Toronto, Ontario--(Newsfile Corp. - August 28, 2024) - LevelJump Healthcare Corp. - (TSXV: JUMP) ("LevelJump" or the "Company"), is pleased to announce its financial results for the year ended December 31, 2023.
Financial and Operational Highlights
Revenues from Canadian Teleradiology Services, Inc. ("CTS") were $12.6 million in 2023 compared to $9.3 million in revenues for 2022.
Year over year revenue increase of 36%.
Closed the acquisition of 4 Independent Healthcare Facilities providing diagnostic imaging services in the Calgary, Alberta area.
2023 Financial Results
Revenues of $3.9 million in Q4 2023 and $12.6 million for the year 2023 with a net loss of $(216,708) for Q4 2023 and a net loss of $(2,208,117) for the year 2023.
CTS subsidiary had a net profit of $1 million for the year 2023.
JUMP EBITDA of $290,920 for Q4 2023 and $(221,329) for the year 2023.
JUMP Adjusted EBITDA of $340,920 for Q4 2023 and $78,671 for the year 2023.
Subsequent to the Year End
Subsequent to the year end, the Company realized the proceeds from the sale of its investment in Real Time Medical.
Corporate Updates
Pre-1954 Pharmacy Charter Purchase
Further to a news release issued on April 26, 2024, the Company wishes to announce that its proposed transaction to acquire a pre-1954 Pharmacy Charter has been cancelled. The transaction was terminated due to changes to the capital gains rates recently announced by the federal government which came into force on June 25, 2024. The parties were unable to agree on a revised consideration structure which would have helped preserve certain historical capital gains for the vendor.
Management Comments
"CTS had a very strong year in 2023 with a solid net profit. We expect CTS to continue its growth pace in 2024. The acquisition of the four IHF's in Calgary added considerably to revenues and to the bottom line at CTS."
"We are now in a period of positive adjusted EBITDA and with the expected revenue stream from our recently completed acquisitions as well as our planned 2024 Yonge Sheppard centre opening, along with the growth of CTS we hope to move towards positive EBITDA and positive net income in 2024 and 2025." Rob Landau, CFO.
"We had a successful year, with double digit growth, and new revenue streams with our in-patient clinics that helped increase gross margins," said Mitch Geisler, CEO. "We have positioned ourselves well, specializing in critical care for patients. The company is now focusing on completing the building of our new Yonge Sheppard Center clinic and integrating our Alberta acquisition."
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
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:
| Three Months ended December 31 | Year ended December 31 | |||||||||||
| ($ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||
| Net income (loss) and comprehensive income (loss) | (217 | ) | (37 | ) | (2,208 | ) | 235 | |||||
| Add back: | ||||||||||||
| Depreciation and amortization | 262 | 50 | 600 | 212 | ||||||||
| Net interest expense | 191 | 43 | 399 | 143 | ||||||||
| Misc and foreign exchange | 55 | 6 | 16 | 17 | ||||||||
| Loss on disposal of Investments | - | - | 1,216 | - | ||||||||
| Deferred Tax Gain | - | - | (244 | ) | - | |||||||
| Bargain Gain on IHF purchase | - | - | - | (1,144 | ) | |||||||
| EBITDA | 290 | 59 | (221 | ) | (537 | ) | ||||||
| Add back: | ||||||||||||
| One time transaction costs | 50 | - | 300 | 400 | ||||||||
| Stock-based compensation | - | 37 | - | 293 | ||||||||
| Adjusted EBITDA | 240 | 96 | 79 | 156 | ||||||||
For further details on the results, please refer to LevelJump's Management, Discussion and Analysis and Consolidated Financial Statements for the year ended December 31, 2024, which are available on the Company's website (www.leveljumphealthcare.com) and under the Company's profile on SEDAR (www.sedarplus.ca).
About LevelJump Healthcare
LevelJump Healthcare Corp., (TSXV: JUMP) provides telehealth solutions to client hospitals and imaging centers through its Teleradiology division, as well as in person radiology services through its Diagnostic Centres. JUMP focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities we serve.
ON BEHALF OF THE BOARD OF DIRECTORS OF
LEVELJUMP HEALTHCARE CORP.
Mitchell Geisler
Chief Executive Officer
info@leveljumphealthcare.com
647-340-2020
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.
The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
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SOURCE: LevelJump Healthcare Corp.
