Jack Nathan Health Announces Its Q2 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 second quarter of fiscal 2024, six months ended July 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, “The recent $8 million convertible debenture provided by Walmart, not only reaffirms their vote of confidence in the management team to scale the business but also their commitment to make healthcare accessible. We continued to make progress seeing clinic operations revenue increase by 21.4% while reducing net losses by 12.3% in the first half compared to the same period last year.”

Dr. Copeland continued, “We are well capitalized and poised to accelerate the growth of our business. 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 and Six Months Ended July 31, 2023

Operating Results

		Three months ended July 31				Six months ended July 31
		2023		2022		2023		2022
		$		$		$		$
Revenues		4,568,207		3,630,659		8,795,598		7,523,981
Total operating expenses		(6,080,333)		(4,948,761)		(11,056,084)		(10,100,259)
Loss from operations		(1,512,126)