Jack Nathan Health Announces Its Q2 Fiscal 2024 Financial Results
- Revenues increased by 26% to $4.57M
- Net losses reduced by 12.3% compared to last year
- Closed $8M convertible debenture financing with Walmart
- Clinic operations revenues accounted for 86% of total revenues
- Cash increased to $7.24M
- Total assets reached $12.57M
- None.
- The Company closed a significant convertible debenture financing with Walmart during the quarter
- The Company expanded to 217 locations globally (152 corporately owned and operated)
Management Commentary
Commenting on the Company’s performance and outlook, Dr. Glenn Copeland, Chief Executive Officer, and Chief Medical Officer stated, “The recent
Dr. Copeland continued, “We are well capitalized and poised to accelerate the growth of our business. The Company is building a foundation to operate many more corporate owned clinics in the coming years with Walmart’s support.”
Financial Highlights for the Three and Six Months Ended July 31, 2023
Operating Results
Three months ended July 31 | Six months ended July 31 | |||||||
2023 |
2022 |
2023 |
2022 |
|||||
$ |
$ |
$ |
$ |
|||||
Revenues | 4,568,207 |
3,630,659 |
8,795,598 |
7,523,981 |
||||
Total operating expenses | (6,080,333) |
(4,948,761) |
(11,056,084) |
(10,100,259) |
||||
Loss from operations | (1,512,126) |
(1,318,102) |
(2,260,486) |
(2,576,278) |
||||
Other income (expense) | (24,509) |
(83,801) |
(66,045) |
(101,330) |
||||
Net loss before income taxes | (1,536,635) |
(1,401,903) |
(2,326,531) |
(2,677,608) |
For the three months ended July 31, 2023, total revenues were
Clinic operations revenues of
The loss from operations for the six months ended July 31, 2023, was
Balance Sheet as of July 31, 2023
-
Cash of
(January 31, 2023 -$7.24 million )$1.46 million -
Total assets of
(January 31, 2023 -$12.57 million )$6.45 million -
Total liabilities of
(January 31, 2023 -$15.49 million )$8.32 million
Shares Outstanding
As of September 21, 2023, the Company had 85,452,751 common shares outstanding, 7,375,000 stock options outstanding, 8,750,000 RSUs outstanding and 502,506 DSUs outstanding.
The Company also has outstanding a convertible debenture in the principal amount of
For further information regarding the Company’s financial results for Q2 fiscal 2024, please refer to the unaudited interim consolidated financial statements of the Company for the three and six months ended July 31, 2023 together with corresponding MD&A, available at www.sedarplus.ca and the JNH 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
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.
Appendix:
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.
Source: Jack Nathan Medical Corp.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230921994610/en/
Jack Nathan Medical Corp., Mike Marchelletta, Vice Chairman, mike@jacknathanhealth.com, 416-637-2240
Source: Jack Nathan Medical Corp.