Nova Leap Health Corp. Posts Record Fourth Quarter and 2023 Annual Financial Results - Seite 2

• 2023 annual revenues of $26.179 million (CAD$ 35.3 million) decreased 7.18% from 2022 revenues of $28.205 million;
• Q4 2023 revenues of $6,551,865 decreased by 3.37% relative to Q4 2022 revenues of $6,780,083 and were consistent with Q3 2023 revenues of $6,553,724.

• During 2023, goodwill impairment losses of $1,502,562 were recorded in one of the Company’s U.S. agencies, including $1,151,995 recorded in Q4 2023. The impairment losses are based on the loss of client service hours and the expected longer recovery time to previous revenue levels.
• The Company recorded a net loss of $954,657 in Q4 2023 as compared to net income of $380,353 in Q3 2023 and a net loss of $970,395 in Q4 2022.
• The Corporation had cash and cash equivalents of $894,765 as of December 31, 2023, as well as full access to the unutilized revolving credit facility of $1,134,130 (CAD$1,500,000).
• During Q4 2023, the Corporation fully repaid the balance of all outstanding demand loans and two promissory notes, leaving a balance outstanding of $117,509 in promissory notes at December 31, 2023. Total liabilities decreased by $2,567,686 between December 31, 2022 and December 31, 2023, largely driven by repayments of demand loans and promissory notes.

This news release should be read in conjunction with the annual Audited Consolidated Financial Statements for the year ended December 31, 2023 and 2022 including the notes to the financial statements and Management's Discussion and Analysis dated March 7, 2024, which have been filed on SEDAR.

About Nova Leap

Nova Leap is an acquisitive home health care services company operating in one of the fastest-growing industries in the U.S. & Canada. The Company performs a vital role within the continuum of care with an individual and family centered focus, particularly those requiring dementia care. Nova Leap achieved the #42 ranking on the 2021 Report on Business ranking of Canada’s Top Growing Companies, the #2 ranking on the 2020 Report on Business ranking of Canada’s Top Growing Companies and the #10 Ranking in the 2019 TSX Venture 50 in the Clean Technology & Life Sciences sector. The Company is geographically diversified with operations in 10 different U.S. states within the New England, Southeastern, South Central and Midwest regions as well as in Nova Scotia, Canada.