Premier Health Reports 2024 Second Quarter Results

MONTRÉAL, May 23, 2024 (GLOBE NEWSWIRE) -- Premier Health of America Inc. (TSXV: PHA) (the “Corporation”), a leading Canadian Healthtech company, announces it has filed its Unaudited Quarterly Consolidated Financial Statements and MD&A for its second quarter ended on March 31^st, 2024.

Highlights
(in thousands of Canadian dollars)	Mar. 31, 2024 (3 months)		Mar. 31, 2023 (3 months)		Mar. 31, 2024 (6 months)		Mar. 31, 2023 (6 months)
Revenues	46,277		21,795		83,250		43,371
Gross margin (1)	8,532		5,781		16,189		10,845
Gross margin as a % of revenues	18.4	%	26.5	%	19.4	%	25.0	%
Adjusted EBITDA (1)	2,576		1,936		5,198		3,439
Net Income (Loss)	(1,531	)	60		(1,762	)	(316	)

⁽¹⁾ See the Corporation’s MD&A for details on these non-Gaap measures.

Summary

• First full quarter of contribution from Solutions Staffing (“SSI”).
• Adjusted EBITDA for the quarter was $2.6M ($1.9M for the same period in 2023), despite non-recurring costs of $1.4M, as described below.
• Net Loss for the quarter was $1.5M (income of $0.1M for the same period in 2023); resulting from the same non-recurring costs and higher financing costs.

Although the second quarter of 2024 benefitted from the first full quarter of contribution of SSI, it was also affected by several one-time costs. First, the Corporation recorded an additional amount of close to $0.5M in connection to the SSI transaction and transition, and another $0.5M was incurred for various legal fees. In addition, CHCA’s gross margin was adversely affected by a delay in activating its new contract with Indigenous Services Canada. Otherwise, the gross margins were in-line with expectations for the other agencies for the quarter.