Ethema Reports Second Quarter Results

Rhea-AI Summary

Ethema Health Corporation (OTCPINK: GRST) reported a strong second quarter for 2022, with its ARIA subsidiary achieving a remarkable $404,700 EBITDA, marking a 117% increase from the previous quarter. This growth stemmed from added beds and improved reimbursement rates. Additionally, the newly operational PB Billing LLC generated an EBITDA of $3,906. The company is finalizing the purchase of its operational building, and CEO Shawn Leon highlighted record billing claims for July, signaling ongoing expansion plans.

Positive

• Second quarter EBITDA of $404,700 represents a 117% increase quarter-on-quarter.
• New operational subsidiary PB Billing LLC generated an EBITDA of $3,906.
• Record billing claims for July indicate continued growth.
• Finalizing the purchase of the operational building could enhance future stability.

Negative

• None.

West Palm Beach, FL, Aug. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”), filed today, the second quarter 2022 10-Q.  The Company’s ARIA subsidiary continued its growth and had a $404,700.00 EBITDA for the second quarter which was a 117% increase over the first quarter of 2022.  The increase was a result of the additional beds added in the last month of the quarter and an increase in reimbursement rates that took effect early in the quarter.  

The Company's wholly owned subsidiary, PB Billing LLC, which started operating in May 2022, had an EBITDA of $3,906.00 for the second quarter.

The Company previously announced that it has entered into an option to purchase the building at 950 Evernia Street, West Palm Beach.  This building is leased by the ARIA subsidiary for its addiction treatment operations.  This is expected to be finalized in the third quarter.

Mr. Shawn Leon, Company CEO, reported, “We are pleased with the progress made in the second quarter and improved operating results.  The trend continued in July and claims billed for the month set a record monthly high for ARIA.  We have set our sights on further expansion and hope to announce new LOIs on the acquisition of new beds and facilities in the third quarter.  We will leverage our success and continue to expand.  We were successful in extending terms on our debt and expect to begin paying that off in the coming months.”  

About Ethema Health Corporation

Ethema Health Corporation (OTCPINK: GRST) operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last decade and has had much success with in-patient treatment for adults. Ethema will continue to develop world class programs and techniques for North America.  For more information you can visit our website at www.ethemahealth.com .  

Notice Regarding Forward-Looking Statements

The information contained herein includes forward-looking statements.  These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.  You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements.  Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity.  We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

For information please contact:

Ethema Health Corporation

shawn@ethemahealth.com      

Text to 416-500-0020

Twitter @healthethema

FAQ

What are Ethema Health's financial results for Q2 2022?

Ethema Health reported a Q2 2022 EBITDA of $404,700, a 117% increase from Q1 2022.

What is the significance of the EBITDA increase for GRST?

The increase in EBITDA indicates strong operational performance and expansion potential for GRST.

What new initiatives is Ethema Health pursuing?

Ethema Health is focused on expanding its operations through new acquisitions and increasing service capacity.

What were the initial operations results of PB Billing LLC?

PB Billing LLC, which commenced operations in May 2022, reported an EBITDA of $3,906 for Q2 2022.

What future plans does Ethema Health have?

Ethema Health plans to issue new letters of intent for acquiring additional beds and facilities in the upcoming quarter.