Jack Nathan Health Announces Its Q1 Fiscal 2024 Financial Results

Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) announced today its unaudited interim consolidated financial results for the first quarter of fiscal 2024, three months ended April 30, 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 continued to make progress seeing clinic operations revenue increase by 11.2% while reducing net losses by 38% in Q1 over same period last year.”

Dr. Copeland continued, “The Company is continually investing in growth, delivering 206 locations globally, with 75 Canadian clinics servicing a loyal customer base of 2 million. I am pleased to announce that we have strategically restructured our operations. This transformation aims to not only reduce losses but also position us for remarkable growth by expanding our medical services. With a dedicated team in place, we are well-prepared to scale these new offerings, maximizing revenue potential and further enhancing our commitment to our valued shareholders."

Mike Marchelletta, Vice Chairman added: “Walmart’s recent vote of confidence with their commitment to an $8M debenture announced on June 15^th improves our working capital position and is an important catalyst for accelerated growth as the Company continues to focus on scaling growth and driving added value to all stakeholders.”

The Company is building a foundation to operate many more corporate owned clinics in the coming years with Walmart’s support.

Financial Highlights for the Three Months Ended April 30, 2023

Operating Results

		Three months ended April 30
			2023	2022
			$	$
Revenues			4,227,391	3,893,322
Total operating expenses			(4,975,751)	(5,151,498)
Income (loss) from operations			(748,360)	(1,258,176)
Other income (expense)			(41,536)