PROTECH HOME MEDICAL REPORTS SOLID SECOND QUARTER FISCAL 2019 FINANCIAL RESULTS POSTS REVENUE GROWTH OF 17% AND ADJUSTED EBITDA GROWTH OF 78%
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Cincinnati, Ohio – May 21, 2019 – Protech Home Medical Corp. (the “Company”) (TSXV: PTQ), a healthcare services company with operations in the U.S., today announced its second quarter financial results and operational highlights.
Financial highlights from the second fiscal quarter ended March 31, 2019:
- Revenue for quarter was $21.9 million, an increase of 17% compared to the same quarter in 2018.
- Revenue YTD of $43.6 million, representing a 17.1% increase in revenue year-over-year.
- Adjusted EBITDA for quarter was $4 million, an increase of 78% compared to the same quarter in 2018.
- Adjusted YTD EBITDA for the quarter of $8.4 million, compared to $3.8 million in the same quarter in 2018, an increase of over 122% .
- Adjusted EBITDA margin for the quarter of 18.2%, compared to 12% for the same quarter in 2018, an increase of approximately 52%.
- Adjusted YTD EBITDA margin for the quarter of 19.1%, compared to 10.1% for the same quarter in 2018, an increase of approximately 89%.
Operational highlights from the year ended March 31, 2019:
- Through the Company’s continued use of technology and establishing its national fulfillment center, respiratory resupply set-ups or deliveries increased to 11,641 for the quarter ended March 31, 2019, compared to 9,798 for the same quarter in 2018, an increase of 18.8%.
- The Company continues to expand its sales reach across four U.S. states by the addition of experienced sales personnel.
“I am pleased with our second 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 respiratory resupply set-ups or deliveries. We continue to focus on our solid organic growth and enhance the profitability of our core operations.”
“We are obviously disappointed in the cyberattack we were subject to a few weeks ago. The investigation into the attack is ongoing. We are working closely with our advisors and applicable authorities. Due to the ongoing nature of this investigation, I am not at liberty to say more at this time. It goes without saying, we will update the market at the appropriate time.”
“There was a short delay in the previously-announced debenture redemption and that has now been settled. Remaining liquid assets, the profitable cash flow of the Company and the proceeds of the approximately CAD$3.6 million loan, provide Protech with sufficient funds to grow our business and meet our internal targets. Liquidity is not an issue for Protech.”
Chief Financial Officer, Hardik Mehta, added “We continue to grow our business at a solid rate. We are particularly pleased that our Adjusted EBITDA margin remains strong at 18% and our recurring revenues have substantially increased over the last year. These metrics remain a focus internally from a financial perspective. We continue to be laser focused on revenue growth and increasing EBITDA margin.”
Protech will host its Quarterly Earnings Conference Call on Wednesday, May 22, 2019 at 10:00 a.m. (EDT). The dial-in number is 1 (800) 319-4610 or 1 (604) 638-5340.
The interim financial statements of the Company for the three and six months ended March 31, 2019 and 2018 and accompanying Management's Discussion & Analysis (MD&A) are available at www.sedar.com.