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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MCI Onehealth Technologies Inc | TSX:DRDR | 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% | 0.55 | 0.55 | 0.60 | 0 | 01:00:00 |
“We’re seeing terrific growth in patient visit volumes, which are significantly on the rise from the increasing availability of MCI health services across multiple platforms, including our clinic network, MCI Connect and telehealth, and from added convenience for the patients that come to us from our corporate relationships,” said Dr. Alexander Dobranowski, CEO of MCI. “Importantly, we’re seeing not just more patients, but returning patients getting the comprehensive care they deserve, efficiently and effectively delivered by the integration of specialist health care directly within the MCI network. Our high-performance healthcare network is delivering our goal: more preventative, more personalized medicine with continuity of care that creates a more satisfying patient journey. In keeping with our strategy to be a preeminent health technology leader, we’re securing interest from more and more data partners who recognize the valuable insights to be gained from the full-perspective patient health journeys that MCI’s tech-enabled network is uniquely able to capture.”
The Company’s concierge health care offering continues to add members organically, including a 12% increase in membership in the first quarter. MCI’s clinical research organization, Canadian Phase Onward, currently has nine client-sponsored research studies underway for a variety of therapeutic indications for a number of North America’s top pharma and nutraceutical companies. MCI’s Corporate Health Solutions (CHS) is poised to launch a B2C e-commerce site for health products and health services. Virtual consultations for international insurance patients, and Urgent Workplace Injury Visits on MCI Connect, the Company’s virtual care platform, are also coming online through the expanding CHS portfolio.
“The strong patient revenue outcomes we’ve generated, and the steady progress we’ve made in integrating now-complementary business units, is the inspiration for our founding shareholders to commit additional funding to facilitate the timely and effective roll-out of our data-driven revenue initiatives in the months to come,” added Dobranowski.
Based on its current cash position, operating budgets, positive cash flow forecasts, untapped lines of credit and access to funds through its largest shareholders, the Company believes that it has sufficient cash to support and sustain its plans for the foreseeable future.
A summary of MCI’s financial and operational highlights for the quarter are set out below, and more detailed information is contained in the financial statements and related management discussion and analysis, which are available on MCI’s SEDAR page at www.sedar.com. Financial measures described as “Adjusted” in this news release are non-IFRS financial measures and may not be comparable to other similar measures disclosed by other companies. Please see Non-IFRS Financial Measures below for more information.
First Quarter 2022 Highlights
Significant financial and operational highlights for MCI during the first quarter of 2022 included:
Outlook
MCI expects to accelerate total company revenue growth in fiscal 2022 as it executes its strategic plan on multiple fronts including:
Conference Call Details
MCI will hold a conference call to discuss progress on its key strategic initiatives and financial results for the first quarter of 2022, on May 16, 2022, at 5:30 pm ET. Participants are encouraged to access the call at least 10 minutes prior to start.
Date: | Monday May 16, 2022 | |
Time: | 5:30 pm (ET) | |
Duration: | 60 minutes | |
Dial-in Canada/US: | (833) 540-1153 (Toll-free)(918) 922-6528 (International) | |
Conference Call ID: | 6946137 | |
Webcast link: | https://edge.media-server.com/mmc/p/3z7s9xra | |
Selected Unaudited Financial Information(In thousands of dollars, except percentages and per share amounts)
Quarter ended | Period over | |||||||||
March 31 | period Change | |||||||||
2022 | 2021 | $ | % | |||||||
($ in thousands except percentages) | ||||||||||
Revenues | $ | 13,020 | $ | 10,030 | $ | 2,990 | 30 | |||
Cost of sales | 8,926 | 6,631 | 2,295 | 35 | ||||||
Gross profit | 4,094 | 3,399 | 695 | 20 | ||||||
Research and development | 1,830 | - | 1,830 | NM | ||||||
Sales and marketing | 412 | 21 | 390 | NM | ||||||
General and administrative | 6,615 | 6,002 | 613 | 10 | ||||||
8,857 | 6,023 | 2,834 | 47 | |||||||
Net finance costs | 132 | 112 | 20 | 18 | ||||||
Share of net loss of associate | 142 | - | 142 | NM | ||||||
274 | 112 | 162 | 145 | |||||||
Income (loss) before taxes | (5,037 | ) | (2,736 | ) | (2,301 | ) | 84 | |||
Income taxes | (814 | ) | (278 | ) | (536 | ) | NM | |||
Net Income (loss) | (4,223 | ) | (2,458 | ) | (1,765 | ) | 72 | |||
Adjusted gross profit (2) | 4,252 | 3,399 | 853 | 25 | ||||||
Adjusted gross margin (2) | 32.7 | % | 33.9 | % | ||||||
Adjusted EBITDA (1) | (2,421 | ) | (603 | ) | (1,817 | ) | 301 | |||
Adjusted EBITDA margin (1) | (18.6 | %) | (6.1 | %) | ||||||
Weighted average number of Share outstanding: | ||||||||||
Basic and diluted | 50,075,202 | 45,733,000 | ||||||||
Net income (loss) per share | ||||||||||
-Basic and diluted | $ | (0.09 | ) | $ | (0.05 | ) | ||||
(1), (2) Financial measures described as “Adjusted” in the table above are non-IFRS financial measures and may not be comparable to other similar measures disclosed by other companies, please see Non-IFRS Financial Measures below for more information.
