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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jack Nathan Medical Corp | TSXV:JNH | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 16.67% | 0.035 | 0.03 | 0.04 | 0.035 | 0.035 | 0.035 | 10,020 | 19:23:57 |
Company reports approximately 26% increase in revenues; completes several accretive acquisitions; and makes changes to its leadership team.
Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) announced today its unaudited financial results for the first quarter of fiscal 2022, which ended April 30, 2021. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
Management Commentary
Commenting on the Company’s business momentum, Michael Marchelletta, Co-founder and Interim Chief Executive Officer stated, “We made significant progress this year executing our strategy and building a strong foundation to support what we believe, will be significant growth in the coming years. We expanded our footprint through the opening of new, corporate owned and operated clinics inside Walmart stores, and through the acquisition of MedSpas. We currently have 76 operating clinics in Walmart Canada, and we will be opening three additional clinics by late 2021 and early 2022. Further, we have big expansion plans with Walmart Mexico. In the beginning of 2021, we had six locations and now have 52 that are operational and corporate owned. We will be opening 151 new clinics over the next six-months, bringing the total number in Mexico to 203. This will transform our business and should lead to top- and bottom-line improvements in fiscal 2022 and beyond.”
Mr. Marchelletta continued, “While first quarter revenues grew over the comparable fiscal 2021 period, the rate of growth was slower than anticipated due to the global pandemic, provincial constraints in Canada, and the timing of acquisitions. We are active with multiple acquisition opportunities and new business ventures, which could further extend our reach into new markets and geographies. Additionally, we have begun to own and operate clinics in Canada, as this model significantly improves our financial performance and enables us to provide better access to standardized, comprehensive, high quality healthcare under one roof at Walmart locations. We are investing in our future, processes and people, and technology capabilities, all of which are critical elements of our strategy. We have a lot of exciting opportunities ahead of us and are building a strong team to execute our plan and enhance shareholder value.”
Q1 Fiscal 2022 Business Milestones and Forward-Looking Commentary
Subsequent Events (After the quarter ended April 30, 2021)
FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED APRIL 30, 2021
Operating Results
Balance Sheet as of April 30, 2021
Shares Outstanding
As of April 30, 2021, the Company had 81,537,736 common shares outstanding, 6,225,000 stock options outstanding, and 451,235 warrants outstanding.
(1) Adjusted EBITDA
We believe Adjusted EBITDA is a useful measure to assess the ongoing performance of our Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance as well as one-time or non-recurring expenses. We define Adjusted EBITDA as EBITDA adjusted to add back or deduct, as applicable, certain expenses, costs, charges, or benefits incurred in the period, which in management’s view, are not indicative of normal operations, including: (i) non-capitalized development costs, (ii) acquisition related costs, (iii) stock compensation expense, (iv) other income (expense), (v) finance costs, (vi) loss on investments at fair value, and (vii) FX.
Non-GAAP measure: Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and Adjusted EBITDA should not be construed as alternatives to net income (loss) determined in accordance with IFRS. 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. 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 future interest and principal debt repayments and fund future growth initiatives.
For further information regarding the Company’s financial results Q1 fiscal 2022, please refer to the Company’s audited financial statements for the year ended January 31, 2021 and unaudited condensed financial statements for the 3 month period ended April 30, 2021 together with corresponding MD&As, available on Jack Nathan Health’s issuer profile on SEDAR at www.sedar.com and the Company’s website https://www.jacknathanhealth.com
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada’s largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart® stores.
Jack Nathan Health® provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can “Live Your Best Life”.
Jack Nathan Health® was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres. In Canada, the Company has 76 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, and is contracted to open three more new clinics in 2021/22. In Mexico, the Company has 52 owned and operated clinics in Walmart locations and is contracted to open 151 more new clinics in 2021/22. For more information, visit www.jacknathanhealth.com or www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Jack Nathan are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political, and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210630005348/en/
IR: Prit Singh, Thesis Capital psingh@thesiscapital.ca David Berman, CFO, david.berman@jacknathanhealth.com
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