Nova Leap Health Corp. Posts Record Fourth Quarter and 2023 Annual Financial Results

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HALIFAX, Nova Scotia, March 07, 2024 (GLOBE NEWSWIRE) --  NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or “the Company”), a growing home health care organization, is pleased to announce the release of financial results for the year ended December 31, 2023. All amounts are in United States dollars unless otherwise specified.

Nova Leap Q4 2023 and Year End Financial Results

Financial results for the three and twelve months ended December 31, 2023 include the following:

• 2023 Adjusted EBITDA of $1,477,571 (CAD$ 2.0 million) is the highest in the Company’s history and represents a 124.45% increase over 2022 Adjusted EBITDA of $658,322.
  
  
• Nova Leap is reporting the highest quarterly Adjusted EBITDA in Company history for the third consecutive quarter.
  
  
• Q4 2023 Adjusted EBITDA of $571,270 (CAD$778,014) was an increase of 31.57% over Q3 2023 Adjusted EBITDA of $434,192 and a 701% increase over Q4 2022 Adjusted EBITDA of $71,313 (see calculation of Adjusted EBITDA below).
  
  
• Gross profit margin as a percentage of revenues increased to 37.3% in 2023 from 35.4% in 2022. Gross profit margin was 39.8% in Q4 2023, 37.4% in Q3 2023 and 35.6% in Q4 2022.
  
  
• The U.S. operating segment achieved record annual Adjusted EBITDA in 2023. Adjusted EBITDA of $2,341,427 for the U.S. operating segment was 73.0% higher than 2022.
  
  
• Q4 2023 Adjusted EBITDA for the U.S operating segment of $753,510 was the highest in the Company’s history, an increase of 11.5% from Q3 2023 and 203.3% from Q4 2022.
  
  
• Head office and operations management expense decreased by $746,855 in 2023 as compared to 2022 due to the elimination of targeted support functions in Head office and management’s efforts since Q3 2022 to streamline the US operations.
• In 2023, Nova Leap achieved positive annual Operating Income for the first time in the Company’s history. Operating income of $460,152 in 2023 was a $1,522,262 improvement over a 2022 Operating loss of $1,062,110. Operating income of $317,874 in Q4 2023 was an improvement of $109,394 from Q3 2023 and $639,298 from Q4 2022.