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Skylight Health Group (NASDAQ:SLHG; TSXV:SLHG) has re-appointed Co-Founder Kash Qureshi as President, effective immediately, succeeding Mohammad Bataineh. CEO Prad Sekar emphasized the importance of having both co-founders working together to drive profitability in 2022. Skylight Health operates a multi-state primary care network in the U.S., focusing on transitioning independent practices to value-based care (VBC), which prioritizes patient health outcomes over volume of services. The company aims to improve financial performance through advanced technology and analytics.
On June 29, 2022, Skylight Health Group (NASDAQ:SLHG; TSXV:SLHG) announced the results of its annual general meeting. Shareholders approved all proposed matters, including the election of directors and the appointment of PwC as auditors. The directors elected include Tom Brogan, Peter Cummins, and others. Additionally, the 2022 Omnibus Plan was approved. Skylight Health operates a multi-state primary care network in the U.S., focusing on transitioning to value-based care to improve patient outcomes and reduce healthcare costs.
Skylight Health Group (NASDAQ:SLHG) announced receiving a Notification Letter from Nasdaq on June 16, 2022, stating non-compliance with the minimum bid price requirement. The company must achieve a closing bid price of at least $1.00 for 10 consecutive business days by December 13, 2022, to regain compliance. The Notification does not currently affect its Nasdaq listing, and the company's operations remain unaffected. Nasdaq Rule 5550(a)(2) necessitates compliance with minimum bid price standards.
Skylight Health Group (NASDAQ: SLHG; SLHGP) has declared a dividend of $0.1927 per share on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares for July 2022. This dividend will be paid in cash on July 20, 2022, to shareholders of record as of June 30, 2022. Skylight Health is focused on enhancing patient health outcomes through transitioning small practices from a fee-for-service model to a value-based care approach.
Skylight Health Group has appointed Farooq Akhter as Interim CFO effective June 15, 2022. Akhter, who joined the company in 2019, has significantly contributed to its growth. He aims to enhance operational efficiency and drive revenue, focusing on becoming cash flow positive in upcoming quarters. The press release highlights a 400% improvement in call center operations, positively impacting patient visits and revenue. Additionally, the integration of NeighborMD and collaboration with Collaborative Health Systems is expected to enhance patient care and expand contracting opportunities in the Medicare Advantage sector.
Skylight Health Group (NASDAQ: SLHG, SLHGP) announced a dividend of $0.1927 per share on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares. This dividend is set to be paid on June 20, 2022, to shareholders recorded by May 31, 2022. The company focuses on transforming traditional primary care practices into value-based care systems, emphasizing improved health outcomes while lowering unnecessary costs. The successful implementation of this model underscores Skylight's commitment to enhancing patient care.
Skylight Health Group reported a significant 255% year-over-year revenue growth for Q1 2022, achieving $7.7 million in revenues, up from $2.7 million in Q1 2021. The company aims to transition to Medicare Advantage full risk earlier than planned, aided by the acquisition of NeighborMD and a partnership with Collaborative Health Systems. Despite an 18% revenue decline from the previous quarter due to an EMR implementation and reduced urgent care visits, Skylight anticipates a 40-50% reduction in expenses moving forward. The cash balance was noted at $4.2 million.
Skylight Health Group (NASDAQ:SLHG) will release its Q1 2022 financial results on May 16, 2022, followed by a conference call on May 17, 2022, at 8:00 am EDT. The company has received a notice from Nasdaq regarding its failure to timely file its Annual Report on Form 20-F for 2021. Skylight has until July 5, 2022, to submit a compliance plan, with a possible extension until October 31, 2022. Additionally, the company announced the issuance of 318,259 shares related to its acquisition of River City Medical Associates, which is subject to TSX-V approval.
Skylight Health Group has completed its largest acquisition to date, purchasing NeighborMD for $8 million, significantly boosting its revenue. The acquisition adds 9 practices in Florida, increasing patient lives by over 5,000 and doubling Skylight's revenue run rate to approximately $35 million. The company secured a $20 million debt facility to finance the acquisition and support further growth initiatives. Skylight aims to expand its risk contracts in Florida, focusing on Medicare and MA growth, accelerating its entry into full-risk management ahead of schedule.
Skylight Health Group has signed a definitive agreement to acquire NeighborMD (NMD) for US $8 million in cash, which will significantly increase its revenue. With this acquisition, Skylight will integrate 9 practices across Florida, serving over 5,000 lives and boasting a primary care revenue of US $35 million. The company has also secured a US $20 million debt facility to fund the acquisition and future growth initiatives. This move is expected to enhance Skylight's presence in the Medicare Advantage market, potentially doubling its revenue run rate.
