PROTECH HOME MEDICAL RELEASES Q1 2019 RESULTS; POSTS REVENUE GROWTH OF 17% and ADJUSTED EBITDA GROWTH OF 186% YEAR OVER YEAR
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Cincinnati, Ohio – February 26, 2019 – Protech Home Medical Corp. (the “Company”)
(TSXV: PTQ), a healthcare services company with operations in the U.S.,
today announced its first quarter financial results and operational
Financial highlights from the first fiscal quarter ended December 31, 2018:
Revenue for the first quarter ended December 31, 2018 of $21.7 million,
representing a 17.1% increase in revenue compared to the first quarter
ended December 31, 2017.
- Adjusted EBITDA for the first quarter
ended December 31, 2018 of $4.4 million, compared to $1.5 million for
the first quarter ended December 31, 2017, an increase of over 186%.
Adjusted EBITDA margins for the first quarter ended December 31, 2018
of 20.1%, compared to 8.2% for the first quarter ended December 31,
2017, an increase of over 144%.
- A cash balance of $6.2 million as
at the first quarter ended December 31, 2018, compared to $3.0 million
as of December 31, 2017.
- The Company closed a brokered bought
deal private placement of common shares on November 2, 2018, raising
total proceeds of $3.39 million and a non-brokered private placement of
common shares with insiders, raising total proceeds of $1.1 million.
Operational highlights from the first fiscal quarter ended December 31, 2018:
- The Company made two highly accretive acquisitions in the first quarter expanding its geographical footprint.
Through the Company’s continued use of technology and establishing its
national fulfillment center, respiratory resupply set-ups or deliveries
increased to 11,279 for the first quarter ended December 31, 2018,
compared to 9,517 for the first quarter ended December 31, 2017, an
increase of 18.5%.
- To continue to bolster organic growth, the Company added six new sale representatives across four States.
As a result of our continued investment in our centralized billing
platform, our bad debt expense has been reduced substantially to $1.3
million for the first quarter ended December 31, 2018, compared to $2.0
million for the first quarter ended December 31, 2017.
interim financial statements of the Company for the three months ended
December 31, 2018 and 2017 and accompanying Management's Discussion
& Analysis (MD&A) are available at www.sedar.com.
very pleased with our first quarter financial results,” said CEO and
Chairman Greg Crawford. “We continue to achieve these superior financial
results while also improving on all aspects of our business including
an increase in the number of patients served and respirator resupply
set-ups or deliveries. We are in the early stages of creating a platform
which is being designed to efficiently and effectively cross sell
products and services to patients in our databases who would not
otherwise have access to, or be identified as, a candidate for those
products and services. This platform is anticipated to not only generate
organic revenue growth by focusing on high margin product categories,
but to also enable us to provide superior care to our patients and
better outcomes to our network of over 13,000 referring physicians.”
Financial Officer Hardik Mehta added, “We continue to increase overall
quarterly revenue and Adjusted EBITDA and just as importantly, have
continued to improve our operations culminating in Adjusted EBITDA
margins of over 20%. We have also bolstered our cash position and
continue to maintain a highly robust balance sheet that has positioned
us extremely well for continued growth, both through acquisitions and
organic growth. Finally, while we engage with potential acquisition
targets, we will continue to use a disciplined approach and will only
close on transactions that will add the most value to our shareholders.”