Selected Statement of Financial Position Data
March 31, 2022 | December 31, 2021 | |||
$ in thousands | ||||
Cash | 3,421 | 7,142 | ||
Accounts receivable | 6,063 | 6,328 | ||
Accounts payable and accrued liabilities | (8,585 | ) | (9,527 | ) |
Lease liabilities | (15,058 | ) | (14,347 | ) |
Other liabilities | (130 | ) | (130 | ) |
Non-controlling interest redeemable liability | (1,305 | ) | (1,305 | ) |
Liability for contingent consideration | (3,122 | ) | (3,122 | ) |
Non-IFRS Financial Measures
The terms Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Adjusted Gross Margin used in this document do not have any standardized meaning under IFRS, may not be comparable to similar financial measures disclosed by other companies and should not be considered a substitute for, or superior to, IFRS financial measures. Readers are advised to review the section entitled “Non-IFRS Financial Measures” in the Company’s management discussion and analysis for the quarter ended March 31, 2022, available on MCI’s SEDAR page at www.sedar.com, for a detailed explanation of the composition of these measures and their uses.
(1) The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to net income (loss) for the three-month periods ended March 31, 2022, and March 31, 2021:
Three months ended | ||||||
March 31 | ||||||
2022 | 2021 | |||||
$ in thousands | ||||||
Total Revenue | $ | 13,020 | $ | 10,030 | ||
Net income (loss) | (4,223 | ) | (2,458 | ) | ||
Add back (deduct) | ||||||
Depreciation and amortization | 1,221 | 716 | ||||
Finance charges | 147 | 125 | ||||
Loss on investment | 142 | - | ||||
Expected credit losses | - | 56 | ||||
Income taxes expense (recovery) | (814 | ) | (278 | ) | ||
Share-based payment expense | 1,122 | 1,248 | ||||
Lease interest revenue | (15 | ) | (12 | ) | ||
Adjusted EBITDA | $ | (2,421 | ) | $ | (605 | ) |
Adjusted EBITDA Margin | (18.6 | %) | (6.1 | %) | ||
(2) The following table reconciles Adjusted Gross Profit and Adjusted Gross Margin to revenue and cost of sales for the three -month periods ended March 31, 2022, and March 31, 2021:
Three months ended | Period over | ||||||||||
March 31 | period Change | ||||||||||
2022 | 2021 | $ | % | ||||||||
($ in thousands except percentages) | |||||||||||
Revenue | $ | 13,020 | $ | 10,030 | $ | 2,990 | 30 | % | |||
Cost of sales | 8,926 | 6,631 | 2,295 | 35 | % | ||||||
Less: | |||||||||||
Depreciation and amortization | (158 | ) | - | (158 | ) | NM | |||||
8,768 | 6,631 | 2,137 | 32 | % | |||||||
Adjusted gross profit | $ | 4,252 | $ | 3,399 | |||||||
Adjusted gross margin | 32.7 | % | 33.9 | % | |||||||
About MCIMCI is a healthcare technology company focused on empowering patients and doctors with advanced technologies to increase access, improve quality, and reduce healthcare costs. As part of the healthcare community for over 30 years, MCI operates one of Canada’s leading primary care networks with nearly 260 physicians and specialists, serves more than one million patients annually and had nearly 300,000 telehealth visits last year, including online visits via mciconnect.ca. MCI additionally offers an expanding suite of occupational health service offerings that support a growing list of nearly 600 corporate customers. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centered around acquiring technology and health services that complement the company’s current roadmap. For more information, visit mcionehealth.com.
For media enquiries please contact:Nolan Reeds | nolan@mcionehealth.com | +1 (416) 440-4040 ext. 158
Forward Looking StatementsCertain statements in this press release, constitute “forward-looking information” and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements include statements with respect to projected revenues, earnings, growth rates, targets, revenue mix, product plans, use of proceeds, new business ventures, commercial arrangements and potential acquisitions, as well as MCI's future growth, strategic transformation plan, results of operations, performance and business prospects and opportunities. The words “plans”, “expects”, “projected”, “estimated”, “forecasts”, “anticipates”, “intend”, “guidance”, “outlook”, “potential”, “prospects”, “seek”, “aim”, “strategy”, “targets” or “believes”, “for use in”, “growth”, “expansion”, “to pursue”, “to develop”, “future”, “later”, “on track”, “pipeline”, “to be gained”, “poised”, “continues to”, “facilitate”, “is developing”, “coming online” or variations of such words and phrases or statements that certain future conditions, actions, events or results “will”, “may”, “could”, “would”, “should”, “might” or “can”, or negative versions thereof, “occur”, “continue” or “be achieved”, and other similar expressions, identify forward-looking statements. Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by MCI as of the date of such statements, are outside of MCI's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: MCI's ability to achieve its growth strategy; the demand for MCI's products and fluctuations in future revenues; the availability of future business venture, commercial arrangement and acquisition targets or opportunities and MCI’s ability to consummate them; MCI’s ability to effectively integrate existing and future acquisition targets into its platform; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; trends in customer growth; sufficiency of current working capital to support future operating and working capital requirements; the stability of general economic and market conditions; currency exchange rates and interest rates; equity and debt markets continuing to provide MCI with access to capital; MCI's ability to comply with applicable laws and regulations; MCI's continued compliance with third party intellectual property rights; the anticipated effects of COVID-19; and that the risk factors noted below, collectively, do not have a material impact on MCI's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of MCI, could cause the actual results of MCI to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled “Risk Factors” in MCI's annual information form dated March 31, 2022, each of which is available under MCI's SEDAR profile at www.sedar.com. The risk factors are not intended to represent a complete list of the factors that could affect MCI and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. MCI disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
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