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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 are continuing to ramp up our growth engine coming out of our IPO earlier this year, having completed a number of exciting investments and acquisitions in the second quarter of 2021,” said Dr. Alexander Dobranowski, CEO of MCI. “We continue to pursue strong accretive acquisitions and innovative partnerships that leverage cutting-edge technology to improve access, quality and cost of healthcare services, while building on organic growth through the expansion of MCI Connect and the launch of our MCI Onehealth innovation initiatives.”
Second Quarter 2021 Financial Highlights
Significant financial highlights for MCI during the second quarter of 2021 included:
Second Quarter 2021 Operational Highlights
Significant operational highlights for MCI during the second quarter of 2021 included:
Events Subsequent to Second Quarter 2021
Following the end of the second quarter, MCI has continued to implement its strategic plan with a number of significant new developments, including:
Outlook
MCI expects continued growth in total company revenue in the second half of fiscal 2021 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 second quarter of 2021, on August 16, 2021 at 5:30 pm EDT. Participants are encouraged to access the call at least 10 minutes prior to start.
Date: | Monday August 16, 2021 |
Time: | 5:30 pm (EDT) |
Duration: | 60 minutes |
Dial-in Canada/US: | (833) 540-1153 (Toll-free) |
(918) 922-6528 (International) | |
Conference Call ID: | 4586008 |
Webcast link: | https://edge.media-server.com/mmc/p/h35jabsz |
Selected Unaudited Financial Information(In thousands of dollars, except percentages and per share amounts)
Quarter ended | Period over | Six months ended | Period over | |||||||||||||||||||
June 30 | period Change | June 30 | period Change | |||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||
($ in thousands except percentages) | ||||||||||||||||||||||
Revenue | $ | 11,208 | 7,312 | $ | 3,896 | 53 | $ | 21,238 | $ | 17,753 | $ | 3,485 | 20 | |||||||||
Expenses | ||||||||||||||||||||||
Physicians’ fees | 7,244 | 4,755 | 2,489 | 52 | 13,877 | 11,769 | 2,108 | 18 | ||||||||||||||
Salary, wages, and benefits | 2,534 | 491 | 2,043 | 416 | 4,690 | 2,524 | 2,166 | 86 | ||||||||||||||
Occupancy costs | 477 | 781 | (304 | ) | (39 | ) | 1,327 | 1,557 | (230 | ) | (15 | ) | ||||||||||
Office expense | 1,115 | 498 | 617 | 124 | 2,004 | 1,066 | 938 | 88 | ||||||||||||||
Corporate expenses | 854 | 30 | 824 | 2,747 | 1,387 | 65 | 1,322 | 2,034 | ||||||||||||||
Sales and marketing expenses | 79 | - | 79 | NM | 100 | - | 100 | NM | ||||||||||||||
Research expenses | 66 | - | 66 | NM | 67 | - | 67 | NM | ||||||||||||||
Income from investments | 12 | - | 12 | NM | 12 | - | 12 | NM | ||||||||||||||
Expected credit losses | - | - | - | - | 56 | - | 56 | NM | ||||||||||||||
Other income | (458 | ) | (458 | ) | - | NM | (904 | ) | (1,051 | ) | 147 | (14 | ) | |||||||||
11,899 | 6,097 | 5,802 | 95 | 22,592 | 15,930 | 6,662 | 42 | |||||||||||||||
Adjusted EBITDA | (691 | ) | 1,215 | (1,906 | ) | (157 | ) | (1,354 | ) | 1,823 | (3,177 | ) | 174 | |||||||||
Shares based compensation | 1,400 | - | 1,400 | NM | 2,648 | - | 2,648 | NM | ||||||||||||||
Finance costs | 107 | 149 | (42 | ) | (28 | ) | 232 | 312 | (80 | ) | (26 | ) | ||||||||||
Interest income on subleases | (14 | ) | (17 | ) | 3 | (18 | ) | (25 | ) | (34 | ) | 9 | (26 | ) | ||||||||
Depreciation and amortization | 967 | 730 | 237 | 32 | 1,683 | 1,470 | 213 | 14 | ||||||||||||||
Gain (loss) On sublease | - | - | - | NM | (10 | ) | 10 | (100 | ) | |||||||||||||
Acquisition related legal expenses | 238 | - | 238 | NM | 238 | - | 238 | NM | ||||||||||||||
2,698 | 862 | 1,836 | 213 | 4,776 | 1,738 | 3,038 | 175 | |||||||||||||||
Income (loss) before taxes | (3,389 | ) | 358 | (3,742 | ) | (1,060 | ) | (6,130 | ) | 85 | (6,215 | ) | (7,312 | ) | ||||||||
Income taxes | (556 | ) | (120 | ) | (436 | ) | 363 | (835 | ) | (52 | ) | (783 | ) | 1,506 | ||||||||
Net Income (loss) | ||||||||||||||||||||||
(2,833 | ) | 473 | (3,306 | ) | (699 | ) | (5,295 | ) | 137 | (5,432 | ) | (3,965 | ) | |||||||||
Weighted average number of | ||||||||||||||||||||||
Shares outstanding: Basic and diluted | 48,163,664 | 38,004,750 | 46,932,118 | 38,004,750 | ||||||||||||||||||
Net income (loss) per share - Basic and diluted | $ | (0.06 | ) | $ | 0.01 | $ | (0.11 | ) | $ | 0.00 |
* NM means not meaningful.
