Nova Leap Health Corp. Posts Q3 2024 Results that include a Continuation of Consistent Operating Results and a Strong Balance Sheet.
07 Novembro 2024 - 7:02PM
NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or “the Company”),
a growing home health care organization, is pleased to announce the
release of financial results for the quarter ended September 30,
2024.
All amounts are in United States dollars unless
otherwise specified.
Nova Leap Q3 2024 Financial
Results
Financial results for the third quarter ended
September 30, 2024 include the following:
-
Nova Leap recorded positive Adjusted EBITDA and positive net cash
flows with no bank debt, maintaining borrowing capacity for future
acquisitions.
-
Q3 was the Company’s 11th consecutive quarter with positive
Adjusted EBITDA and 6th consecutive quarter of positive operating
income.
-
Q3 2024 revenues of $6,406,528 increased by 1.1% relative to Q2
2024 revenues of $6,338,532 and decreased by 2.2% relative to Q3
2023 revenues of $6,553,724.
- Q3 2024 Adjusted EBITDA of $379,116 was a decrease of 7.1% over
Q2 2024 Adjusted EBITDA of $407,896 and 12.7% over Q3 2023 Adjusted
EBITDA of $434,192 (see calculation of Adjusted EBITDA below).
- Adjusted EBITDA for the 12-month period from Q4 2023 to Q3 2024
was $1,720,084.
-
Gross profit margin as a percentage of revenues remained strong at
38.0% in Q3 2024. Gross profit margin percentage was 38.4% in Q2
2024 and 37.4% in Q3 2023.
-
The Company generated income from operating activities in Q3 2024
of $208,110, a decrease of $39,599 from Q2 2024 and $370 from Q3
2023.
-
The Company recorded a net loss of $207,871 in Q3 2024 as compared
to net income of $226,998 in Q2 2024 and $380,353 in Q3 2023.
-
The Company had available cash of $1,361,000 as of September 30,
2024 as well as full access to the unutilized revolving credit
facility of $1,111,193 (CAD$1,500,000). The Company’s cash balance
increased by $195,632 in Q3 2024.
-
On October 11, 2024, the Company executed a definitive agreement to
acquire the business assets of a home care services company located
in Florida, United States. Under the terms of the agreement, the
acquisition is to be made for total consideration of $1,636,000 of
which $1,316,00 is payable with cash on closing and $320,000 by way
of a promissory note repayable over a three-year period. The
acquisition is expected to close in November 2024. See press
release dated October 15, 2024 for additional information related
to the planned acquisition.
-
On October 29, 2024, the Company executed a definitive agreement to
acquire all of the shares of two affiliated home care services
companies with operations in Nova Scotia. Under the terms of the
agreement, the acquisition is to be made for total consideration of
CAD$1,380,000 with the full amount payable with cash on closing.
The acquisition is expected to close in December 2024. See press
release dated October 29, 2024 for additional information related
to the planned acquisition.
President & CEO’s
Comments
“Q3 was another steady quarter as the Company
has been a model of consistency the past six quarters”, said Chris
Dobbin, President & CEO of Nova Leap. “As a company, we
continued to produce positive operating results, generate positive
cash flows and have no outstanding bank debt. We are actively
working on growth acquisition opportunities, two of which have been
recently announced, where we have the ability to utilize the
Company’s borrowing capacity and strong balance sheet.”
This news release should be read in conjunction
with the Unaudited Condensed Interim Consolidated Financial
Statements for the three and nine months ended September 30, 2024
and 2023 including the notes to the financial statements and
Management's Discussion and Analysis dated November 7, 2024, which
have been filed on SEDAR+.
About Nova Leap
Nova Leap is an acquisitive home health care
services company operating in one of the fastest-growing industries
in the U.S. & Canada. The Company performs a vital role within
the continuum of care with an individual and family centered focus,
particularly those requiring dementia care. Nova Leap achieved the
#42 ranking on the 2021 Report on Business ranking of Canada’s Top
Growing Companies, the #2 ranking on the 2020 Report on Business
ranking of Canada’s Top Growing Companies and the #10 Ranking in
the 2019 TSX Venture 50™ in the Clean Technology & Life
Sciences sector. The Company is geographically diversified with
operations in 10 different U.S. states within the New England,
Southeastern, South Central and Midwest regions as well as in Nova
Scotia, Canada.
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 International Accounting Standards Board (“IASB”)
and are therefore unlikely to be comparable to similar measures
presented by other companies. Rather, these measures are provided
as additional information to complement IFRS measures by providing
a further understanding of operations from management’s
perspective. Accordingly, non-IFRS financial measures should not be
considered in isolation or as a substitute for analysis of
financial information reported under IFRS. The Company presents
non-IFRS financial measures, specifically Adjusted EBITDA (as such
term is hereinafter defined), as well as supplementary financial
measures such as annualized revenue and annualized adjusted EBITDA.
The Company believes these non-IFRS financial measures are
frequently used by lenders, securities analysts, investors and
other interested parties as a measure of financial performance, and
it is therefore helpful to provide supplemental measures of
operating performance and thus highlight trends that may not
otherwise be apparent when relying solely on IFRS financial
measures.
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.
The reconciliation of Adjusted EBITDA to the
income from operating activities is as follows:
|
Q3 2024 $ |
Q3 2023 $ |
Q2 2024$ |
Income from operating activities |
208,110 |
208,480 |
247,709 |
Amortization and depreciation |
146,169 |
204,587 |
138,893 |
Stock-based compensation |
24,837 |
21,125 |
21,294 |
Adjusted EBITDA |
379,116 |
434,192 |
407,896 |
|
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. 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.sedarplus.com.
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/86a7fbd6-2212-4f33-8713-f7b25dc1dc46
https://www.globenewswire.com/NewsRoom/AttachmentNg/d387c631-c84c-4af3-846c-eb8de889ce0e
For further information:
Chris Dobbin, CPA, ICD.D
Director, President and CEO
E: cdobbin@novaleaphealth.com
Nova Leap Health (TSXV:NLH)
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