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Skylight Health Group's common shares commenced trading on the OTCQX Best Market under the symbol SLHGF, effective today, expanding its presence in the U.S. market. The company continues to trade on the TSX Venture Exchange under SLHG.V. The OTCQX listing enhances accessibility and liquidity for investors. Additionally, Skylight has opted to pay $23,227 in interest on its convertible debentures by issuing 46,829 shares at $0.50 each, pending exchange approval. This move reflects the company’s ongoing commitment to strengthening its financial position.
Skylight Health Group (TSXV:SLHG) announced that over 20,000 Medicaid members will participate in Colorado's new Alternative Payment Model 2 (APM 2) starting January 2023. This shift towards value-based care focuses on quality of care, rewarding healthcare providers for efficiency rather than the traditional fee-for-service model. This model supports improved patient outcomes, increases funding for quality care management, and creates a stable revenue stream for practices. Additionally, Skylight aims to expand its value-based contracting efforts beyond Medicare.
Skylight Health Group has declared a dividend of $0.1927 per share on its 9.25% Series A Preferred Shares (ticker symbol: SLHGP) for October 2022. The dividend will be payable on October 20, 2022, to shareholders of record as of September 28, 2022. Additionally, the company has granted 253,740 Deferred Share Units and 397,436 Restricted Share Units to directors as part of their compensation, with vesting on September 16, 2023. The issuance of 845,351 common shares to creditors is also planned, subject to TSX Venture Exchange approval.
Skylight Health Group (TSXV:SLHG) announces the expansion of its Medicare Advantage (MA) plan from South Florida into Central Florida, effective January 2023. This amendment to its existing contract with AvMed enables Skylight to enroll new Medicare members in the Central Florida market. The plan includes a transition to a value-based care model, expected to boost revenue and provide better resources for MA members. The company continues to pursue additional MA contracts and anticipates further developments in the coming weeks.
Skylight Health Group (TSXV:SLHG) reported significant growth and strategic developments in its latest corporate update. In August 2022, patient visits increased by over 15% due to new marketing initiatives. The company anticipates a $10 million reduction in annual costs, driven by lower operational expenses and corporate restructuring. Skylight aims to enhance its value-based care contracts, expanding partnerships with Humana, CarePlus, and AvMed. The new contact center initiative has successfully improved patient engagement, reducing abandoned call rates to less than 12%.
Skylight Health Group provides an update on its research program, Skylight Health Research, which has achieved notable success.
Since its launch in 2021, Skylight Health Research has completed four of eleven awarded clinical studies, doubling its revenue from $300,000 in 2021 to over $600,000 in 2022.
The company has established new partnerships with Elligo Health Research and Endominance, focusing on innovative studies, including one examining the relationship between gut bacteria and mental health.
Skylight Health Group has completed a non-brokered private placement, issuing 2,355 units of unsecured convertible debentures totaling C$2,355,000. The debentures carry an 8% annual interest rate and mature in 30 months. Each debenture is convertible into shares at C$0.90 and includes warrants with a purchase price of C$1.35 per share. The company also declared a cash dividend of $0.1927 per Series A Preferred Share, payable on September 20, 2022. Funds from the offering will support general working purposes.
Skylight Health Group reported a significant 134% year-over-year revenue growth, reaching $16.1 million in Q2 2022, up from $7.7 million in Q1 2022. The company has transitioned into full-risk value-based care with the acquisition of NeighborMD, impacting gross profit margin, which fell to 25%. Adjusted EBITDA loss improved by 19% to $5.4 million. Skylight Health anticipates a $70 million revenue run rate and aims for adjusted EBITDA break-even by year-end. A non-brokered private placement increased from $2 million to $2.345 million.
Skylight Health Group announced it will release its second quarter 2022 financial results after market close on August 15, 2022. The Company will host a conference call to discuss these results and its future outlook on August 16, 2022, at 8:00 am EDT. Participants can access the call via the provided toll-free numbers for the US/Canada and international callers. Skylight Health continues to operate a multi-state primary care network, emphasizing a shift from fee-for-service to value-based care.
Skylight Health Group declared a dividend of $0.1927 per share on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares (ticker: SLHGP), payable on August 22, 2022. This dividend is for shareholders of record as of July 28, 2022. The company focuses on improving patient outcomes through a multi-state primary care network in the U.S., shifting practices from fee-for-service to value-based care, aiming for enhanced health results and financial performance.
