, the clinic generated $6 million in revenue and $1.35 million in EBITDA.
- Skylight Health has forecasted its annual run rate following anticipated completion of all announced transactions would be $46 million.
- Total consideration value of US$4.4 million for the acquisition representing a 4.1x EBITDA multiple.
- RCMA founder Dr. Vipul Patel will continue with Company as Market Lead - Florida, driving future organic and acquisition growth in the state.
- This transaction will be immediately accretive to the Company, adding new state growth and synergistic services offerings to existing Company practices.
RCMA has been operating an established and high growth multi-disciplinary network of clinics with 6 locations across Florida. Services to patients include primary care, urgent care, allied health & wellness, laboratory procedures, drive up COVID-19 testing, and preventive screenings, among others. Services provided by the Clinic are primarily reimbursed through insurance carriers including Medicare, Medicaid, and other commercial payors. Market Lead also leverages telemedicine as a delivery model for its existing patient base.
Skylight Health expects to see continued growth in patient registrations and visits as RCMA continues to thrive notwithstanding the challenges most clinics have faced due to the recent COVID-19 pandemic. Management will remain with RCMA to continue to accelerate growth across the state of Florida. RCMA will provide an established platform to continue to add new acquisitions in the state of Florida. Further, management will leverage their knowledge of developing a working and robust multi-disciplinary practice of allied health offerings to expand services within existing SHG clinics across other US markets. This immediately drives new service opportunities for the previous Skylight Health national base of 150,000 patients and add new insurable services revenues organically.
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