Protech Home Medical

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PROTECH HOME MEDICAL ANNOUNCES RECORD 11X ADJUSTED EBITDA GROWTH AND SIGNIFICANT OPERATING CASH FLOW GROWTH IN YEAR END AUDITED FINANCIALS

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Cincinnati, Ohio – January 28, 2019 – Protech Home Medical Corp. (the “Company”) (TSXV:PTQ), a healthcare services company with operations in the U.S., today announced its financial results for the year ended September 30, 2018 and operational highlights.

Financial highlights from the year ended September 30, 2018:
  • -Revenue for the fourth quarter of $20.3 million, representing the largest revenue recorded for any one quarter of the fiscal year ended September 30, 2018.
  • -Adjusted EBITDA for the year of $12.6 million, compared to $1.0 million for the year ended September 30, 2017, an increase of over 1,100%.
  • -All-time Company record Adjusted EBITDA margins of $5,201 or 26% for the fourth quarter ended September 30, 2018.
  • -Adjusted EBITDA margins for the year of 16.3%, compared to 1.4% for the year ended September 30, 2017, an increase of over 1,060%.
  • -A cash balance of $4.3 million as at the year ended September 30, 2018 an increase of 27% compared to the year ended September 30, 2017.
  • -Following a market assessment in which management concluded that a consolidation was likely to increase overall investment interest in the Company, the Company completed a 1:5 share consolidation effective December 31, 2018 in which each shareholder received one new post-consolidation common share for every five pre-consolidation common shares held.
  • -Likewise, the market assessment noted above led management to change the Company’s ticker symbol to “PTQ” as at December 31, 2018, to ensure that there is a full and complete understanding in the market place that our Company is separate and apart from its predecessor.

Operational highlights from the year ended September 30, 2018:
  • -Through the Company’s continued use of technology and establishing its national fulfillment center, resupply deliveries increased from 35,578 for the year ended September 30, 2017 to 48,357, an increase of over 36 percent. 
  • -As a result of excellent patient care, the Company achieved 6% organic growth in its patient base for the year compared to the year ended September 30, 2017.
  • -As a result of our investment in establishing our centralized billing platform, our bad debt expense has been reduced substantially to $5.2 million for the year, compared to $15.9 million in the year ended September 30, 2017.

The annual financial statements of the Company for the fiscal years ended September 30, 2018 and 2017 and accompanying Management's Discussion & Analysis (MD&A) are available at www.sedar.com.

“I am very pleased with our year ended financial results,” said CEO and Chairman Greg Crawford. “Over the course of the one year since our current management team has been in place, we have achieved significantly improved results culminating in an increase in revenue, an astronomical and dramatic increase in Adjusted EBITDA, and perhaps most significantly, a fantastic and steady improvement in our Adjusted EBITDA margins for the last four quarters. We have managed to achieve these results while also building on all aspects of our business including an increase in the number of deliveries, shipments and set-ups. I would like to thank our leadership team along with every single team member who helped us deliver this great result. Finally, we have maintained a relatively conservative balance sheet that has positioned us for continued growth on a go-forward basis. At this time, I would like to thank all of our shareholders that have supported us during this year of transition and express my confidence in our continued financial success with the continued implementation of our revised corporate strategy that incorporates technology, organic growth and strategic acquisitions.”

“In addition to showcasing exemplary operational turnaround, we have made great strides in improving our financial reporting and building a robust balance sheet,” said CFO Hardik Mehta. “I am very pleased to report that unlike recent years, there were no goodwill impairment charges or accounts receivable write-downs this year. Additionally, I think it is important to note that we have dealt with a significant amount of obsolete inventory this year that would have otherwise added to our already impressive reported Adjusted EBITDA. Finally, I am extremely pleased to report that the auditors have removed the non-qualified going concern comment from the Company’s previous years audited financials.”



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