Business
Leveljump Healthcare Corp: Canadian Teleradiology Services Announces Record Revenues for Q3 2020
Canadian Teleradiology Services Reports Record Revenue of $1.5 Million in Q3 2020 Dri...
About this update from Leveljump Healthcare Corp.
[{"type":"text","content":"Leveljump Healthcare Corp: Canadian Teleradiology Services Announces Record Revenues for Q3 2020Canadian Teleradiology Services Reports Record Revenue of $1.5 Million in Q3 2020Driving Annualized Revenue Run Rate of $6 Million; On Track to Achieve Annualized Revenue Run Rate Exceeding $10 million in 2021Toronto, Ontario--(Newsfile Corp. - December 21, 2020) - Leveljump Healthcare Corp. (TSXV: JUMP) (\"Leveljump\" or the \"Company\"), a Canadian leader in B2B telehealth solutions is pleased to announce the financial results of its wholly-owned operating subsidiary, Canadian Teleradiology Services, Inc. (\"CTS\") for the third quarter ending September 30, 2020.\"Our record revenue figures in the third quarter of fiscal 2020 highlight the efficiency of our business model in delivering innovative teleradiology solutions,\" said Mitchell Geisler, CEO of Leveljump Healthcare Corp. \"We see a lot of opportunities in the Canadian medical imaging market and now that we are a publicly-traded company, we plan to expand our operations rapidly across Canada and establish a prominent national brand of teleradiology services.\"Q3 2020 Financial HighlightsQ3 2020 total revenue was $1.52 million, compared to $1.37 million in Q3 2019, which saw an increase of 11%. Q3 2020 gross margin was 18.8%, compared to 19.2% in Q3 2019. Gross margin for the underlying businesses remained stable, and overall gross margin decreased very slightly due to the revenue mix of more radiology services and fewer admin services.Net income and comprehensive income in Q3 2020 was $42,151, compared to $74,111 in Q3 2019. EBITDA was $101,333 for Q3 2020, compared to $141,668 in Q3 2019. A one-time expense of $50,000 in legal fees related to CTS going public in Q3 2020 would have adjusted EBITDA to $151,333 and net income to $92,151 for the quarter.OutlookThe Company is focused on expanding its teleradiology services through marketing and branding nationally. The management team of Leveljump believes that the Company can grow revenues organically to over $10 million annualized run rate before the end of 2021. Leveljump is also focused on acquisitions in the diagnostic imaging field in Canada and is investigating potential acquisitions to consolidate within the industry. This news release should be read in conjunction with CTS's condensed interim consolidated financial state...