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LevelJump Announces Record Revenues from Operations; Q1 Revenue increase of 21.6%; Q1 2021 Earnings and Results
Toronto, Ontario--(Newsfile Corp. - June 1, 2021) - LevelJump Healthcare Corp. (TSXV: JUMP) ...
About this update from Leveljump Healthcare Corp.
[{"type":"text","content":"LevelJump Announces Record Revenues from Operations; Q1 Revenue increase of 21.6%; Q1 2021 Earnings and ResultsToronto, Ontario--(Newsfile Corp. - June 1, 2021) - LevelJump Healthcare Corp. (TSXV: JUMP) (OTCQB: JMPHF) (FSE: 75J) (\"LevelJump\" or the \"Company\"), a Canadian leader in B2B telehealth solutions, is pleased to announce today it has reported financial results for the first fiscal quarter ended March 31, 2021. All amounts are expressed in Canadian dollars.Financial and Operational HighlightsRevenues from Canadian Teleradiology Services, Inc. (\"CTS\") operations hits record level with $1,560,720 in revenues for the first quarter.Gross profit from CTS operations was $305,955 for the quarter, a 19.6% margin;Year over Year Q1 revenue increase of $276,854 an increase of 21.6%.Revenue increased despite Covid 19 lockdowns that continued to limit hospital activity during the quarter. Leveljump completed a private placement for $1.5 million to enhance its cash positions;Clean balance sheet with almost no long-term debt 2021 Q1 Financial Results for LeveljumpTotal operating expenses were $1,010,591, including approximately $400,000 of non-cash items including stock based compensation, as well as $175,000 in marketing and advertising expenses and deferred salaries of approximately $120,000.Management Comments\"We had a record quarter for revenue from operations,\" said Mitch Geisler, CEO. \"CTS continues to see increased volume from current clients, as well as the new hospital network that was added in Q1. We were able to increase reading revenue while COVID-19 lockdown measures stayed in effect. We believe our strong revenue has positioned the Company well for full year 2021 results. From a corporate perspective we worked hard on looking at ways to expand operations and potential new revenue streams looking at growth opportunities. The recent private placement strengthened our cash position and aligned strategic investors with our long-term corporate vision.\" Non-IFRS Financial MeasuresThis 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 determinati...