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Leveljump Q2 Earnings and Results; Record Quarter with 40% Revenue Increase Year over Year and Increased Gross Margin
Toronto, ON – August 25 2021 – Leveljump Healthcare Corp. (TSXV: JUMP) (OTCQB: JMPHF) (FSE: 75J) ("Leveljump" or the "Company"), a Canadian leader in B2B telehealth solutions, is pleased to announce today it has reported financial results for the second fiscal quarter ended June 30th, 2021. All amounts are expressed in Canadian dollars.
Financial and Operational Highlights
- Revenues from Canadian Teleradiology Services, Inc. ("CTS") operations hits record level with $1,639,913 in revenues for the second quarter.
- Gross profit from CTS operations was $331,891 for the quarter, a 20.2% margin.
- Year over Year Q1 revenue increase of $468,655, an increase of 40%.
- Q2 revenue increase compared to Q1 of 5%
- Revenue increased despite Covid 19 lockdowns that continued to limit hospital activity during the quarter.
- Clean balance sheet with no long-term debt
2021 Q2 Financial Results for Leveljump
- Revenues of $1,639,913 in Q2 and $3,131,771 for the six months ended June 30, 2021
- CTS net operating profit of $114,000 in Q2. $201,216 for the six months ended June 30, 2021.
- Adjusted EBITDA of $(323,000) for Q2 and $(523,000) for the six months ended June 30, 2021.
"Our operating subsidiary CTS had a strong second quarter and demonstrated a net profit position. Our negative EBITDA is primarily due to administrative costs for the parent company, and we are hopeful that those costs will be reduced in future quarters and with the revenue stream from future acquisitions and the growth of CTS, profits from the operating businesses will overshadow the costs of maintaining the public company." Rob Landau, CFO.
"We are very pleased with our Q2 results that demonstrate our continued growth. We had another record quarter with increased demand for our radiology services." said Mitch Geisler, CEO. "We continue to increase our gross margins, one of our main financial goals for this fiscal year, while also decreasing operating expenses. The Company continues to have a strong cash position with almost no debt, providing us flexibility to grow in a variety of ways."
Non-IFRS Financial Measures
This news release contains financial terms (such as adjusted EBITDA) that are not considered in IFRS. Such financial measures, together with measures prepared in accordance with IFRS, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company's determination of these non-IFRS measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-IFRS measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS. These financial measures are included because management uses this information to analyze operating performance and liquidity.
Adjusted EBITDA & Annual Revenue Run Rate
Management believes adjusted EBITDA is a useful supplemental measure to determine the Company's ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes.
EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA as EBITDA, plus stock-based compensation expense, restructuring, fair value adjustments, listing expense and transaction costs, impairment and finance income.
A reconciliation of adjusted EBITDA to net income (loss) is as follows:
For further details on the results, please refer to Leveljump's Interim Management, Discussion and Analysis and Unaudited Condensed Interim Consolidated Financial Statements for the quarter ended June 30, 2021, which are available on the Company's website (www.leveljumphealthcare.com) and under the Company's profile on SEDAR (www.sedar.com).
About LevelJump Healthcare
Leveljump Healthcare Corp., (TSXV: JUMP) (OTCQB: JMPHF) (FSE: 75J) is building a national medical diagnostic imaging company and brand, primarily by providing teleradiology (remote radiology) services to its client hospitals and imaging centers. Additionally, JUMP plans to expand through the acquisition of independent healthcare facilities focused on diagnostic imaging as well as acquiring new disruptive imaging technologies.
ON BEHALF OF THE BOARD OF DIRECTORS OF
LEVELJUMP HEALTHCARE CORP.
Mitchell Geisler, Chief Executive Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.