Selected Statement of Financial Position Data
June 30, 2021 | December 31, 2020 | |
Cash | 19,680 | 894 |
Accounts receivable | 4,490 | 3,637 |
Accounts payable and accrued liabilities | 5,756 | 6,998 |
Net investment in subleases | 1,498 | 1,685 |
Lease liabilities | 12,577 | 13,833 |
Related party loan | - | 1,210 |
Loan receivable | 600 | - |
Other liabilities | 130 | 80 |
Liability for contingent consideration | 5,438 | - |
Reconciliation of Adjusted EBITDA
Quarter ended | Six months ended | |||||||||||
June 30 | June 30 | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
$ in thousands | ||||||||||||
Total Revenue | $ | 11,208 | $ | 7,312 | $ | 21,238 | $ | 17,753 | ||||
Net income (loss) | (2,833 | ) | 473 | (5,295 | ) | 137 | ||||||
Add back (deduct) | ||||||||||||
Depreciation and amortization | 967 | 730 | 1,683 | 1,470 | ||||||||
Share-based payment expense | 1,400 | - | 2,648 | - | ||||||||
Finance charges | 107 | 149 | 232 | 312 | ||||||||
Interest income | (14 | ) | (17 | ) | (25 | ) | (34 | ) | ||||
Gain (loss) on sublease contracts | - | - | - | (10 | ) | |||||||
Acquisition related legal expenses | 238 | - | 238 | - | ||||||||
Income taxes | (556 | ) | (120 | ) | (835 | ) | (52 | ) | ||||
Adjusted EBITDA | (691 | ) | 1,215 | (1,354 | ) | 1,823 | ||||||
Adjusted EBITDA Margin | (6.2 | )% | 16.6 | % | (6.4 | )% | 10.3 | % |
* Non-IFRS Metrics: “Gross Profit”, “Gross Margin”, “EBITDA” and “Adjusted EBITDA” do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. MCI defines adjusted gross profit as revenue less cost of sales (excluding depreciation and amortization) and adjusted gross margin as adjusted gross profit as a percentage of revenue. MCI defines Adjusted EBITDA as net income (loss) before adjusting for acquisition costs, share-based payment expense, depreciation and amortization foreign exchange (gain) loss, finance income, finance costs and income taxes. The Adjusted EBITDA figures noted herein have not been adjusted for non-controlled interests. MCI believes that these metrics may be helpful to the reader in assessing MCI’s financial performance and operational efficiency, however, these measures should not be considered as alternatives to net income/loss determined in accordance with IFRS.
About MCI
MCI 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 25 clinics, serves over 850,000 patients annually and had over 200,000 telehealth visits last year. MCI additionally offers an expanding suite of occupational health service offerings that support a growing list of nearly 500 corporate customers. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centered on acquiring technology and health services that complement MCI’s current roadmap. For more information, visit mcionehealth.com
For IR enquiries please contact:Fernando Massalin | ir@mcionehealth.com | +1 (416) 440-4040 ext 155
For media enquiries please contact:Nolan Reeds | nolan@mcionehealth.com | +1 (416) 440-4040 ext 158
Forward Looking Statements
Certain 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 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” 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 and acquisition targets or opportunities and MCI’s ability to consummate them; 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 final prospectus dated December 29, 2020 and in MCI’s annual information form dated March 31, 2021, 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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