Jack Nathan Health Announces Q3 Fiscal 2023 Financial Results
Jack Nathan Medical Corp. (JNHMF) reported a 77% increase in Q3 fiscal 2023 revenues, totaling $4.2 million, compared to Q3 fiscal 2022. For the nine months ending October 31, 2022, revenues reached $11.8 million, marking a 110% growth year-over-year. Operating losses decreased from $1.5 million in Q2 to $0.9 million in Q3. Clinic operations generated 79% of revenues, reflecting successful acquisitions and reduced COVID-19 restrictions. As of October 31, 2022, JNH's cash position improved to $1.6 million, with total assets at $8.5 million and liabilities at $7.5 million.
- Q3 fiscal 2023 revenues of $4.2 million, up 77% YoY.
- Nine-month revenues of $11.8 million, up 110% from prior year.
- Decrease in operating losses from $1.5 million (Q2) to $0.9 million (Q3).
- Clinic operations revenues accounted for 79% of total revenues.
- Total operating expenses for nine months increased to $15.2 million, up from $11.2 million YoY.
-
Q3-fiscal 2023 revenues of
increased$4.2m 77% over Q3-fiscal 2022 -
Revenues for nine months ended
Oct. 31, 2022 of , an increase of$11.8m 110% over nine-month period endedOct. 31, 2021
Management Commentary
Commenting on the Company’s performance and outlook, Dr.
Financial Highlights for the Three and Nine Months Ended
Operating Results
Three months ended |
||
2022 |
2021 |
|
|
$ |
$ |
Revenues |
4,278,029 |
2,414,766 |
Total operating expenses |
(5,139,163) |
(4,483,043) |
Income (loss) from operations |
(861,134) |
(2,068,277) |
Other income (expense) |
(41,951) |
(101,063) |
Net loss before income taxes |
(819,183) |
(2,161,822) |
|
|
|
Adjusted EBITDA |
(122,736) |
(754,558) |
Note: Please see Management Discussion and Analysis for the nine months ended
For the nine months ended
Clinic operations revenues of
For the nine months ended
For the nine months ended
Balance Sheet as of
-
Cash of
($1.6 million January 31, 2022 - )$1.1 million -
Total assets of
($8.5 million January 31, 2022 - )$8.1 million -
Total liabilities of
($7.5 million January 31, 2022 - )$4.1 million
Shares Outstanding
As of
For further information regarding the Company’s financial results for Q3 fiscal 2023, please refer to the unaudited interim consolidated financial statements as at and for the 3 and 9 months ended
About
For more information, visit www.jacknathanhealth.com or www.sedar.com.
Neither the
Cautionary Notes:
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.
(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) share compensation expense, (iv) bad debt expense(recovery), (v) finance costs (income), and (vi) foreign exchange gain or loss
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.
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