PROTECH HOME MEDICAL ANNOUNCES PRELIMINARY SECOND QUARTER 2020 RESULTS
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 – April 28, 2020 – Protech Home Medical Corp. (the “Company” or “Protech”) (TSXV: PTQ), a
healthcare services company with operations in the U.S., is pleased to announce preliminary financial results for the
second quarter of 2020, ending March 31, 2020.
Preliminary Financial Results - Quarter Ended March 31, 2020:
◼ Revenue in the range of $24.0 million to $24.3 million
◼ Adjusted EBITDA in the range of $4.7 million to $5.0 million
◼ Net Income in the range of $1.5 million to $1.7 million
◼ The Company expects similar gross margins as the quarter ended December 31, 2019
“Furthermore, I wanted to take this opportunity to comment on the PPP loan received per our April 20th press release. Protech applied for these funds to ensure that our 375+ incredibly hard-working employees, our key asset, is protected during these uncertain times. We believe it is our duty to protect their job security as best we can in the face of the COVID-19 pandemic. This loan also helped us prepare and respond to the pandemic by ensuring that our supply chain continues to operate smoothly as Protech is on the front lines of the United States healthcare industry serving over 85,000 in home respiratory patients. This pandemic has underscored the importance of having readily available inhome monitoring and disease management services in the United States. We are assisting in alleviating the strain caused on the traditional healthcare system by helping to move patients out of the hospital and into the home to ensure hospital beds are more readily available when needed.”
Protech provides home delivery and efficient online set-up of equipment for, primarily, chronic conditions. The Company operates out of 42 locations in 10 states with over 17,000 referring physicians and approximately 85,000 current active patients.