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August 29, 2024 10:27 AM EDT | Source: LevelJump Healthcare Corp.
Toronto, Ontario–(Newsfile Corp. – August 29, 2024) – LevelJump Healthcare Corp. – (TSXV: JUMP) (“LevelJump” or the “Company”), announced today its financial results for the quarter ended March 31, 2024.
Financial and Operational Highlights
- Revenues from Canadian Teleradiology Services, Inc. (“CTS”) were $4.1 million in the first quarter of 2024.
- CTS Year over Year Q1 revenues increased by 46%.
2024 Q1 Financial Results for LevelJump
-
Consolidated net loss of $(501,480) for the first quarter of 2024.
-
Consolidated EBITDA of $97,742 for the first quarter of 2024.
Management Comments
“We had another strong quarter of revenue and are now tracking over $16 million annually in revenues,” said Mitch Geisler CEO. “Once our Yonge Sheppard location opens, we hope to see revenues to grow to over $20 million annually, and the Company’s EBITDA to be healthy and consistently positive.”
Non-IFRS Financial Measures
This news release contains financial terms (such as adjusted EBITDA) that are not considered in IFRS. Such financial measures, together with measures prepared in accordance with IFRS, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company’s determination of these non-IFRS measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-IFRS measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS. These financial measures are included because management uses this information to analyze operating performance and liquidity.
Adjusted EBITDA & Annual Revenue Run Rate
Management believes adjusted EBITDA is a useful supplemental measure to determine the Company’s ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes.
EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA as EBITDA, plus stock-based compensation expense, restructuring, fair value adjustments, listing expense and transaction costs, impairment and finance income.
A reconciliation of adjusted EBITDA to net income (loss) is as follows:
| Three Months ended March 31 | ||||||
| ($ in thousands) | 2024 | 2023 | ||||
| Net income (loss) and comprehensive income (loss) | (502 | ) | (239 | ) | ||
| Add back: | ||||||
| Depreciation and amortization | 310 | 92 | ||||
| Net interest expense | 236 | 56 | ||||
| Taxes | – | 9 | ||||
| Misc and foreign exchange | 53 | (2 | ) | |||
| EBITDA | 97 | (84 | ) | |||
| Add back: | ||||||
| One-time Professional Fees related to Acquisitions | – | 100 | ||||
| Adjusted EBITDA | 97 | 18 | ||||
For further details on the results, please refer to LevelJump’s Management, Discussion and Analysis and Consolidated Financial Statements for the Three Months Ended March 31, 2024, which are available on the Company’s website (www.leveljumphealthcare.com) and under the Company’s profile on SEDAR (www.sedarplus.ca).
About LevelJump Healthcare
LevelJump Healthcare Corp., (TSXV: JUMP) provides telehealth solutions to client hospitals and imaging centers through its Teleradiology division, as well as in person radiology services through its Diagnostic Centres. JUMP focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities we serve.
ON BEHALF OF THE BOARD OF DIRECTORS OF
LEVELJUMP HEALTHCARE CORP.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221496
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