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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CareRX Corporation | TSX:CRRX | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.36 | 2.35 | 2.39 | 2.36 | 2.30 | 2.35 | 9,300 | 21:00:02 |
TORONTO, May 11, 2022 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors living and other congregate care communities, today reported its financial results for the first quarter ended March 31, 2022.
Highlights for the First Quarter of 2022
(All percentage increases are as compared to the first quarter of 2021)
Highlights Subsequent to the End of the First Quarter of 2022
1 See "Non-IFRS Measures" below.
"The first quarter of 2022 once again saw strong year-over-year revenue and Adjusted EBITDA growth, driven by both acquisitions and organic growth, and by continued outstanding execution by our team," said David Murphy, President and Chief Executive Officer of CareRx. "We delivered a solid start to 2022, despite average bed count for the quarter being slightly dampened by the impact of the Omicron variant. Importantly, during the quarter we continued to execute in areas that will support our growth in the near- and long-terms. The integration of MPGL continues to steadily progress and is on track to be substantially completed by the third quarter of this year. We also announced our fifth acquisition in the past two years, entering into a definitive agreement to acquire Hogan Long-Term Care Pharmacy to continue to expand our industry leading technology and service offering."
FINANCIAL RESULTS
Selected Financial Information
For the three month periods ended March 31, | |||
(Thousands of Canadian dollars except per | 2022 | 2021 | 2020 |
$ | $ | $ | |
Revenue | 93,176 | 44,857 | 30,426 |
EBITDA1 | 5,521 | (101) | (261) |
Adjusted EBITDA1 | 8,616 | 4,086 | 2,045 |
Per share - Basic | $0.19 | $0.15 | $0.14 |
Per share - Diluted | $0.19 | $0.15 | $0.08 |
Adjusted EBITDA Margin1 | 9.2% | 9.1% | 6.7% |
Net income (loss) | (2,762) | (5,866) | 5,314 |
Per share - Basic | ($0.06) | ($0.21) | $0.37 |
Per share - Diluted | ($0.06) | ($0.21) | $0.21 |
Cash used in operations | (1,176) | (1,705) | (1,450) |
Total Assets | 285,041 | 170,624 | 92,566 |
Total Liabilities | 203,247 | 143,934 | 105,163 |
1 See "Non-IFRS Measures" below. |
Non-IFRS Measures
This press release includes certain measures which have not been prepared in accordance with IFRS such as "EBITDA", "Adjusted EBITDA", "Adjusted EBITDA Margin" and "Adjusted EBITDA per share". These non-IFRS measures are not recognized under IFRS and, accordingly, shareholders are cautioned that these measures should not be construed as alternatives to net income determined in accordance with IFRS. The non-IFRS measures presented are unlikely to be comparable to similar measures presented by other issuers.
The Company defines "EBITDA" as earnings before depreciation and amortization, finance costs (income), net, and income tax expense (recovery). "Adjusted EBITDA" is defined as EBITDA before transaction and restructuring costs, change in fair value of contingent consideration liability, impairments, change in fair value of derivative financial instruments, change in fair value of investment, gain on disposal of property and equipment and stock-based compensation expense. "Adjusted EBITDA Margin" is defined as Adjusted EBITDA divided by revenue. "Adjusted EBITDA per share" is defined as Adjusted EBITDA divided by the weighted average outstanding shares on both a basic and diluted basis. The Company believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service interest and principal debt repayments and fund future growth initiatives. The Company's agreements with lenders are also structured with certain financial performance covenants which includes Adjusted EBITDA as a key component of the covenant calculation. EBITDA and Adjusted EBITDA are not recognized measures under IFRS.
Reconciliation of Non-IFRS Measures
For the three month periods ended | ||
2022 | 2021 | |
(Thousands of Canadian Dollars except per share amounts) | $ | $ |
Net loss | (2,762) | (5,866) |
Depreciation and amortization | 4,699 | 3,092 |
Finance costs, net | 3,674 | 3,421 |
Income tax recovery | (90) | (748) |
EBITDA | 5,521 | (101) |
Transaction and restructuring costs | 2,688 | 767 |
Change in fair value of contingent consideration liability | 96 | 169 |
Share-based compensation expense | 1,330 | 753 |
Change in fair value of derivative financial instruments | (1,126) | 2,605 |
(Gain) loss on disposal of assets | 107 | (107) |
Adjusted EBITDA | 8,616 | 4,086 |
Weighted average number of shares - basic and diluted (in thousands) | 46,504 | 28,048 |
Adjusted EBITDA per share - basic and diluted | $0.19 | $0.15 |
Conference Call
The Company will host a conference call, including a slide presentation, to discuss its first quarter 2022 financial results on Thursday, May 12, 2022 at 8:30 a.m. Eastern Time (ET).
Telephone Dial-In Access Information
To access the conference call by telephone, dial 647-484-0475 or 1-888-220-8451. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. Those participating in the conference call by telephone can view the slide presentation by accessing the online webcast (see instructions below) and choosing the Non-Streaming Audio option.
Webcast Access Information
A live webcast of the conference call, including the slide presentation, will be available on the Events and Presentations page of the Investors section of the Company's website (https://carerx.ca/presentations/). Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. To view the webcast presentation with slides, please choose either the Real Streaming Audio or Windows Streaming Audio option.
The webcast with slide presentation will be archived for 90 days on the Events and Presentations page of the Investors section of the Company's website (https://carerx.ca/presentations/).
About CareRx Corporation
CareRx is Canada's leading provider of pharmacy services to seniors living communities. We serve over 95,000 residents in over 1,600 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimes. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.
Forward-Looking Statements
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's exposure to and reliance on government regulation and funding, the Company's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, the highly competitive nature of the Company's industry, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.
SOURCE CareRx Corporation
Copyright 2022 Canada NewsWire
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