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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Carespan Health Inc | TSXV:CSPN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 33.33% | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 1,000 | 14:30:00 |
VANCOUVER, BC, May 29, 2023 /CNW/ - CareSpan Health, Inc. (TSXV: CSPN) (the "Company" or "CareSpan"), a company addressing the shortage in primary care and mental health through its provider networks, American-APN and American-Med Psych, and its leading "Clinic-in-the-Cloud" integrated digital care platform, is pleased to announce its audited consolidated annual results for the year ended December 31, 2022. All amounts are expressed in U.S. dollars.
Rembert de Villa, Chairman and Chief Executive Officer of the Company stated, "CareSpan's fundamental business remained strong, with an 11.5% annual increase in patient encounters, from 40,100 in 2021 to 44,700 in 2022.'
Revenues declined 21%, from $5.75 million in 2021 to $4.54 million in 2022. This was due singularly to the significant drop in COVID-19- related encounters and associated reimbursements, consistent with the overall decline in COVID-19 cases throughout the U.S. during that period. Despite this revenue headwind, we improved financial and operating performance. Comprehensive (loss) after one-time/non-recurring transactions improved by 51.4%, from ($6.89) million in 2021 to ($3.35) million in 2022. Loss per share improved 88.0%, from ($0.83) in 2021 to ($0.10) in 2022. Adjusted EBITDA improved 18%, from ($3.38) million in 2021 to ($2.75) million in 2022.
Operating (loss) in 2022 improved by 32.0% from 2021. This was achieved through aggressive cost containment and productivity measures taken by the Company, reducing operating expenses by $2,853,963, or 26.2%, from 2021 to 2022.
"We have also begun to prove our ability to scale services that drive improved margins, such as conducting medical assessments for U.S. military veterans. We continue to accelerate our path to get to cash flow positive by executing on the current backlog of higher-margin contracts, developing new contracts for our members, and right-sizing operations and administration.
We have also been very strategic in our technology spend, enhancing our 'Clinic-in-the-Cloud' platform through higher-impact functions and features that improve clinical workflows as well as billing and collections.
Leslie Markow, Chief Financial Officer, explains, "Highlights of our financial results are as follows:
Year-End 2022 Annual Financial Highlights
Events Subsequent to December 31, 2022
Outlook
CareSpan is focused on executing its growth strategy in 2023 and beyond and achieving positive cash flow position, mainly through the following:
About CareSpan Health, Inc.
CareSpan is a healthcare technology and services company incorporated in British Columbia. CareSpan's proprietary "Clinic-in-the Cloud" is a clinical workflow driven platform designed by doctors that integrates remote patient monitoring, diagnostic tools, the patient's electronic health record, care collaboration capabilities, patient engagement and e-prescribing and lab ordering. CareSpan's platform seamlessly supports both in-person and virtual/telehealth care. CareSpan is using this platform combined with essential business services to build provider networks across the U.S. that deliver primary and chronic care, and urgent care as well as behavioral health care.
About American-APN and American-MedPsych
American-APN is one of the first professional "group practices without walls" that brings highly qualified Nurse Practitioners to those in need of health care under a collaborative care system that uses digital technologies. American-APN was created for and by advanced practice nurses and NPs (Nurse Practitioners). It is operated exclusively by its nurse practitioner membership with its own executive leadership and board of directors.
American-MedPsych brings together behavioral health specialists in their own "practice without walls," allowing them to collaborate with American-APN and other primary care providers to address the growing behavioral health shortage in the United States.
American-MedPsych is a growing national group practice of behavioral specialists delivering care using the CareSpan Clinic and supported by CareSpan Integrated Network's management services organization. American-MedPsych specialists uses sophisticated digital care tools in collaboration with primary care counterparts to manage reinforcing conditions such as depression and diabetes, substance abuse and pain, stress, and job performance, to alleviate suffering and improve outcomes.
Members of both networks benefit from the suite of technology and business services and solutions offered by CareSpan Integrated Networks.
ON BEHALF OF THE BOARD OF DIRECTORS:
Rembert de Villa
Chairman and Chief Executive Officer
For further information please visit:
http://www.carespanhealth.com, http://www.americanapn.com and
http://www.americanmedpsych.com
This press release refers to certain non-IFRS (International Financial Reporting Standards) measures including, but not limited to Adjusted EBITDA (as defined herein). These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management's perspective. Accordingly, non-IFRS measures should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. Management believes that these non-IFRS measures provide useful information to investors in measuring the financial performance of Company for the reasons outlined below.
Management uses Adjusted earnings before interest, income taxes, depreciation, and amortization ( "Adjusted EBITDA" ) as a key financial metric to evaluate Company's operating performance as a complement to results provided in accordance with IFRS. The term "Adjusted EBITDA", as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs.
We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Company. We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Company's main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of Company's operating performance. It is a key measure used by Company's management and board of directors to understand and evaluate Company's operating performance, to prepare annual budgets and to help develop operating plans.
This news contains "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") which reflect the current expectations of management of the company's future growth, results of operations, performance, and business prospects and opportunities, including the statements made above with respect to: (i) the Company's anticipation of scaling the business going forward; (ii) the Company continuing to recruit Nurse Practitioners; (iii) enrolling patients in RPM; (iv) the Company enrolling 2,000 patients in 2022 in their RPM services which will be an important revenue and profitability factor; and (v) ramping the implementation of the disability assessment contract for U.S. military veterans; and (vi) improving individual practice revenue through improved billing and collections, patient acquisition and engagement and new payor contracts. Forward-looking statements are frequently, but not always, identified by words such as "may", "would", "could", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential for", "intend" and similar expressions or the negative of these terms or other comparable terminology, although these words may not be present in all forward-looking statements.
Forward-looking statements are based on management's assumptions as at the date of the forward-looking statements are provided, including but not limited to the following: the ability of the Company to execute its growth plans and business strategies; the ability of the Company to secure new contracts and assignments; the growth of the NPs within CareSpan's network and acquiring patients for its RPM services; and the ability of the Company to generate meaningful revenue from such assignments and future engagements. Though management believes that its assumptions are reasonable in the circumstances, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward-looking statements. Risk factors that could cause the Company's actual results, performance, or achievements to differ from the forward-looking statements in this news release include, but may not be limited to: general market and economic risk; any necessary regulatory approvals required (if applicable) for the Company to deliver the services under its previous engagements; the ability of the Company's management to execute its strategy; unexpected or adverse regulatory changes in the healthcare space; and the ability of the Company to attract and retain new NPs; the Company's ability to attract new patients for its RPM services. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CareSpan Health, Inc.
Copyright 2023 Canada NewsWire
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