Jack Nathan Health Announces Its Q4 and Year End Fiscal 2023 Financial Results

Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) announced today its audited consolidated annual financial results for the fourth quarter of fiscal 2023, and fiscal year ended January 31, 2023. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

Management Commentary

Commenting on the Company’s performance and outlook, Dr. Glenn Copeland, Chief Executive Officer, and Chief Medical Officer stated, “We are pleased to have exceeded expectations with increasing annualized revenues to over $15m a year. We have continued investing and opening new omni-channel medical facilities, improving our economic outlook as well as improving access to state-of-the-art healthcare facilities across Canada & Mexico.”

Dr. Glenn Copeland added “The Company’s continued focus on productivity and controlling it’s operating costs over the past twelve months has resulted in continued reductions of its operating losses, while continuing to grow the top line, as evidenced by the reduced quarterly operational loss from Q3 to Q4 ($4.4m to $3.4 m) As we continue ramping up operations at the newly developed clinics, Hillside included, We expect to carry on these economies of scale forward towards profitability.”

Financial Highlights for the fiscal year Ended Jan 31, 2023

			January 31, 2023	January 31, 2022
			$	$
Revenues			15,487,698	9,638,894
Total operating expenses			(22,448,399)	(18,107,422)
Income (loss) from operations			(6,960,701)	(8,468,528)
Other income (expense)			(28,024)	235,088
Net loss before income taxes			(6,988,725)	(8,233,440)
Adjusted EBITDA			(2,871,339)	(2,712,932)

Note: Please see Management Discussion and Analysis for the fiscal year ended Jan 31, 2023, for the detailed breakdown and commentary on Adjusted EBITDA⁽¹⁾.