NOT FOR DISSEMINATION IN
Q2 2023 Financial Update
Based on currently available information, the Company is providing the following guidance for its second quarter ended
- An increase in quarterly revenue, an increase in quarterly gross margin percentage, record quarterly Adjusted EBITDA for the
U.S. operating segment and record quarterly consolidated Adjusted EBITDA; - Q2 2023 revenues of
$6,677,000 , an increase of 4.4% relative to Q1 2023 revenues; - A continued increase in gross margin as a percentage of revenue to 36.8%;
- Record quarterly Adjusted EBITDA for the
U.S. operating segment of$597,000 , an increase of 90% relative to Q1 2023; - Q2 2023 consolidated Adjusted EBITDA of
$386,000 , an amount 4.5X higher than Q1 2023 Adjusted EBITDA of$86,025 and the best in Company history; and - Head office and operations management expenses of
$1,526,000 , a decrease of 6.5% from Q1 2023 due to management’s continued streamlining of operations.
Change in CFO
With a great deal of gratitude and respect, the Company announces
President & CEO’s Comments
“I would like to thank Lisette for her work with Nova Leap during these past two and a half years,” said
About Nova Leap
Nova Leap is an acquisitive home health care services company operating in one of the fastest-growing industries in the
NON-IFRS AND OTHER MEASURES:
This release contains references to certain measures that do not have a standardized meaning under IFRS as prescribed by the
Adjusted Earnings before interest, taxes, amortization and depreciation (“Adjusted EBITDA”), is calculated as income from operating activities plus amortization and depreciation and stock-based compensation expense. The most directly comparable IFRS measure is income from operating activities.
FORWARD LOOKING INFORMATION:
Certain information in this press release may contain forward-looking statements, such as statements regarding future expansions and cost savings and plans regarding future acquisitions and business growth, including anticipated annualized revenue or annualized recurring revenue run rate growth and anticipated consolidated Adjusted EBITDA margins. This information is based on current expectations and assumptions, including assumptions described elsewhere in this release and those concerning general economic and market conditions, availability of working capital necessary for conducting Nova Leap’s operations, availability of desirable acquisition targets and financing to fund such acquisitions, and Nova Leap’s ability to integrate its acquired businesses and maintain previously achieved service hour and revenue levels, that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Risks that could cause results to differ from those stated in the forward-looking statements in this release include the impact of the COVID-19 pandemic or any recurrence, including staff and supply shortages, regulatory changes affecting the home care industry or government programs utilized by the Company (such as ERC), other unexpected increases in operating costs and competition from other service providers. All forward-looking statements, including any financial outlook or future-oriented financial information, contained in this press release are made as of the date of this release and included for the purpose of providing information about management's current expectations and plans relating to the future, and these statements may not be appropriate for other purposes. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
CAUTIONARY STATEMENT:
Neither
For further information:Chris Dobbin , CPA, CA, ICD.D Director, President and CEO T: 902 401 9480 E:cdobbin@novaleaphealth.com
Source:
2023 GlobeNewswire, Inc., source